Nifty Realty slips nearly 3% with heavyweights taking a toll; Godrej Properties, Lodha, Brigade, Oberoi Realty top bears

7 Feb 2022 , 10:40 AM

Nifty Realty stocks witnessed a sharp free fall on Monday. The index emerged as the top bear in percentage terms due to broad-based selloff in majority stocks. Except for Phoenix Mills and Indiabulls, all other stocks listed on Nifty Realty were trading lower with heavyweights Godrej Properties, Oberoi Realty and Lodha being the worst hit. Phoenix Mills will be in focus ahead of its Q3 earnings announcement.

The index has traded between an intraday high and low of 484.25 and 471.65 respectively.  At around 10:40 AM, Nifty Realty was trading at 473.45 lower by 13.45 points or 2.76%. Except for two major stocks, all other scrips were in the red.

Phoenix Mills and Indiabulls Real Estate were the only gainers trading marginally higher to support.

On the contrary, index heavyweight Godrej Properties was the top bear nosedived nearly 10% so far today followed by other major stocks like Brigade and Prestige plunging around 4.5% each. Godrej Properties in focus from few days after board approved to invest Rs400cr in DB Realty to pick up 10% stake. Further, the index major expects Jan-March quarter to be best-ever for sales bookings against previous high of Rs2,632cr, as per reports.

Macrotech Developers (Lodha) and Sobha dipped over 1.38% each. Oberoi Realty slipping 1.1% followed by DLF shedding 0.97% and Sunteck was lower by 0.91% on the index.

Realty stocks have been in the focus for investors after budget proposals in the parliament session. Post the announcement regarding PM housing scheme of “Rs48,000cr to be allotted for FY23 for housing project and  80 lakhs home will be built”, witnessed upside at a faster pace by the index. However, the current selloff in the realty sector is cashing of gains as the majority of the companies have already clocked favourable sales in Q3FY22.

Meanwhile, the markets may witness volatility as lined-up meetings for this week including RBI’s MPC meeting, corporate earnings, US inflation data might sway the investors sentiments to bet.