Union Budget 2016 Fails To Cheer Markets; Nifty Ends Below The 7000 Mark

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The Union Budget 2016, did not cheer the markets too much with the Sensex closing marginally above the 23,000 points mark, as global cues remained weak.

The Sensex ended the day lower by 152 points, while the Nifty dropped 42 points in trade at 6987 points. ONGC was the biggest loser from the Nifty, after hopes of import duty on crude oil, did not materialize in the Union Budget. The stock crashed 9 per cent in trade.

 Union Budget 2016 Fails To Cheer Markets; Nifty Ends Below The 7000 Mark
ITC, was the most volatile stock, which initially crashed as much as 7 per cent, following an excise duty on tobacco. However, the stock ended higher on sustained buying support,

ICICI Bank was the biggest gainer from the Nifty jumping as much as 4 per cent, on buying support from institutions.

PSU Banking stocks ended the day mostly lower after the government's re-capitalization figures did not impress the markets. State Bank of India ended the day with gains, bucking the trend.

Maruti lost ground after the excise duty on cars. Infosys, L&T and Axis Bank were the other big losers from the Nifty space.

Meanwhile, markets across Europe were trading with losses, following a crash in the Chinese Shanghai Composite. European markets were also trading weak.


Read more about: union budget 2016, sensex
Story first published: Monday, February 29, 2016, 15:38 [IST]
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