With the Nifty Realty Index up 23% in 2024, most listed realty companies are trading above the value of their existing pipelines and any disappointment in pre-sales and launch trends could upset the apple cart.
Indian market closes higher for fourth consecutive day as S&P BSE Sensex rises over 800 points and Nifty50 closes just below 21,900 levels. Buying seen in IT, realty, oil & gas, and public sector, while selling seen in healthcare, utilities, and auto stocks. Stocks in focus include IRFC, Macrotech Developers, and Firstsource Solutions, which hit fresh highs and saw volume or price breakouts.
Macrotech Developers shares are up 56.35 per cent in the last six months and 103.97 per cent for the last one-year period. Lodha said its pre-sales at Rs 3,410 crore was its best ever December quarter performance.
Suzlon Energy , Mazagon Dock Shipbuilders, SJVN, Kalyan Jewellers Ltd, Exide Industries and Glenmark Pharma are some of the smallcap shares that have now been categorised as midcaps.