Markets choppy in the canopy of the Union Budget; ITC key driver
DSIJ Intelligence / 29 Feb 2016
On the special day of the leap year February 29,2016 choppy action was seen on Dalal Street as the Finance Minister Arun Jaitley presented his budget. The benchmark indices witnessed high amount of volatility, and recovered almost 3 percent from the lower side. However the markets also witnessed some profit booking on the higher side.
On the special day of the leap year February 29,2016 choppy action was seen on Dalal Street as the Finance Minister Arun Jaitley presented Union Budget. The benchmark indices witnessed high amount of volatility, and recovered almost 3 percent from the lower side. However the markets also witnessed some profit booking on the higher side. The markets also recorded highest turnover as compared to trading sessions in last few weeks. The stock of ITC saw major participation to indicate market direction. The Nifty ended with loss of 42 points to close at 6987; and Sensex ended in red losing 152 points at 23002.
The advance-decline ratio ended on the negative side in the closing session. On the NSE, 1086 shares closed in green, while 1397 shares ended the day in red.
Top 5 Nifty Gainers: ICICI Bank closed the day as the top gainer, up by 2.8%. Kotak Mahindra, SBI, Reliance and IndusInd Bank were the others that ended on a higher note.
Top 5 Nifty Losers: ONGC closed the day as the top loser, down by 10.16%, followed by Maruti, Cairn India, BHEL and Infosys.
On the sectoral front 6 of 13 sectors closed in red. Capital Goods ended as the top loser for the day, down by 228 points. Followed by Consumer Durables and Auto indices, which were down by 197 points and 172 points respectively. However Bankex saw good buying and ended the day gaining more than 167 points. Mid-Caps and Small-Caps moved sideways for the day.
In the Asian markets, Hang Seng closed down by 252 points. Nikkei ended lower by 161 points. Shanghai Composite and KOSPI ended on a negative note too.
Buzzers: The stock of ITC was volatile after the FM increased 10 percent tax on cigarettes. The stock made low of Rs 268 and recovered from lower level to cross the technical level of Rs 300. Finally it closed around the technical level of Rs 295.
The Nifty Future closed above 7000 level, indicating positive trade if it sustains above 6950 levels for tomorrow’s trading session.
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