Nifty Realty hits 15-year high as traders ride bullish momentum
Shares of major property developers were among the top gainers on Tuesday as companies' business updates for the September quarter showed strong growth. The Nifty Realty Index jumped over 4% to a 15-year high as traders rode the bullish momentum in these stocks.
Prestige Estate gained 7.8%, Sobha jumped 6.3%, Godrej Properties rose 5.4% and DLF advanced 3.7%.
«The rally in Nifty's Realty index broke its September high levels which is an indication of resumption of the uptrend in the segment,» said Ruchit Jain, lead research analyst at 5Paisa.com.
«Derivative stocks like DLF, Godrej Properties and Oberoi Realty have led the rally with long formations while significant volumes were also seen in cash segment stocks such as Sobha and Prestige.» He expects DLF to rise to Rs 600 and Godrej Properties to hit Rs 1850 in the near-term.
