Monday, 29 February 2016

BUDGET 2016 DISAPPOINTS STOCK MARKETS

BUY STAR ABOVE 885 TGT 900/915 SL 865
The Sensex ended Budget session's roller coaster ride in the red. The Sensex which swung in the range of nearly 850 points in trades today ended 152 points lower at 23,002 and Nifty declined 43 points to close below its crucial psychological level of 7,000 at 6,987. Capital goods and IT indices fell over 2 per cent each. From the capital goods space, BHEL, Kalpatru Power, Mahindra CIE, Larsen & Toubro, Solar Industries and Sterlite Technologies were among the losers
SBI, ICICI Bank, Tata Steel, ONGC, Dr.Reddy's Lab and Sun Pharma are among the gainers, whereas  ITC, GAIL, HUL, Cipla, Bharti Airtel and Adani Ports are losing sheen on BSE. A total of eight stocks registered a fresh 52-week high in trades today, while 169 stocks touched a new 52-week low on the NSE. The Indian rupee opened lower by 7 paisa at 68.69/$ on Monday as against previous close of 68.62/$.  rupee remained weak in the offshore NDF markets, weighed by the strength in greenback against the basket of currencies. Among Asian markets, China's Shanghai Composite index fell over 3 per cent, while Hong Kong's Hang Seng index shed nearly 1 per cent. Japan's Nikkei bucked the trend to gain 0.41 per centJaitley, in his third budget, took on both the fiscal and physical health of the nation by setting the fiscal deficit target for next year at 3.5 percent of GDP, promising to deal with tax evaders firmly and raising the prices of cigarettes as well as cars.. Aviation stocks are trading lower after excise duty on aviation fuel was raised to 14% from 8%. Jet Airways India Ltd is down 1.6%, Inter Globe Aviation Ltd 3% and SpiceJet Ltd 2.3%.Jewelry stocks are trading lower after the FM proposed changes in excise tax on jewellery. PC Jeweller Ltd is down 6% to Rs.305.20, Titan Co. Ltd slips 6%. Shree Ganesh  Jewellery House Ltd falls 5.5% to Rs.6.68.Jaitley, in his third budget, took on both the fiscal and physical health of the nation by setting the fiscal deficit target for next year at 3.5 percent of GDP, promising to deal with tax evaders firmly and raising the prices of cigarettes as well as cars. Jaitley, in his third budget, took on both the fiscal and physical health of the nation by setting the fiscal deficit target for next year at 3.5 percent of GDP, promising to deal with tax evaders firmly and raising the prices of cigarettes as well as cars.  Jaitley, in his third budget, took on both the fiscal and physical health of the nation by setting the fiscal deficit target for next year at 3.5 percent of GDP, promising to deal with tax evaders firmly and raising the prices of cigarettes as well as cars.  Jaitley, in his third budget, took on both the fiscal and physical health of the nation by setting the fiscal deficit target for next year at 3.5 percent of GDP, promising to deal with tax evaders firmly and raising the prices of cigarettes as well as cars.  Jaitley, in his third budget, took on both the fiscal and physical health of the nation by setting the fiscal deficit target for next year at 3.5 percent of GDP, promising to deal with tax evaders firmly and raising the prices of cigarettes as well as cars.

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