In a huge relief for affected homebuyers, the government cleared a Rs 25,000 crore alternative investment fund (AIF) in which the government will contribute Rs 10,000 crore. The special window will also get investments from institutions like LIC and SBI, which will take the corpus to Rs 25,000 crore.
BSE benchmark Sensex jumped over 200 points to scale a fresh record high of 40,676. Meanwhile, the 50-share Nifty opened above the 12,000 mark. It was trading at 12,005, up 40 points.
Broader markets moved in tandem with their headlines peers. Nifty Midcap gained 0.7 per cent to 16,797 while Nifty Smallcap advanced 0.6 per cent to 5,768. Nifty500 was trading with gains of 0.5 per cent, at 9,768.
All sectoral indices on NSE were trading higher in the opening trade. Unsurprisingly, Nifty Realty was the biggest gainer, up 2 per cent at 279.70, lifted by Indiabulls Real Estate that surged 5 per cent to Rs 70.20 and Sobha which climbed 4 per cent to Rs 541.
Among the biggest gainers on Sensex were IndusInd Bank, adding 2.1 per cent to Rs 1,370.25, and housing finance company HDFC, which gained 1.5 per cent to Rs 2,251.85.
Tata Steel, which reported a 6 per cent profit growth in the September quarter, was the biggest loser on the index, shedding 2.25 per cen to Rs 394.30. Steel major Tata Steel reported profit at Rs 3,302.31 crore for the quarter ended September 30, on one-time deferred tax gain of Rs 4,365.33 crore.
Vedanta (down 1 per cent) and YES Bank (down 0.9 per cent) were other top members of losers club.
On the global front, Asian shares managed to cling near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US trade deal left investors frustrated at the lack of concrete progress.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased a slight 0.1 per cent, just off a six-month high hit earlier in the week.