Markets cheer Union Budget

Indian markets opened on a flat note on the budget day and traded under pressure till the presentation of the Union Budget. But soon after the presentation, there was a spike in the market as the Budget proposed no changes in the capital gains tax structure.

BSE Sensex and Nifty indices surged 1.76 per cent and 1.81 per cent, respectively. At the closing bell, Nifty increased 155 points to close at 8716 and the BSE Sensex rose 485 points to close at 28141. On the NSE, 37 shares closed in the green, while 14 shares ended the day in the red.

All sectoral indices closed in the green, except IT and Healthcare. Auto index surged more than 700 points. Bankex also moved more than 500 points. Metals, FMCG rose more than 200 points each. However, IT and Healthcare dropped 119 points and 47 points. Mid-cap index increased 227 points and Small-cap too rose 217 points.

Shanghai and Taiwan’s TAIEX were closed on Wednesday on the account of Lunar holidays. Hang Seng declined 0.18 per cent. KOSPI and Nikkei increased 0.62 per cent and 0.56 per cent respectively.

European markets were also trading on a positive territory.

Derivative Analysis

Nifty Future closed on a weak note at 8736. Going ahead, 8802/8664 will be the immediate support levels.