Indian shares declined for a third day, as trading resumed after a holiday on Friday and ahead of key company earnings this week. The S&P BSE Sensex was down 0.2 per cent in Mumbai, with NTPC the worst performer and GAIL India the biggest gainer. Nine of the 13 sector gauges compiled by BSE fell, led by the S&P BSE India Metal Index. The S&P BSE India Realty Index rose 8.8 per cent, to its highest level last seen in August 2014.
Indiabulls Real Estate was the top performing realty stock, surging over 40 per cent, the most since at least 2007, after the company said it will consider separating its commercial and residential assets and raise funds selling stakes in the units. The rally sent developers higher on speculation rivals will emulate the move, which simplifies the business structure. Indian stocks marked their biggest three-month gain in three years in the quarter ended March, fueled by optimism that Prime Minister Narendra Modi's government will be able to push through key economic reforms and bolster corporate profits. Bloomberg