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Sensex Trades Lower Ahead Of Union Budget 2016; PSU Banks Rally


Benchmark indices were trading lower, ahead of Union Budget 2016-17, to be unveiled by Finance Minister Arun Jaitley later today.

Stocks that would likely be impacted by the Budget recommendations were trading mixed. ITC, which has fallen in the last 2 weeks on worries of excise hike duty hike on cigarettes was trading lower by 1%. ONGC was marginally up on hopes that there would be a customs duty hike on crude oil.

 Sensex Trades Lower Ahead Of Union Budget 2016; PSU Banks Rally
Public sector banks were higher on expectations that that the Union Budget would provide additional capital for government owned banks in the country. State Bank of India, Union Bank of India, Bank of Baroda and Punjab National Bank were among the gainers.

Shares in Hindalco were also trading higher on hopes that there would be a custom duty on aluminium imports, which would be raised from 5 to 10 per cent.

L&T was higher as the markets expect a renewed thrust on the infrastructure and the road sector in the Union Budget 2016.17.

Micap stocks again were trading flat ahead of the Budget. All eyes would be on the fiscal deficit numbers and to see what is in store for the industry specific sectors.

Meanwhile, markets across Asia were trading with losses, with the Shanghai Composite losing 3 per cent, while the Hang Sang also was down in early trade.

Read more about: union budget 2016 sensex nifty
Story first published: Monday, February 29, 2016, 9:27 [IST]
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