Markets open the week lower as Budget effect continues

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Markets open the week lower as Budget effect continues
Markets continued to trend lower as the lackluster Union Budget 2012, resulted in selling pressure from operators and institutions. The BSE Sensex was seen trading at 17,369 points, down 96 points over its previous close, while the nifty was trading 35 points lower at 5282 points at 9.25 am IST.

Oil and gas companies continued to trade lower following the cess on oil companies, with ONGC and Cairn India both lower by one to two per cent. Among the gainers today were Reliance Communications, Reliance Power and ICICI Bank.

Markets will now closely eye the developments in parliament especially the passage of the Railway Budget. Railway Minister, Dinesh Trivedi resigned last might making way for Mukul Roy.

There are no major data points or policy decision expected in the remaining days of March and hence the markets may remain range bound and watch the financial results and RBI move expected in April.

Read more about: sensex, nifty, union budget 2012
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