Sensex and Nifty were up in the green but after nearly an hour of trade were down from their highs.
“The index continued its upward momentum with yet another gap up opening. We are steadily heading to 15500 which should be the next target and level of resistance for the Nifty. While a good support lies at 15100, traders should lock in profits at regular intervals and update stops as well. Since we are at market highs any drop or correction can make the markets volatile. Hence extreme caution should be exercised at all times,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Brookfield India Real Estate Investment Trust (REIT) began trading on Dalal Street today at Rs 275.05 per unit, a flat listing debut for the Real Estate Trust over its price band of Rs 274-275 apiece. With this, Brookfield India REIT became the third REIT to be listed on the bourses in India. The Rs 3,800 crore public issue was subscribed 7.94 times earlier this month with both, Qualified Institutional Investors as well as Non-Institutional Investors oversubscribing their quota of the issue. On listing the REIT had a market capitalization of Rs 8,328 crore.
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Kotak Mahindra Bank and IndusInd Bank were the top gainers on Sensex, both surging more than 2%.
Sensex opened above 52,400 and soon was seen testing 52,500. Nifty 50 breaches 15,400 levels on the opening bell.
Sensex is likely to start the day’s trade at 52,400 while Nifty 50 is at 15,371.
Sensex was up 200 points in the pre-open session on Tuesday, the 50-stock NSE Nifty jumped more than 62 points.
Sensex moved past 52,300 during the pre-open session on Tuesday morning. NSE Nifty 50 was nearing 15,400 mark.
SGX Nifty was hinting at a flat opening for domestic stock markets on Tuesday morning. Now, since the Union Budget, Both the benchmark indices, S&P BSE Sensex and NSE Nifty 50 have gained over 12% each. “Based on the daily chart, Nifty / Sensex are moving towards 15500/52500 levels with minor resistance at 15360/52250 level and on the downside, 15270/51850 and 15100/51200 would be the big supports,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. He advises investors to trim long positions that are looking weak and book partial profits where returns have been abnormal.
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In the unlisted space, Brookfield India REIT is not witnessing any strong movement. Sandip Ginodia, CEO, Abhishek Securities, told Financial Express Online that there were hardly any enquiries about Brookfield REIT in the grey market. Based on this, Ginodia expects marginal listing day gains.
SGX Nifty was trading marginally higher on Tuesday morning hinting at a flat opening for domestic equity markets.
Brookfield India’s Real Estate Investment Trust (REIT) will make its stock market debut on Tuesday, 15 February 2021. The REIT was subscribed 7.94 times by investors during the three-day bidding period earlier this month. Of this, qualified institutional buyers (QIB) bid for 4.78 times their portion while non-institutional investors (NII) had bid for 11.52 times their quota. Seeing the current market sentiment, analysts expect Brookfield India REIT to open at a premium to its issue price of Rs 274-275 per share. This will make it the third REIT to successfully list on Dalal Street, after Embassy Office Parks REIT and Mindspace Business Parks REIT.
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