Nifty Realty Falls Over 1%; Phoenix, Brigade, Sobha Top Laggards

Even as bets on Federal Reserve's tapering intensifies, Nifty and Sensex in trade today (August 10, 2021) have hit fresh record high. Nifty at the time of writing this copy at around 12:55 pm was up 0.47% at 16,335 while it made a fresh high of 16,359.25. At the same time, Sensex also logged new highs of 54,779.66.

Nifty Realty Falls Over 1%; Phoenix, Brigade, Sobha Top Laggards

Sectorally, the gains were led by IT, financials and private bank space. Nevertheless, realty index was the laggard in trade during the mid-afternoon session, with a drop of close to 1 percent, followed by Nifty PSU Bank which also shed 0.92 percent.

Individually, all of the Nifty Realty constituents traded in the red with weakness in the range of 0.04% - 2.87%. Phoenix Mills, Sunteck Realty, Brigade Enterprises, Sobha Limited, Oberoi Realty were all down over 1 percent, with the most drag on Phoenix.

On a year-to-basis, Nifty Realty has gained a decent 26% while Nifty returns during the same time have been 16.84 percent.

With the easing of the Covid led curbs and economy showing resilience, retail investors are making a comeback in the real estate market. Further the ongoing work from home regime is giving boost to mid-segment home buying. Knight Frank data suggest that new launches have seen a sharp surge of 71% in the preceding month as against the corresponding period a year-ago, likewise sales have also inched higher by 67 percent in July.

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