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Sunday, 1 March 2015

Sensex, Nifty firm; ITC, GAIL, Coal India, M&M laggards

The market starts the first trading day after the Budget on a firm footing. The Sensex is up 60.40 points at 29421.90, and the Nifty is up 24.80 points at 8926.65. About 1246 shares have advanced, 927 shares declined, and 185 shares are unchanged.

Axis Bank continues to gain. Credit Suisse says this Budget provide more reason to be overweight on private banks. With FII and FDI limits being merged the foreign limit for private banks will go upto 74 percent and key beneficiaries will be Axis and YES Bank as it will open up room for foreign buying and likely raise index weights.

L&T, HDFC twins, Maruti and BHEL are other top gainers in the Sensex. Among the losers are ITC, GAIL, Tata Motors, Coal India and M&M,

Gold prices rose by Rs 248 to Rs 26,939 per 10 grams in futures trade today as speculators engaged in enlarging positions amid a better trend overseas. Analysts said the rise in the gold prices at futures trade was mostly in line with a firming trend overseas where the precious metal advanced to almost two-week highs after China announced a second interest rate cut in three months and the US reported a slower pace of economic expansion than estimated. More information please visit this site

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