Nifty Realty Advances Over 1%; Indiabulls Real Estate, Phoenix and Prestige led the rally
Tuesday’s trading session was positive amid bullish market indices, leading to a rally in the Nifty Realty Index which climbed more than 1% in early trades. The earnings season has been healthy so far and therefore provided support for the index to bolster investor sentiment.
The index has gained over 1% so far on today’s trading session.
At around 10:30 am, the Nifty Realty was trading at 373.75, up 4.05 points or 1.10%. It hit an intraday high of 374.35 and an intraday low of 369.85 at the start of trading hours.
On the trading window, Indiabulls Real Estate was the first winner with a rise of 3.36%, followed by heavyweight Phoenix Mills up 3% to Rs 827.50 per piece. Prestige also jumped 1.60% to Rs329.20 per coin.
In addition, Hemisphere Properties climbed 1.14% while and Brigade jumped 1.09%. DLF, Sobha and Godrej Properties gained almost 1% in the index to lead the gains.
On the contrary, Sunteck and Oberoi Realty pulled the sector the most.
Oberoi Realty lost over 0.47% to Rs660.95 per coin. Sunteck continued to remain the first loser with a yield of Rs 340.50 per coin, down 1.23%.
According to a report from Anarock, financial presentation data from the 7 largest listed real estate companies reveals that listed players are preparing to launch nearly 92.5 million square feet of new residential space over the next 1-2 years. Along with the top 7 cities, they’re also focusing on those big Tier 2 and 3 cities – and at least 70-75% of that offering could launch in FY 2022 itself.