Post Session: 'Achche Din' Budget fails to cheer D-street; Sensex, Nifty end lower Analysis for Jul 10, 2014

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The Dalal-Street witnessed a flip-flop session on Thursday as Finance Minister Arun Jaitley's pledge to narrow the fiscal deficit and open economy to foreign investment was overshadowed by disappointment over the lack of major reforms. Investors booked profit as they failed to digest Jaitley"s maiden budget speech, which though lacked major announcements, still announces measures to improve fiscal situation and boost growth. The BSE Sensex swung nearly 800 points during the day"s trade as investors resorted to alternative bouts of buying and selling. Among the sectoral front, power stocks surged as FM proposes 10- year tax holiday for power generation companies.

The BSE SENSEX closed at 25372.75 down by 72.06 points or by 0.28 per cent and the NSE Nifty ended at 7567.75 down by 17.25 points or by 0.23 per cent.

During the day"s trade, the BSE Sensex touched intraday high of 25920.46 and intraday low of 25117, while the NSE Nifty touched intraday high of 7731.05 and intraday low of 7479.05.

However, the broader market stayed on firm foot and ended higher. The BSE MIDCAP closed at 9132.18 up by 54.82 points or by 0.6 per cent, while the BSE SMLCAP ended at 10019.97 up by 75.82 points or by 0.76 per cent.

On the Sectoral front, consumer durables and auto indices declined 3.11 per cent and 0.91 per cent, respectively.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 3090, shares advanced were 1682 while 1305 shares declined and 103 were unchanged.

The top losers of the BSE Sensex pack were Hero MotoCorp Ltd. (Rs. 2435.55,-3.99%), Tata Consultancy Services Ltd. (Rs. 2347.90,-2.06%), Bharti Airtel Ltd. (Rs. 334.25,-1.71%), Mahindra & Mahindra Ltd. (Rs. 1164.90,-1.44%), Bajaj Auto Ltd. (Rs. 2140.00,-1.33%), among others.

On the flip side, Hindalco Industries Ltd. (Rs. 176.30,+3.16%), Tata Power Company Ltd. (Rs. 105.65,+2.72%), GAIL (India) Ltd. (Rs. 465.65,+1.54%), Coal India Ltd. (Rs. 371.15,+1.50%), Tata Steel Ltd. (Rs. 521.90,+0.89%), were among notable gainers on BSE.

Story first published: Thursday, July 10, 2014, 16:24 [IST]
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