Godrej Properties, Prestige Estates, and Brigade Enterprises led the 3.9% surge in the BSE Realty index last week. While momentum indicators such as RSI indicate an overbought situation for the stocks in the realty sector and some consolidation is needed, the overall outlook of the market remains bullish. Banking stocks such as ICICI Bank, HDFC Bank, and SBI pulled down Nifty Bank; while technical charts suggest momentum is missing in Bank Nifty, Nifty appears more positive. The BSE IT index faced a stock-specific drag with 48% of the index being dragged down by TCS and Wipro.
