Tuesday’s trading session was positive amid bullish market signals and this resulted in a rally in the Nifty Realty index, which rose more than 1% during early trades. The earnings season has been healthy so far, helping the index to bolster investor sentiment.
The index has gained over 1% so far in today’s trading session.
At around 10:30 am, Nifty Realty was trading at 373.75, up 4.05 points, or 1.10%. In the early hours of trading, it hit an intraday high of 374.35 and an intraday low of 369.85.
In the trading window, Indiabulls Real Estate was the top winner with an increase of 3.36%, followed by heavyweight Phoenix Mills with an increase of 3% to Rs827.50 apiece. Prestige also rose 1.60% to Rs329.20 apiece.
Additionally, Hemisphere Properties was up 1.14% and Brigade was up 1.09%. DLF, Sobha and Godrej Properties gained almost 1% in the index and led the gains.
On the contrary, Sunteck and Oberoi Realty weighed the most on the sector.
Oberoi Realty lost over 0.47% at Rs660.95 apiece. Sunteck continued to be the top loser with a 1.23% drop from Rs340.50 apiece.
According to a report by Anarock, data from the financial presentations of the top 7 publicly traded real estate companies shows that publicly traded players are preparing to close close to 92.5 million apart from the top 7 cities, they are also concentrating within the next 1-2 years on these big cities of levels 2 and 3 – and at least 70-75% of this supply could come on the market in FY2022 itself.