Nifty Realty advances over 1%; Indiabulls Real Estate, Phoenix, Prestige led the rally

The index has gained over 1% on today's trading session.

Aug 24, 2021 10:08 IST India Infoline News Service

Analysis Finance Market
Tuesday's trading session was positive amid bullish market cues, and that led to rally in Nifty Realty index that soared by more than 1% during early deals. The earning season has been healthy so far and thus providing support to the index to boost investors sentiments.

The index has gained over 1% so far on today's trading session.

At around 10:30 AM, the Nifty Realty was trading at 373.75 up 4.05 points or 1.10%. It touched an intraday high of 374.35 and an intraday low of 369.85 during early trading hours.

On the trading window, Indiabulls Real Estate was the top gainer surging by 3.36% followed by heavyweight Phoenix Mills edging up by 3% at Rs827.50 per piece. Prestige also jumped by 1.60% at Rs329.20 per piece.

Further, Hemisphere Properties climbed by 1.14% while and Brigade jumped by 1.09%. DLF, Sobha and Godrej Properties gained nearly 1% in the index to lead the gains.

On the Contrary, Sunteck and Oberoi Realty dragged the sector most.

Oberoi Realty shed over 0.47% at Rs660.95 per piece. Sunteck continued to remain as the top loser performing at Rs340.50 per piece down by 1.23%.

According to a report by Anarock, data from the financial presentations of the top 7 listed realty companies reveals that listed players are gearing up to launch close to 92.5 mn sq ft of new residential space within the next 1-2 years. Apart from the top 7 cities, they are also zeroing in on these major tiers 2 and 3 cities – and at least 70-75% of this supply may be launched in FY2022 itself.

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