Realty stocks soar on back of robust sales; sectoral index up 7.8%

The BSE Realty index—a gauge for the performance of real estate stocks—on Monday rose 4.2 per cent, extending its two-day advance to 7.8 per cent. The latest gains come on the back of robust sales posted by realty developers for the three-month period ending March (Q4FY23). On Thursday, the rate-sensitive index had gained 2.9 per cent following the Reserve Bank of India’s decision to pause the interest rate hike.

On Monday, Godrej Properties announced that it has posted its highest-ever quarterly and annual sales. The company's share price rose 9.1 per cent and was the best-performing stock on the BSE