Realty stocks rebound, Nifty Realty index gains 1.3% after five-day losing streak

NEW DELHI: Realty stocks staged a strong recovery on March 3 after days of relentless selloffs, pushing the Nifty Realty index up by nearly 1.3 per cent to close at around 808. The rally snapped the index's five-day losing streak, providing much-needed relief to investors in the sector.

Prestige Estates leads gains
Prestige Estates emerged as the top gainer in the sector, surging nearly 5 per cent to trade at Rs 1,179 apiece. The rebound helped erase most of the losses recorded since February 25, when the company revealed in an exchange filing that Income Tax authorities had conducted searches at its registered office and branch offices. The announcement triggered a sharp decline in the stock over the past few sessions.

Godrej Properties and DLF among major movers
Shares of Godrej Properties also posted strong gains, rising over 3 per cent to trade at Rs 2,000 apiece. The stock's rise was the biggest contributor to the Nifty Realty index's gains. Notably, Godrej Properties has rebounded nearly 6 per cent from its 52-week low of Rs 1,901 per share, which it hit on February 17. However, the stock remains significantly down from its 52-week high of Rs 3,403 per share.

Meanwhile, heavyweight DLF gained nearly 2 per cent, trading at Rs 645.15 per share, while Oberoi Realty shares also climbed, rising over 1.85 per cent.

Mixed performance across the sector
Despite the overall rise in the realty index, not all stocks traded in positive territory. Shares of Raymond and Mahindra Lifespace Developers were down nearly 2 per cent as markets closed. Other stocks such as Phoenix Mills, Sobha, Lodha (Macrotech Developers), and Brigade Enterprises also ended in the red with minor losses. Lodha's decline was the biggest drag on the Nifty Realty index.