Real estate stocks rise to a 15-year high, Nifty Realty Index by 4%

The Nifty Realty and Nifty PSU Bank sectors both saw gains of 4 per cent and 2.08 per cent, respectively, Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, said on Tuesday.

Indian real estate stocks rose to a 15-year high as a result of robust sales. Strong Q2 sales from numerous developers helped the Nifty Realty Index rise 4 per cent, which also have given raising hopes for the upcoming festive season, he said.

Notably, sales at Puravankara Ltd. more than doubled, at Ajmera Realty and Infra India Ltd., they grew by 52 per cent, and at Prestige Estates Projects Ltd., they increased by 102 per cent from the previous year, he said.

After rising more than 4 per cent in the previous session, oil prices fell on Tuesday as traders exercised caution and kept an eye out for any possible supply interruptions caused by the armed hostilities between Israel and the Palestinian Islamist group Hamas.

The International Monetary Fund (IMF) stated in its October 2023 World Economic Outlook report that India's economic growth forecast for the current fiscal has been changed from 6.1 per cent to 6.3 per cent.

On Tuesday, Nifty 50 closed at 19,689.85, up 178 points, or 0.91 per cent, while the Sensex ended the day at 66,079.36, up 567 points, or 0.87 per cent.

Coal India, Bharti Airtel, Adani Ports, Hindalco Industries and Adani Enterprises were among the top gainers on the Nifty, while the losers were IndusInd Bank, Cipla, Dr Reddy's Laboratories, TCS and Asian Paints.

Vinod Nair, Head of Research at Geojit Financial Services, said 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 approaching results season, with optimistic expectations on earnings, Nair said.

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