Realty stocks staged a sharp rebound on Wednesday with the Nifty Realty index rising 1.7 percent, led by broad-based buying across the sectors. This came a day after the index slipped 1.11 percent, snapping a four-day winning streak.
All 10 constituents of the realty index settled in the green, with Raymond, DLF and The Phoenix Mills emerging as notable gainers. The sectoral index had earlier climbed as much as 2.41 percent during the day’s trade on the NSE.
Shares of Raymond surged nearly 5 percent to hit an intraday high of Rs 703.10, before paring some gains to Rs 695 apiece, up 3.78 percent. The counter has now risen nearly 27 percent over the last five trading sessions.
DLF shares gained over 3 percent while The Phoenix Mills rose 2.57 percent.
Macrotech Developers and Oberoi Realty also contributed to the rally, each advancing more than 2 percent.
Prestige Estates Projects touched a high of Rs 1,449.90, marking a 2.13 percent rise during the session. Godrej Properties, meanwhile, rose 2.07 percent to hit a high of Rs 2,213.90, but gave up some gains to end at Rs 2,182.40, up 0.62 percent.
The gains in realty counters tracked a broader positive sentiment in the domestic market as investors picked up value stocks after recent declines.
Meanwhile, the stock market benchmark indices Sensex and Nifty rebounded on Wednesday after heavy drubbing in the previous session amid buying in blue-chip bank stocks and a firm trend in Asian peers.
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