Amid volatility, markets end lower
Although, the markets rallied initially but failed to sustain and ended lower on the Union Budget day, Monday. The beanchmarking indices oscillated heavily as the Finance Minister Arun Jaitley presenting his Budget proposals for FY17.
Mumbai: Although, the markets rallied initially but failed to sustain and ended lower on the Union Budget day, Monday. The beanchmarking indices oscillated heavily as the Finance Minister Arun Jaitley presenting his Budget proposals for FY17.
While ITC and SBI played spoil sport dragging the market as the budget proposed Rs 25,000 crore allocations for recapitalisation hit SBI and ITC reacted as 15 per cent excise duty levied on tobacco products.
Sensex closed down 152 points at 23,002 and Nifty declined 42 points at 6,987. Meanwhile, the broader markets also underplayed with midcap and smallcap indices closed flat. On Sectoral front, Banks gained followed by metal, FMCG indices, on the other hand, infra, IT and auto stock declined.
From IT pack, Infosys and TCS have contributed most to the index decline, as Infosys down 3.3 per cent and TCS closed 1.5 per cent lower. Similarly, auto stocks also declined with Maruti fell about 5 per cent as Budget proposed to levy an infrastructure cess of 1 per cent.
On the other hand, the bank shares closed mixed with SBI up 1.4 per cent while BoB, PNB closed lower, as the budget allocation of 25,000 crore towards recapitalisation.
Among Sensex losers, ONGC, BHEL, Infosys, L&T, Axis Bank, HUL, Wipro, Adani Ports, Sun Pharma, Cipla, TCS, Asian Paints, NTPC and Coal India fell by up to 9 per cent. On the other hand, the gainers led by ICICI, HDFC Bank, RIL, Lupin and HDFC.
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