Real estate stocks bounced back on Tuesday, snapping a three-day losing streak, with the Nifty Realty index gaining over 3 percent in intraday trade amid recovery in realty stocks to improved investor sentiment and broad-based buying across sectors.
Strong buying interest lifted shares of Raymond, Macrotech Developers (Lodha), Mahindra Lifespace Developers, The Phoenix Mills and Prestige Estates Projects, which rose up to 18 percent.
The Nifty Realty index rebounded after losing nearly 4 percent over the past three sessions. Eight out of the 10 stocks in the index were trading in the green, with only Brigade Enterprises and Sobha Ltd declining marginally by around 0.5 percent at 3:20 pm.
Raymond Ltd led the rally, surging 18.35 percent to hit an intraday high of Rs 1,457.3 per share on the NSE. The stock extended its gains for the second straight session.
Macrotech Developers followed, rising 4.86 percent to an intraday high of Rs 1,115.75 per share. It also marked its second consecutive session of gains.
Shares of Mahindra Lifespace Developers, The Phoenix Mills and Prestige Estates Projects gained, 4.2 percent, 3.5 percent and 3.2 percent, respectively. Shares of Oberoi Realty, DLF and Godrej Properties rose up to 3 percent.
Meanwhile, the benchmark indices Nifty and Sensex powered higher, scaling a one-month peak as a sweeping rally lit up Dalal Street, adding a massive Rs 5.3 lakh crore in market capitalization.
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