Realty Sector Outlier In Trade On October 7, 2021; Sobha, Brigade & Godrej Hit 52-Week High

Indian headline indices in trade on October 7, 2021 in line with strong Asian markets are trading firm with gains of over 1 percent. Broader markets in fact outperformed the benchmarks with Nifty Midcap 100 up by close to 2 percent at around 12:20 pm. Bank Nifty too traded in line with benchmarks.

Realty Sector Outlier In Trade On October 7, 2021; Sobha, Brigade & Godrej Hit 52-Week High

Among Nifty sectoral indices all the major indices traded in the green, with maximum strength seen in the realty index followed by auto and IT sectors, respectively. Talking specifically of the realty space at the time of writing this copy, Nifty Realty was up by over 5 percent and also hit new 52-week high of 534.55.

Nifty Realty index has witnessed a breakout after a consolidation phase of nearly 10 years. Of the 10 constituents of the Nifty Realty index 3 counters namely Sobha, Brigade and Godrej Properties have hit fresh 52-week high levels today. Meanwhile, the realty counters have been seen gaining between 1-14 percent in intra-day trade.

Analysts continue to be optimistic on the realty sector as some of the significant moves by the government such as Smart City Project targeting to transform 100 cities into smart cities is a prime opportunity for players in the segment. Also, there has been given a push to the residential housing segment under the ambitious Pradhan Mantri Awas Yojana (PMAY) scheme. By the year 2030, the real estate will reach a market size of $1 trillion and contribute 13% to the country's GDP by 2025.
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