Indian stock markets have been continuously rallying over the last one year with the key equity indices Sensex and Nifty breaking and making newer peaks day after day. Yesterday only, Indian stock markets continued the record-breaking run with Sensex and Nifty settling at fresh closing highs on reports that government is considering raising FDI limit in banks. BSE Sensex ended at a record high of 35,260.29 rising by 178.47 points or 0.51% higher while NSE Nifty surged 28.45 points or 0.26% to finish at a fresh peak of 10,817. Sensex had amassed as much as 425.54 points to hit a lifetime high of 35,507.36 while Nifty advanced as many as 98.95 points to hit a record high of 10,887.5 on Thursday.
Dalal Street had been cheering the multifold rise in the stock market this year. In 2017, real estate stocks have vastly outperformed the headline indices with Sobha, DLF and Godrej Properties rising up to 150%. Following the high rise in domestic equities, we bring to you a real estate stock which has more than tripled since Modi’s demonetisation to buy and gain over 60% in next four months.
Shares of Indiabulls Real Estate have risen about 220% to Rs 230 from a price level of Rs 72 around 11 November 2016. The stock of Indiabulls Real Estate had an annual return of 177% and a year to date return of 4%. The research and brokerage firm HDFC Securities has given one to a four-month target price of Rs 385 which implies an upside of 67% from the current market price of about Rs 230. “We believe the stock has the potential to move higher in the coming weeks as it attempts to test its previous intermediate highs. We, therefore, recommend a Buy at CMP and adding more on any dips,” HDFC Securities said in a report. HDFC Securities has provided a stop loss of Rs 220, on closing basis.
Meanwhile today, India’s stock started on a positive note with Sensex and Nifty opening in green ahead of the third quarter earnings of blue-chip companies such as HDFC Bank, Reliance Industries, ITC, Kotak Mahindra Bank, and Wipro. BSE Sensex rose 78.82 points or 0.22% to began the day at 35,339.11 whereas NSE Nifty added 12.2 points or 0.11% to open at 10,829.2. In the wee hours of trading, key equity indices extended the gains led by the upsurge in shares of HDFC Bank, State Bank of India, Reliance Industries, L&T, ICICI Bank, HDFC and ITC. Benchmark Sensex surged 173.79 points to hit a day’s high of 35434.08.