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Budget-driven markets end higher
Markets closes on a firm note, despite choppy trading session on Monday. The rally led by infrastructure stock and private lenders, while ITC extended losses on excise duty hike.
Mumbai: Markets closes on a firm note, despite choppy trading session on Monday. The rally led by infrastructure stock and private lenders, while ITC extended losses on excise duty hike.
Sensex ended up 98 points at 29,459 and Nifty gained 55 points to close at 8,957. The broader markets outperformed with midcap index up 1 per cent and smallcap up 0.9 per cent. Meanwhile foreign investors bought shares worth Rs 614 crore on Saturday, as per provisional data.
Following boost given in the budget, the infra pack gains with L&T and BHEL up over 4 per cent. Similarly cement stocks also gained anticipating rise in the demand due to infra growth. The cement pack: ACC, Ambuja, UltraTech closed up 5 to 7 per cent each.
Following the Budget proposed to allow private lenders to raise additional foreign capital, the private lenders: Axis Bank close up 6 per cent followed by HDFC Bank, ICICI Bank.
Pharma stocks also closed higher with Cipla surging 6 per cent followed by Sun Pharma 2 per cent and Dr Reddy 1 per cent. However, ITC extended losses to close about 5 per cent.
The gainers: Axis Bank, up 5.64 per cent at Rs 648; Cipla, up 4.96 per cent at Rs 715.30; BHEL, up 4.44 per cent at Rs 273.80; Larsen and Toubro (L&T), up 4.34 per cent at Rs 1,843.50; and Hindustan Unilever, up 2.80 per cent at Rs 935.25.
The losers: ITC, down 4.97 per cent at Rs 343.30; Bajaj Auto, down 4.03 per cent at Rs 2,074.75; Bharti Airtel, down 2.18 per cent at Rs 349.40; Hero MotoCorp, down 2.16 per cent at Rs 2,624.75; and Tata Motors, down 1.60 per cent at Rs 584.15.
Outlook for Tuesday: Midsession better
Nifty surged further and closed above 8950 with a gain of more than 50 points, highest ever close. Nifty can be considered bullish as long as it holds above 8800. Nifty spot is expected to encounter resistance at 8995, 9035 and find support at 8915, 8875. While global cues, quarterly results and funds flow are expected to guide the market movement based on the present condition. Market may be expected to remain subdued after opening and could be better in midsession/closing session. – Dr B Amaranatha Sastry
