On strategic buying in realty stocks, Nifty Realty jumped to a 20-month high on hopes of a recovery in earnings in the second half of FY20.
Some of the major gainers from the pack include Oberoi Realty, Prestige Estates, Indiabulls, Sobha, Godrej, DLF.
At 11:29 pm, the sector index was trading higher by 1.17% at 320.45. This is against a decline in benchmark indices by almost 0.5%.
The optimism is largely on the basis of a survey by 23rd Knight Frank-FICCI-NAREDCO Real Estate Sentiment Index Q42019 which revealed that the stakeholders sentiments have been revived in the sector and are in the optimistic territory of 53 in the October-December quarter of 2019 (Q4 2019). It was in the pessimistic zone (below 50 mark) for two consecutive quarters.
The survey is decided on the basis of supply side stakeholders that include developers, private equity funds, banks and Non-Banking Financial Companies (NBFCs).