Nifty Realty pulls back from record highs as index sheds 1%; Lodha Developers hits new high; Godrej Properties, Sobha worst hit

Lodha Developers hit the record high at Rs1,179 per piece on Jefferies' bullish stand.

Oct 08, 2021 10:10 IST India Infoline News Service

The Nifty Realty has pulled back from its super rally during the early trade on Friday. The realty stocks sprinted upward to set new record level highs but soon dropped sharply reacting to RBI monetary policy. However, the construction and real estate sector has shown signs of recovery in demand. Nifty Realty witness mouthful gains in the opening bell with an intraday high of 538.90 hitting fresh 52-week high.

However, at around 10:40 AM, Nifty realty was trading at 527.10 down 5.55 points or 1.04%.

Meanwhile, the BSE Sensex was trading at 60,153.51 up 475.68 points or 0.80% and the Nifty50 at 17,892.30 up 101.95 points or 0.57%.

Lodha Developers
hit the record high at Rs1,179 per piece on Jefferies' bullish stand. Real Estate major's shares gain 4% after Jefferies has raised target price of Macrotech Developers to Rs1,220 from Rs1,068 per share and also raised FY23-24 sales estimates by 7-10%.

Sunteck and Indiabulls Real Estate also surged over 1.5% each to limit the losses on the index while heavyweight stocks like Godrej Properties, Sobha witnessed massive profit booking to drag the sector from record level gains. 

Godrej Properties emerged as biggest laggard plunged by 3% at Rs2,398 per piece. Sobha shed over 2.5% at Rs861.05 per piece to join the bears.

Real Estate majors Phoenix (-1.20%), Brigade (-1.15%), DLF (-0.72%) and Oberoi Realty (-0.69%) hit the red zone to drag the sector most.

Meanwhile, Oberoi Realty stocks in focus as its sales booking jump over two-fold to Rs828.52cr in Q2FY22. Furthermore, Monetary Policy Committee (MPC) keeps repo rate steady at 4% and retained the monetary stance as ‘accommodative’.

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