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Rohit Srivastava discusses the market setup and the sell-on rally trend. He mentions that the market has made a series of higher highs and higher lows, but a break in this pattern would indicate a downward trend. He also talks about the performance of PSU stocks, cautioning against buying at the current highs. He shares his view on the realty sector, suggesting that a pullback to 814 on the Nifty Realty Index could be a good support level. Lastly, he mentions that while value may still exist in the mid and smallcap segment based on positive earnings growth, a technical correction is expected.
Finance Minister Nirmala Sithraman s announcements on affordable housing and extension of Pradhan Mantri Awas Yojana failed to cheer realty stocks, which fell up to 3%. Among the top losers were Brigade Enterprises, Sobha, Prestige Estates. The Nifty Realty Index was down by 1.07%. In the 10-stock index, there were 9 declines. The lone gainer was Swan Energy.
Interim budget: India s budget plays a big role in strengthening the property market and supporting the Bharat Moment. The budget should focus on affordable housing and streamline clearance processes to promote growth in the residential real estate sector. It is crucial to grant industry status to the real estate sector and facilitate easier credit access. Increasing the tax rebate on home loan interest rates from Rs 2 lakh to Rs 5 lakh and providing incentives for developers and homebuyers will stimulate the affordable housing market. These measures will contribute to achieving housing for all and invigorate the housing sector.