Real Estate leads gains in the winning streak for the index

The markets continued to surge for the second consecutive day. Both Nifty and Sensex opened with a gap as weak U.S. labour market data added to bets that the U.S. central bank is done with the most aggressive tightening cycle in four decades. Midcaps saw a healthy gain of 0.71%, while small caps were ahead with a 0.94% increase. The market displayed range-bound movement, with a remarkable 331-to-168 advancing stocks to losers in the S&P BSE 500 index.

Remarkably, not a single sector ended in the red today. Real Estate stocks took the lead, soaring by 2.64%. BSE Services and Consumer durables also contributed to the market’s strength, with gains of 1.60% and 1.44%, respectively. It was an all-around positive day for the markets.

The Realty sector shined on Friday with gains of 131.11 points or 2.64% on an intraday basis. The constituents of BSE Realty showed stock performance as Brigade Enterprises zoomed by 6.64%, Indiabulls Real Estate soared by 5.04%, and Prestige Estates Projects jumped by 4.02%, while Macrotech Developers ended with a minor loss of around 0.02% only.

Brigade Enterprises:

Brigade Enterprises stock reached a new 52-week high value of 674.85, accompanied by a significant increase in trading volume, surging by more than 8.08 times its usual levels. The stock has logged hefty gains in the last five years, around 466%.

Indiabulls Real Estate:

Indiabulls Real Estate’s price saw a significant increase in volume exceeding 2.98-fold on Friday. Currently, the stock is trading 36% down from its 52-week high, and the technical chart shows that the stock is in a mild bullish uptrend.

Prestige Estates Projects:

Prestige Estates Projects was amongst the top gainers for the realty index and saw good volume trading on Friday. The stock is trading with a 33.9 price-to-earnings ratio and has a 0.20% dividend yield. Last year’s sales growth of the share was around 15.7%.

Macrotech Developers:

Macrotech Developers closed slightly in the red, down by 0.02%. The stock traded at its 52-week high yesterday, where technically it is a breakout. The stock may continue to trade higher in the coming trading sessions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to change. Please consult an expert before making related decisions.