Sensex Closes Higher; Markets Eye Next Week's Union Budget

Business

oi-Sunil

By Sunil Fernandes

Updated: Friday, February 26, 2016, 15:47 [IST]

Benchmark indices ended the day higher ahead of next week's Union Budget, as global cues remained solid across Asia and Europe.

Hopes of a resolution to economic problems at the G20 Summit fired markets higher, though sharp gains were restricted due to worries over the Union Budget 2016.

The Sensex ended the day higher by 178 points, while the Nifty rallied 59 points in trade. Leading the set of gainers from the Nifty was Coal India, which surged as much as 3 per cent, while Hindalco, Vedanta and NTPC were the other gainers in trade.

Shares in State Bank of India rallied a huge 3 per cent on hopes of re-capitalization announcements for banks in the Union Budget 2016.

Two-wheelers shares saw the biggest losses in trade with Bajaj Auto and Hero Motor Corp losing ground. Bharti Airtel, Lupin and Maruti were the other losers in trade.

Mid cap stocks saw a fair bit of rally with Dewan Housing jumping a huge 5 per cent in trade. PSU banking stocks were having a mixed day with Union Bank declining 3 per cent, while State Bank jumped 3 per cent.

Meanwhile, shares across Europe surged with the German DAX up 2 per cent, along with the French CAC, which was also up 2 per cent in trade.

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