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Nifty Realty rallies 4% as Lodha hits new high; Sobha, Godrej Properties led the bull charge

However, the spread of the new Omicron Covid variant continues to weigh on the markets.

November 30, 2021 10:40 IST | India Infoline News Service
Nifty Realty index triggers the bull run in an expeditious manner to hit the charts on Tuesday's session. Indian markets were bullish ahead of Q2 GDP data tracking overall markets. However, the spread of the new Omicron Covid variant continues to weigh on markets sentiments.

According to the Reuters report, India's statistics ministry will announce GDP data at 1200 GMT and economists have projected the data will show 8.4% yoy growth in the July-September period.

The Nifty Realty stocks rallied along with Consumer Durable stocks amid upbeat markets. As the index surged 4% with Lodha Developers, Sobha and Indiabulls Real Estate surged around 6%, Sunteck, Prestige and Godrej Properties also jumped over 4%.

At around 10:40 AM, Nifty Realty was trading at 503.65 up 19.05 points or 3.93% after touching a high of 505.80 and low of 489.75 during intraday trade.

Macrotech Developers (Lodha) led the gains by hitting 52-week high at Rs1,497.05 per piece. The index major is looking to enter the Bengaluru market and will invest Rs3000cr equity capital s it aims to increase its annual sales bookings by almost three times to Rs20,000cr by 2025-26.

Sobha was 6.37% higher at Rs850.10 per piece while Indiabulls Real Estate led the bull run by surging over 6%.

Sunteck jumped 4.86% at Rs436.50 per piece. Prestige was higher by 4.55% at Rs435.35 per piece. Index heavyweight Godrej Properties also climbed 4% at Rs2143.55 per piece.

DLF and Brigade also advanced over 3% each. Further, Oberoi Realty and Phoenix Mills also gained over 2% in an upbeat market.

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PRESTIGE (NSE)

The average score for Prestige Estates Projects Limited stands at 4 against 6, three months back.

Prestige Estates Projects Limited is engaged in the business of real estate development. The Company’s principal products/services include Development and construction

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