Realty Stocks Outperform; Prestige, Brigade, Sobha & Sunteck Hit 52-Week High

Indian indices in afternoon trade on January 18, 2022 are trading weak with Sensex down by 127 points at 61181, while Nifty also lost 50 points to trade at 18258. Meanwhile, Bank Nifty bucked the trend and was seen moving higher by 0.68%. Broader markets too are trading with a cut of 0.2 percent on Nifty Midcap 100.

Among Nifty sectoral indices, there is mixed sentiment with the majority of the indices trading in the red as of writing this copy at around 12:17 pm. Nevertheless, Nifty Realty emerged as the outlier with gains of close to 0.7% followed by Nifty Private Bank and Nifty Financial Service.

Within the realty pack, shares of Prestige Estates, Brigade, Sobha and Sunteck hit 52-week high price in intra-day trade today. Prestige Estates gained over 8 percent on the NSE after the company said it logged highest ever sales in the December ended quarter of Rs. 4,267 crore, up 111% YoY.

Realty sector as a whole is expected to see good fortune going ahead with housing demand expected to return to pre-Covid level in the next 2-3 quarters. Also property rates may see an increase by 5 percent during the year.