Sensex ends higher post Interim Budget; auto stocks rally after excise cut

Commentary

oi-Sunil

By Sunil Fernandes

Updated: Monday, February 17, 2014, 15:35 [IST]

The Sensex and the Nifty ended the day higher, following en encouraging fiscal deficit number projected in the Interim Budget by the Finance Minister. The Sensex ended the day higher by 110 points (provisional), while the Nifty gained 25 points in trade as the Finance Minister projected the fiscal deficit to be cut to 4.6 per cent in 2013-2014.

Among the top gainers were the auto stocks, which rallied after a cut in excise duty by the Finance Minister. Mahindra and Mahindra, Maruti and Hero Motor Corp from the two wheeler space also gained.

IFCI ended the day higher after the Finance minister announced a venture capital fund with IFCI. Power stocks rallied in trade after Arvind Kejriwal's exit as the Chief minister of Delhi. Stocks that gained from the sector Tata Power, Adani Power and PTC.

Among the top losers in Nifty today was Reliance Industries, which fell after worries over Kejriwal's allegations against the company on gas pricing.

Other Nifty stocks that declined in trade were Bharat Heavy Electricals, Coal India, Jaiprakash Associates and Wipro.

Banking stocks did not have a great day and ended the day mixed with ICICI Bank and Axis Bank gaining, while PSU banking stocks dropped in trade. Among the PSU banking stocks that fell were Syndicate Bank, Allahabad Bank and Punjab National Bank.

Meanwhile, markets in Asia ended the day higher with the Hong Kong's Hang Sang, the Straits Times and the Jakarta Composite all gaining more than one per cent in trade.

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