Shares of Indiabulls Real Estate gained more than 9 per cent on Friday after ace investor Rakesh Jhunjhunwala’s Rare Enterprises acquired its shares through an open market transaction.

His purchase saw the counter zooming 15.68 per cent to an intra-day high of Rs 63.80 on the BSE. It finally settled at Rs 60.15, a gain of 9.07 per cent. It rose 9.35 per cent to settle at Rs 60.25 on the NSE. Bulk deals data of the NSE showed on Thursday that Rare Enterprises bought 50 lakh scrips of the company at an average price of Rs 57.73 per share. This took the total deal value to Rs 28.86 crore.

His purchase comes at a time observers are optimistic about the real estate sector even as the government has also announced incentives to boost the sector.