Nifty Realty stocks resist the bearish markets; Index surges ~2%; Brigade continues winning spree

Lodha also was bullish after Q2 numbers. Godrej Properties, Oberoi Realty also extended gains.

Oct 22, 2021 02:10 IST India Infoline News Service

Nifty Realty stocks were bullish amid volatile markets on Friday as. the index surged 2% to emerge the biggest gainer along with Banking and Financial Services stocks. Rest all the sectors led by Metal and IT stocks were under pressure.

Brigade Enterprises continued the winning run while Godrej Properties also pushed further the Index. Lodha (Macrotech Developers) was also bullish post Q2 earnings announcement. Oberoi Realty was also in the fast lane. On the flip side, Phoenix Mills Limited and Sobha were trading in the red. The Index is under focus amid festive season and Q2 earnings from various companies.

Domestic equity markets opened with gains on Friday morning, attempting to recoup some of the losses suffered earlier this week. BSE Sensex regained the 61,000 mark while NSE Nifty 50 was above 18,200. Bank Nifty was above 40,300, setting fresh record highs.

However, indices fell into red zone amid volatile trade in the afternoon. At around 2.05 pm, BSE Sensex was trading at 60,780.97 down 142.53 points or 0.23% and Nifty50 at 18,106.45 down 71.65 points or 0.39%. Nifty Realty was trading at 506.30 up 8.45 points or 1.70%, touching a high of 513.90 and low of 502.50 during intraday trade on Friday.

Brigade maintained bullish run to go up 3.5% at Rs439.60 per piece and lift the performance of the sector yet again.

Lodha surged 3.4% at Rs1,062.15 per piece on Friday. The Real Estate company reported consolidated profit at Rs223.36cr in Q2FY22 against loss of Rs362.58cr in Q2FY21; revenue jumped to Rs2,123.83cr from Rs900.76cr yoy.

Godrej Properties Limited advanced 2.85% ar Rs2,348.00 per piece to extend gains this week. GPL recently announced that GRESB, an organization that provides Environmental, Social and Governance (ESG) benchmarksfor real estate organizations across the world has recognized Godrej Properties as a Real Estate Development Sector Leader globally for listed residential real estate.

Oberoi Realty was also nearly 2.7% higher at Rs909.55 per piece. Prestige advanced 1.55% while DLF was also 1% higher. Indiabulls Real Estate and Sunteck Realty also traded in the green.

Phoenix Mills emerged the top laggard by dragging 1.4% at Rs895.85 per piece. Sobha was also 0.7% lower at Rs766.05 per piece. 

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