Nifty Realty Emerges As Top Gainer; Sobha Up Over 9%, Phoenix Hits Fresh High

Nifty Realty index in trade on July 7 emerged as the top sectoral gainer. Indices too had a good day following mixed global cues and after Fed minutes released Wednesday suggested that rate hikes shall continue owing to inflationary risk.

While the Realty index today ended with 2.62% gains, it in two sessions gained over 4%.

Phoenix Limited hit a fresh 52-week high while the Sobha stock and other Indiabull Realty spurted by over 10% and 5%, respectively.

Sobha came up with the business update for the quarter and revealed that

Of the 10 stocks from the pack, 9 ended with gains of over 1% with only Sunteck gaining by a margin. In the filing the company says, "Despite increase in prices, higher homes loan rates, demand
for our homes continues to be strong across segments, particularly in Bengaluru and Gurugram.
Improved visibility of GIFT City has seen increased demand for our projects. With the aid of new
launches in Bengaluru, consistent sales velocity in ongoing projects, we have achieved the highest
ever sales volume, value and price realization in this quarter. Cash flows during the quarter also
remained strong resulting in further net debt reduction".

On a one-year basis, the index is trading higher by over 14%, while Nifty in comparison is up by a tad of 1.5%.