The shares of realty companies made strong gains on March 3 after days of incessant selloff and losses. The rally in the stock prices pushed the Nifty Realty index up by nearly 1.3 percent to close at around 808, snapping its 5-day losing streak.
The shares of Prestige Estates were the top gainer on the index, rising nearly 5 percent to trade at Rs 1,179 apiece. Notably, the stock made strong losses after an exchange filing on February 25 announced that searches had been conducted by Income Tax authorities at its registered office and other branch offices. The surge in the stock's price today erased most of the losses recorded since then.
Godrej Properties shares also made strong gains, rising over 3 percent to trade at Rs 2,000 apiece. The rise in the stock's price was the biggest contributor to the rise in Nifty Realty. The stock has so far surged nearly 6 percent from its 52-week low of Rs 1,901 apiece which it has hit on February 17. The shares of the company are significantly down from the 52-week high of Rs 3,403 apiece.
Heavyweight DLF shares, meanwhile, jumped nearly 2 percent to trade at Rs 645.15 apiece. Oberoi Realty shares jumped over 1.85 percent.
Despite the rise in the realty index, not all stocks were trading in the green.
The shares of Raymond and Mahindra Lifespace Developers were down nearly 2 percent as markets closed on March 3. Phoenix Mills, Sobha, Lodha (Macrotech Developers) and Brigade Enterprises traded in the red with minor losses. However, the decline in Lodha's share price was the biggest dragger on Nifty Realty.
Notably, this comes as markets closed with minor losses on March 3.
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