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Markets rally on Eco Survey
Markets rally on Eco Survey, There is euphoria on the street on Friday ahead of Budget, the first full-year financial statement from the government.
Budget to set the course for the indices; Markets to open today
Mumbai: There is euphoria on the street on Friday ahead of Budget, the first full-year financial statement from the government. Sensex jumped over 500 points anticipating huge investment from government to kick start the economy.
Budget day is significant for markets and experience show that volatility would be higher side on that day.
But, since a day before markets rallied, it may be difficult to predict, how market fare on the D-day.
Analysts opined that if the budget does not understood well market would take correction somewhere 5 to 10 per cent. Hence, they say, it is 'buy-on-dip' strategy for the next week. Coming back to Friday trading, the benchmarking indices closed on a firm note after the release of the Economic Survey which estimated the country's GDP growth up to 8.5 per cent in 2015-16. Heavy buying is seen on the bourses with the elevated trade sentiment.
Sensex gained 473 points at 29,220 and Nifty up 161 points to close at 8,845. The PSU banks ticked the up move while HDFC, HDFC Bank, ICICI Bank and Axis Bank top gainers. The losers include ITC, GAIL, Wipro and HUL.
As the markets assumed, the sectors like infrastructure is expected to get preference in the Budget to be presented on Saturday. While GMR Infra surged 7.2 per cent, L&T gained 4.5 per cent, Tata Power gained 5.2 per cent and Rolta India zoomed 17.7 per cent. On sectorals, FMCG index fell marginally, while others closed on positive note rallying 2 to 4 per cent.
The gainers: Tata Power, up 5.43 per cent at Rs 87.30, Larsen and Toubro (L&T), up 4.67 per cent at Rs 1,758.55, ICICI Bank, up 4.25 per cent at Rs 335, Sesa Sterlite, up 4.20 per cent at Rs 217.05 and Hindalco, up 3.67 per cent at Rs 155.20.
The losers: GAIL, down 1.07 per cent at Rs 407.40; ITC, down 0.47 per cent at Rs 393.80; Wipro, down 0.36 per cent at Rs 654.45 and Hindustan Unilever, down 0.15 per cent at Rs 886.80.
The major trigger for the Indian markets on Saturday will be the union budget for which the exchanges will be remains open.
Outlook for Saturday: Volatile movements
A typical Derivative series opening day. Nifty opened with a gap and after initial subdued movements rallied strongly due to positive economic survey and closed with a whopping gain of about 1.75%. Nifty closed above the crucial resitance of 8840 and the short term bullishness would be confirmed with one more positive close. However, it could be highly volatile because of Budget presentation. Nifty spot is expected to encounter resistance at 8885, 8925, 8975 and find support at 8805, 8765,and 8720 for Saturday. While global cues, quarterly results and funds flow are expected to broadly guide the market movement based on the present market position. It may be expected to display volatile movements with huge swings on both sides. However, undertone is expected to generally bullish and Nifty could hover 8650 and 9000 as support and resistance. – Dr B Amaranatha Sastry
