Major indices in trading after the previous day’s volatile session have been largely mixed, with Nifty gains and Sensex almost flat in the session. Broader indices, in particular, remained weak, while Nifty Bank also fell nearly 0.9 percent.
In a mixed market mood, as auto and banking names have dragged on, there is some recovery in the metals package after falling close to 7 percent in the previous session. At the time of writing this report, the largest gains appear to have come from the real estate index, which is worth more than 2.31 percent.
The notable winners of the pack that won between 1 and 6 percent were Brigade, Phoenix, Godrej, Indiabulls Real Estate and Presige. In fact, Godrej Properties is trading close to the 52 week high price of Rs. 1758.60 per share.
The real estate sector rejoices at the 10-year breakout after a long ongoing consolidation phase. Some of the expert recommendations from the space, given the likely future benefit, were quality real estate agents including Oberoi Realty, Sobha, Godrej Properties, Sunteck, Prestige Estates Projects, Brigade Enterprises, etc.
Santosh Meena, Head of Research at Swastika Investmart said: “Technically, the Nifty real estate index is witnessing another breakthrough after 10 years of consolidation that paves the way for another bull run in real estate stocks. This is good news for real estate stocks as the market is already optimistic on the Indian real estate sector as they show strong growth momentum thanks to low interest rates, supportive government policies and consolidation in the sector thanks to RERA, and growth in the technology space.”
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Story first published: Tuesday, September 21, 2021, 12:57 PM [IST]