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
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