Nifty Realty zooms in a weak market; Macrotech Developers top gainer
The gains in the realty pack signal recovery in the pack indicating investors buying interest.
Even as the benchmark indices have corrected steeply, it is realty stocks capping the losses. At around the time of writing the copy, Nifty Realty index was up by 2 per cent with Macrotech Developers leading the pack.
Although the Nifty Realty pack traded with gains, the constituents traded mixed- with the most gains of nearly 5 per cent seen in the case of Macrotech Developers, while others gaining higher were Phoenix Mills, Brigade Enterprises, Raymond and Prestige Estates.
Meanwhile, the other constituents were down with Mahindra Lifespace Developers were down over 1 per cent, with others like DLF, Sobha, Godrej Properties and Oberoi Realty also trading in the red.
Amid the relentless sell-off on the D-Street, Realty stocks also were not spared, with the Nifty Realty tumbling over 7 per cent in the past one month. Among the top losers during the period from the basket were Brigade Enterprises, Prestige Estate, Godrej Properties and DLF dropping up to 15 per cent.
Atul Parakh, CEO of Bigul said, "The realty sector showed significant recovery today, with the Nifty Realty index advancing 1.94 per cent to 984.95, breaking its three-day losing streak. The sector's turnaround was primarily driven by Macrotech Developers, which surged 7.84%, making it the standout performer. The broader realty sector demonstrated robust strength, with all major players posting gains, including Brigade Enterprises (+2.83%) and Raymond (+2.06%)."
The sector's impressive advanced decline ratio of 9.0 was the highest among all sectors, indicating strong positive sentiment across realty stocks.This performance is particularly noteworthy given that only 9 sectors advanced while 29 declined in today's trading session, resulting in an overall market ratio of 0.31, he added.
The sector's rebound comes after a cumulative decline of 1.16% over the previous three trading sessions, suggesting a potential shift in investor sentiment toward real estate stocks.
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