Nifty Realty climbs 2% defying market bears as Godrej Properties hit new record high; Prestige, Phoenix add to winnings

Realty major Godrej Properties witnessed heavy buying to hit new record high on Tuesday.

Sep 21, 2021 10:09 IST India Infoline News Service

The Nifty Realty Index was in the fast lane despite volatility on Tuesday's session. Realty index jumped over 3% during morning deals despite the growing fears of a default by China's biggest property developer, Evergrande Group. 

China's real estate giant Evergrande swayed on the brink of collapse with debts of more than $300 billion.

Meanwhile, the BSE Sensex was trading at 58,403.66 down 87.27 points or 0.15% and the Nifty50 at 17,386.10 down 10.80 points or 0.06%.

At around 10:45 AM, Nifty Realty was trading at 413 up 8.30 points or 2.05%, after touching a high of 421.60 and low of 405.05 during intraday trade.

Realty major Godrej Properties witnessed heavy buying to hit new record high on Tuesday.
 
Prestige and Godrej Properties led the charts by advancing over 4% on the index. Godrej Properties hit 52-week high at Rs1,750.60 per piece while Indiabulls Real Estate also extend the gains by surging near 3%.

Phoenix and Sobha spurted around 2% to lead the bull run while DLF and Brigade stocks traded 1% higher on the upside.

However, Oberoi Realty and Hemisphere Properties tumbled 0.48% each while Sunteck Realty loses some marginal gains to turn flat.

On the Global front, due to China's Evergrande crisis, markets in mainland China and Taiwan were still closed on Tuesday, while Korean markets remain shut through Wednesday.

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