Realty Index hits 52-week high as sector players report strong Q2 sales numbers

Domestic equity market benchmarks Sensex and Nifty also reversed on Tuesday following a from Israel-Hamas conflict issues.
Image used for representational purpose only. (File Photo)
Image used for representational purpose only. (File Photo)
Updated on
2 min read

NEW DELHI:  Realty shares witnessed major buying on Tuesday after some listed players reported a strong set of sales numbers for the September quarter. 

NSE Realty index gained over 4% to hit a fresh 52-week high with Prestige, DLF and Godrej Properties surging between 4-8% on Tuesday. 

Domestic equity market benchmarks Sensex and Nifty also reversed on Tuesday following a from Israel-Hamas conflict issues.

The BSE Sensex jumped 567 points to end at 66,079, while the Nifty50 ended near the 19,700 mark at 19,690, up 178 points.

“The Indian market completely recovered Monday’s losses, which were mainly due to the Hamas-Israel conflict. Moderation in crude prices and positive global cues on account of dovish remarks from Fed officials, which restrained US bond yields, aided the rebound. The domestic market’s primary focus is currently on the upcomming result season, with optimistic expectations on earnings,” said Vinod Nair, head of research at Geojit Financial Services. 

The NSE Realty index, representing the performance of realty stocks, rose 4.1% to close at 606.20. It had hit a 52-week high of 612.25 during the noon hours.

All the components of the Realty index registered gains, led by Prestige Estates, which rose  8%, and Sobha, which saw an increase of nearly 6.34%. 

The other top gainers were the heavyweights Godrej Properties (up 5.4%), DLF (up 3.7%) and Oberoi Realty. (up 3.7%). 

Bengaluru-based Prestige Group recently reported that its sales had more than doubled to Rs 7,093 crore during the second quarter ending September 2024 (Q2FY24).

Sobha also reported its highest-ever sales for the quarter at Rs 1,724 crore.

Venkat K Narayana, CEO of Prestige Group, said, “This quarter has been marked by significant launches, including Prestige Park Grove and Prestige Serenity Shores, which received overwhelming responses, contributing to Rs 5,000+ crore of quarterly sales. Mumbai continues to perform well, garnering formidable sales."

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