Market LIVE: Sensex opens at fresh high, Nifty tops 15,400; banks, metals rally.
HDFC twins, Kotak Bank lift Sensex by over 300 points
- Indian shares hit a record high on Tuesday, powered by gains in financial stocks as optimism about a swift global economic recovery boosted investor sentiment globally.
- 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 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 an analyst.
Brookfield India Real Estate Trust got listed at Rs 281.70 per unit, a premium of 2.44 percent to the issue price of Rs 275.00 per unit on the National Stock Exchange.
The Rs 3,800-crore initial public offering (IPO) of Brookfield India Real Estate Trust was subscribed 7.9 times by investors during the three-day bidding period that ended on February 5. The offer received bids for 60.5 crore units against the IPO size of 7.62 crore units.
The initial public offering (IPO) of Nureca Ltd has been subscribed 5.73 times so far on Monday, the first day of bidding. The Rs 100-crore issue has a total IPO size of 14.01 lakh shares.
As per the data available on the exchanges, the portion reserved for retail investors has been subscribed more than 31 times, while that of employees is 90 percent subscribed. The portion set aside for non-institutional investors witnessed 54 percent subscription, while qualified institutional buyers are yet to put in their bids.
The offer size excluded the anchor book through which the company already raised Rs 44.55 crore on Friday.
The public offer will close on February 17. The price band for the issue has been fixed at Rs 396-400 per share.
India’s economic growth likely to pick up soon, says Morgan Stanley’s Jonathan Garner
After a quite depressed business and economic environment, India could be looking at a pickup in growth soon, believes Jonathan Garner, chief – Asia and Emerging Market equity strategist at Morgan Stanley. According to Garner, having some cyclicals in the portfolio would be advisable.
“We could be looking at a pickup in growth in India and therefore having some cyclicals in the portfolio would make some sense including industrial cyclicals and to some extent, consumer cyclicals and that’s different from what we are seeing in other emerging markets at the moment,” said Garner in an interview with CNBC-TV18.
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