Indices Scale Fresh High To Later Turn Flat

On firm global markets, indices extended their budget-day rally to the third day and scaled their fresh lifetime highs but quickly pared gains and turned flat. Sensex hit a new record high of 50,231, while Nifty made a new high of 14754.9. After over 10% gains on the Nifty Bank since the Budget day, the index traded weak. Broader markets however outperformed headline indices.

Among early top gainers in today's deal are Tata Motors, IOC, Dr. Reddy's, Titan and ONGC while losers include SBI, Kotak Mahindra, Adani Ports, BPCL and HDFC.

Brookfield's Real Estate Investment Trust (REIT) IPO to raise up to Rs. 3800 crore will open for public subscription today at a price band of Rs 274 to Rs 275. Also, Home First Finance will make its market debut today. The Rs. 1154 crore IPO was subscribed 27 times.

Shares of Bharti Airtel will be in focus ahead of its quarterly earnings slated to be announced today. Analysts expect the company to become profitable while on revenue front, there can be witnessed growth in mid-teens on a YoY basis. The scrip last traded with gains of 0.6%.

Meanwhile, Asian indices traded mixed at the time of writing this copy, with Hang Seng down in trade by as much as 0.6%, while Japan's Nikkei and Singapore's Straits Time were up.

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