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Business News/ Markets / Stock Markets/  Nifty Realty index hits 10-year high; Prestige Estates, Sobha, DLF lead rally

Nifty Realty index hits 10-year high; Prestige Estates, Sobha, DLF lead rally

The Nifty Realty index jumped 41% so far this year, reaching its highest level in the past 15 years during today's session. Analysts believe that the RBI's decision to to keep interest rates unchanged gave real estate and the auto industry a boost.

Nifty Realty index surged over 5% and recorded a new 10-year high on Tuesday's session. Premium
Nifty Realty index surged over 5% and recorded a new 10-year high on Tuesday's session.

Nifty Realty index surged over 5% and recorded a new 10-year high on Tuesday's session. All ten of the Nifty Realty Index's constituents are currently trading higher, making it the top sectoral gainer on Tuesday. So far, this year Nifty Realty index has climbed 41% and in today's session Nifty Realty index recorded its highest level in last 15 years. According to analysts, the RBI decision to keep interest rates unchanged got a boosting support to rate-sensitive sectors like real-estate and auto.

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“If we analyse real-estate company’s strong quarterly business updates, we see Q2 earnings would be better than expected which are due to come in a few weeks from now. Technically Nifty Realty index has witnessed a breakout near 560 levels and is now trading near 610 level and if this trend continues it can test and rally towards levels of 720-740 in short time. Hence We continue to remain optimistic on real-estate space," said Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities.

Also Read: Stocks to buy: DMart, Cera, La Opala among preferred retail stock picks for up to 33% upside

Prestige Estates Projects was the top gainer among the 10 constituents, rising by more than 15%. In trading on Tuesday, the Prestige Estates Projects share price touched 52-week high. Prestige Estates Projects recorded a greater than two-fold increase in sales booking to 7,092 crore in the second quarter.

The Bengaluru-based Prestige Group reported on Friday that robust demand for residential properties led to sales of 7,092.6 crore, up 102% year over year (yoy), in the second quarter of this fiscal year.

Shares of Sobha Ltd and DLF Ltd also touched 52-week high on Tuesday's trade. The other stocks such as Godrej Properties Ltd, Oberoi Realty Ltd, Macrotech Developers, and Phoenix Mills were hovering near their 52-week high levels and gained over 2% to 7%. 

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According to technical analysts, post the recent consolidation, Nifty Realty index has resumed it's uptrend supported by broader momentum from stocks within the sector. 

“We expect the uptrend to continue and hence one can look for stock specific buying opportunities within this space," said Ruchit Jain, Lead Research Analyst at 5paisa.

Also Read: Maruti share price gains about 2% on expansion plans, expected festive season boost

According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, Presently, they are witnessing widespread buying activity in the realty sector, which has surpassed the overall market performance. The chart patterns indicate a robust structure, and they anticipate that this bullish trend will persist. DLF and Godrej Properties are their top recommendations from this sector.

Also Read: Sensex Today | Share Market Live Updates: Sensex gains 300 pts, Nifty up 100 pts; Airtel, Maruti shine


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Published: 10 Oct 2023, 12:52 PM IST
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