Market posted strong gains, most of Adani Group stocks recover
At close, the Sensex was up 1,961.32 points or 2.54% at 79,117.11, and the Nifty was up 557.35 points or 2.39% at 23,907.25.
Trading in line with record high domestic benchmark indices, the Nifty Realty index has registered a growth of 28.1 per cent in last 136 days, from November 21, 2016 to April 5, 2017.
Investors turned bullish on real estate companies amid beliefs that the Goods and Services Tax (GST) and RERA (Real Estate Regulation Act) would be beneficial for the realty sector in the long term.
RERA was passed by the Rajya Sabha on March 10, 2016 and the Housing and Urban Poverty Alleviation Ministry had rolled out the draft rules of RERA in June 2016.
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Meanwhile, the GST is still being discussed in the Rajya Sabha but Lok Sabha’s approval has raised hopes that it will be implemented on time. Union Finance Minister Arun Jaitley has said that the GST Bill will be implemented from July 1.
Expectation of higher home sales in the near future also supported investors’ sentiments.
Here is a list of five stocks which hit their 52-week high price recently, with smart gains:
Sobha Ltd had closed its 52-week low price at Rs.216.05 on November 9, 2016. The company’s stock was trading at nearly double and touched Rs.415 in the intraday trade on April 6 on the National Stock Exchange (NSE).
Godrej Properties, which touched its 52-week low price at Rs.286.35 on December 22, touched Rs.447.90 on April 5.
Prestige Estates Projects Ltd ended at 52-week low price at Rs.144 on December 6, closed at Rs.233.60 on April 5.
Sunteck Realty closed at Rs.410 on April 5. The stock had closed at 52-week low price, at Rs.174.60, on November 22, 2016.
Delta Corp Ltd, closed at Rs.218.30 on April 5, had touched its 52-week low price at Rs.68.60 on April 5, 2016. The stock outperformed all the above, tripling its value in one year.
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