A rebound after the Dussehra break
Dalal Street reopened on Wednesday after Tuesday’s Dussehra holiday and started higher. The Nifty gained about 182 points to open near 23,071, back above the 23,000 mark, while the Sensex rose by more than 600 points. Hopes of an India-US trade deal, a rally in IT shares and gains across Asian markets drove the move. By 10 AM the Sensex was up about 573 points near 74,426.
That bounce follows a rough Monday. The Sensex lost 876 points, or 1.17%, to close at 73,852.90, with banking stocks a major drag.
Realty comes in with ground to recover
Realty ended Monday on the back foot. Lodha Developers fell about 3% to ₹1,029, Anant Raj lost nearly 3%, and Oberoi Realty and Aditya Birla Real Estate dropped close to 2% each. Godrej Properties slipped about 1% to ₹1,585, while DLF held up better, down under 0.5% at about ₹671. Today’s first test is whether the sector joins the broader recovery or stays a laggard while IT leads.
DLF’s numbers give the sector something to chew on
DLF reported September-quarter net profit of ₹1,301 crore, up 11% from a year ago, on revenue of ₹2,298 crore. EBITDA was ₹1,060 crore and operating cash flow ₹1,858 crore. The company ended the period with net cash of ₹15,084 crore even after paying out ₹1,980 crore in dividends.
New sales bookings were ₹3,800 crore, helped by a full sell-out at The Aureva in Gurugram and continued demand for the super-luxury Dahlias project. The picture is not all positive. Add the weak June quarter, when bookings were just ₹657 crore, and DLF has booked about ₹4,450 crore in the first half. That is roughly a fifth of its ₹20,000 crore FY27 target, so the second half will have to deliver far more.
What is driving realty stocks
Several forces are pulling in different directions:
- Crude oil: Prices near $110 a barrel, close to a five-month high, feed inflation worries and limit how far markets can rally.
- Rupee: At about 94.78 to the dollar, it is steadier today but still weak.
- Trade-deal hopes: Progress could lift sentiment across rate-sensitive and domestic-facing sectors.
- Developer divergence: Godrej Properties led bookings last quarter while DLF’s slumped, so company-level execution matters more than the sector label.
What to look for next
- RBI MPC minutes (today): They are due on October 21 and may show how divided the committee was on stance. The next policy meeting is December 2 to 4.
- Godrej Properties Q2 results (October 23): The board meets that day, with an analyst call at 5 PM. Its bookings and launch pipeline will be the next big read on demand.
- Other developers: Dates for Lodha, Oberoi, Prestige and others are not yet confirmed, with November 14 the outer limit for results.
- Festive sales: The run-up to Diwali will show whether buyers are returning after a weak first quarter.
The outlook
Realty needs numbers, not just a rising market. DLF has delivered on profit, but bookings will have to accelerate. Godrej Properties’ results on Friday are the next real test for sentiment.
Also Read: Realty Stocks Among Top Drags as Rate Hike Pressure Holds and Crude Tops $102
