Share Market Report after Budget
DTAA to be cleaned by the Finance Minister on changes in market debut with strength. Sensex up 16 points and Nifty 18 877 5702 9 points higher on the open. The market has risen sharply in early trading. The infamous General Anti Avoidance Rules (GAAR) once again came to haunt the market, sparking a sell-off that pushed the Nifty down over 100 points to its lowest level in three months. Confusion over the tax residency certificate (TRC) spooked foreign institutional investors, who opted to withdraw money from the market to the tune of Rs 1,317 crore.
Consumer durables and capital goods stocks gained 1.5 percent. Metal, Power, FMCG, IT, technology and auto stocks are strong from 0.8 to 0.4 per cent. Healthcare and Oil & Gas shares have fallen 0.5 percent. Realty, bank stocks and government is idling. Nifty stocks, Jindal Steel, Power Grid, Maruti Suzuki, JP Associates, L & T, BPCL, Wipro, ICICI Bank, Sesa Goa, Infosys, Asian Paints, Reliance Infra, HDFC, PNB has climbed from 2.5 to 1 per cent. Lupin, Cairn India, ONGC, Sun Pharma, ACC, Grasim, DLF, IDFC, NTPC 2-1 per cent are weak.
Intraday Tips Today:
Indsind Bank Sell below 412 level to get target of 404 with a stop loss of 416
Yes Bank Sell around 472 for 460 as its target and put Stop loss at 477
United Spirits Buy above 1840 level with a stop loss of 1820 and a target of 1880 (2-3 days trading)
UB Holdings Buy around 49.5 for the target of 51.5 and a stop loss of 49.
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