The policy was a non-event for other rate-sensitive sectors like banks and auto. Nifty Bank was up by 0.40% at 48,242,on account of gains in HDFC Bank.
The S&P BSE Real Estate index gained more than 8% in a week, and the gauge hit an over 15-year high of 6820.59 points. Godrej Properties, The Phoenix Mills, Prestige Estates Projects, and Sobha gained 11-30% so far this week. While, Mahindra Lifespace Developers, Oberoi Realty, and Macrotech Developers added 6-8% this week.
"I see that the stock prices leave no room for comfort because now the pricing is going beyond the common man s reach," analyst Sanjiv Bhasin told ET Now. He said this referring to the escalation in property prices notwithstanding a benign input cost.
“I will be a buyer at the current market price on every dip. FIIs are now still short in the market. They are yet to cover their short and they will start covering. DIIs will continue buying this market and if FIIs start buying this market and crude further comes down $10 from here, bond yield topping, interest rates topping, this market has a lot of legs to go on.”
Dipan Mehta believes that the stock with the most potential in the digital arena is Zomato, as it is on track to profitability. Mehta also mentions that the US yield movement is impacting markets in Asia. He expects a quiet period in the domestic market until October, when corporate earnings will have a more significant impact on stock prices. Mehta also discusses the upcoming credit policy, stating that it is likely to be a non-event.