Buying Seen In Realty Space; Prestige Estates and Sobha Hit Fresh High

In a strong market, when headline indices have fresh highs, there is seen heavy buying in realty stocks. Some of the counters in the space have scaled as much as 8 percent like Prestige Estates. In fact the Realty sector index is the top Nifty sectoral gainer in trade today, followed by the Nifty PSU Bank.

Individually from the Nifty PSU Bank, barring Phoenix Mills aell of the 9 other scrips from the space traded in the green. Also, 2 stocks from the space Prestige Estates and Sobha Limited hit 52-week high.

Experts in the stock market are now suggesting retail investors to move and chase realty stocks. They are of the view that there has been a magnificent surge in the consumption led over the last few quarters, implying demand from actual home buyers and that is highly positive. And this will lead to waning of inventory in the space and as and when there will be a hike going forward in the market, investment-led demand will make a come back in the realty space.

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