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Market Report

Saturday, 28-Feb-2015

NSE

  • The BSE Sensex had ended at 29,361.50, logging a gain of 141.38 points or +0.48 per cent on a special trading session after the Union Budget on Saturday. The Sensex logged a gain of 130.09 points or 0.45 per cent last week. The 50-share index ended at 8,901.85, up 57.25 points or +0.65 per cent. It touched a high of 8,941.10 and a low of 8,751.35 in trade today.

  • The Nifty extended overnight gains and closed above 8,900 mark, amid a volatile trading session, as the Street cheered the Arun Jaitley's full annual budget for FY15-16. Banks, auto and healthcare led the gains while power, FMCG and metals declined. Finance Minister Arun Jaitley unveiled a growth oriented Budget and made an effort to strike the right balance with focus on infrastructure growth and also reduce the fiscal deficit to 3% in three years.

  • Stock markets are likely to move higher in the holiday-shortened week ahead as promise of lower corporate taxes and deferral of GAAR has boosted investors' sentiment, say experts. Most economists on TV channels agree that the Budget is good. The Nifty was at 6277 on February 28, 2014. Exactly a year later, it closed at 8902; a rise of good 2625 points or 42%. It would interesting to see if the present momentum could continue in the next year. With the Union Budget event out of the way, markets are likely to look forward to monetary policy easing measures and corporate developments. If the Nifty were to continue its journey up, then the next technical targets would be 11050 to 11142 in the days to come.

  • Private banks may outperform in the rally, says Ashwani Gujral. We remain in the 8500-9000 band and post further consolidation here, we should move higher slowly. The long-term bull market continues and the Nifty is likely to cross 10000. Private banks are likely to outperform in the current leg of the rally. The good news is that the Budget has not damaged the good sentiment and should help in providing more flows to the market. Specific proposals are likely to help tourism, FMCG, private banks and entertainment, he adds.

  • Expect more declines as breakdowns will cause more profit-booking, says Mitesh Thacker. In the short-term, a stock-specific theme may play out better since there hasn't been a clear sectoral bias except for a few banking names gaining from the private sector. With nothing positive for fertiliser stocks, most names ended with declines and a weak chart structure for the short term, he says.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)