Nifty Realty defies market bears to hold steady; Prestige, Brigade, Sobha and Sunteck hit new 52-week highs

18 Jan 2022 , 10:50 AM

On Tuesday trade, Nifty Realty logs buying sentiments from investors despite bearish markets tone. The performance in the sector considers healthy Q3 earnings which turned many investors to put their bet accordingly. Prestige, Brigade, Sobha and Sunteck stretched the winning streak by hitting 52-week high followed by other major stocks. 

On the sectoral front, buying was seen in Banking, realty stocks while selling pressure was visible in auto, capital goods, FMCG, IT, pharma and metal stocks. The Sensex benchmark Index is seen struggling to overcome the psychological 61,000-mark amidst concerns over new omicron variant and rapid increase of Covid cases.

At around 10:50 AM, Nifty Realty was trading at 519.15 up 3.05 points or 0.59%, touching a high of 527.20 and low of 516.25 during intraday trade.

Meanwhile, the BSE Sensex was trading at 61,120.03 down 188.88 points or 0.31% and the Nifty50 at 18,235.65 down 72.45 points or 0.40%.

Prestige surged over 5.3%, after hitting 52-week high at Rs554.90 per piece to lift the performance of the sector. Brigade and Sobha also hits new record highs at Rs531 per piece and Rs1008.60 per piece respectively. Heavyweight Macrotech Developers (Lodha) in the bull run rises over 1.5% at Rs1,261.60 per piece. Indiabulls Real Estate advanced 0.72% at Rs168.45 per piece to stretch gains.

Oberoi Realty (+0.45%), Sunteck (+0.34%) and DLF (+0.04%) also aided in the green state of the sector. Sunteck also hit the new 52-week high at Rs589.90 per piece.

On the flip side, Godrej Properties and Phoenix Mills were having a rough day. Godrej Properties tumbles around 1% alongwith Phoenix Mills down over 2% to drag an otherwise bullish sector.