Realty Stocks Outperform; Indiabulls Real, Oberoi Realty, Sobha Hit New 52-Week High

Indices today trade firm after US indices on Friday ended higher. At the time of writing this story, Nifty was up by 85 points at 15,781, while the broader markets outperformed with gains of over 0.7 percent on the Nifty Midcap 100.

Among Nifty sectoral indices, the one sector outperforming is the realty sector with gains of 3.25%. Nifty Realty hit a 52-week high of 380.55. Major stocks contributing the gains of the index include DLF, Godrej Properties, Indiabulls Real Estate, Oberoi Realty, Mahindra Lifespaces.

Individually of all the 10 constituents of the Nifty Realty, Indiabulls Real Estate gained over 14 percent to a new 52-week high of Rs. 137.55, while others such as Hemisphere Properties, Godrej Properties, Sunteck Realty traded higher between 2-6 percent.

Other companies that have hit fresh 52-high in trade are Oberoi Realty, Sobha Ltd, while other stocks that are close to their 52-week high are Godrej Properties, The Phoenix Mills, Prestige Estates.

The highs in the index have been propelled on hopes that interest rates will continue to remain lower and drive consumer demand. Further Covid led work from home regime is also pushing the demand for new homes.

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