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Markets Stage A Rebound From Budget Day Carnage; ITC Loses Another 5%


Benchmark indices staged a rebound in trade, following the carnage witnessed on the Budget day. The Sensex ended the day higher by 136 points, while the Nifty ended higher by 46 points in trade. Most of the global markets were trading higher, including European markets, as fears over the Caronavirus began to subside. The Dow Futures were also pointing to higher openings.

Today's gains was led by the FMCG stocks including the likes of Hindustan Unilever, Nestle and Britannia as investors preferred to move away to the safe haven names.


ITC was the hardest hit stock in trade losing another 5 per cent in trade, following a 7 per cent knock on Saturday. A hike on the tax rates on cigarettes is what hit the company hard. Shares in Coal India jumped more than 2 per cent, following reports of an increase in production for Jan. The shares had hit a new 52-week low on Budget day.

Shares in IDBI Bank fell as much as 6 per cent, as investors booked profit in the bank after its spectacular rally on Saturday, wherein it had rallied as much as 10.2 per cent.

Stocks like Bank of Baroda, ONGC and Oil India hit a new 52-week low.

Markets Stage A Rebound From Budget Day Carnage; ITC Loses Another 5%
Read more about: sensex nifty share market
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