Budget Sessions Begins Today: Sensex And Nifty Regain On Today Trade

The Indian markets snapped their winning streak in last session and stocks succumbed to profit booking ahead of major events of budget and F&O expiry. 

Today, the start of the crucial budget week which will be an extended one with trading allowed on Saturday, the budget day, is likely to be in green with Nifty reclaiming its key psychological level of 8850 in opening trade only. The metal and power stocks will keep buzzing with the end of the first round of coal block e-auction.

 

The US markets made a green closing in last session with all the major averages surging to their record highs. Flash report of upbeat manufacturing sector boosted the sentiments of the market. The Asian markets have made mostly a positive start, though some indices are marginally in red too but the Japanese market made a higher start, after eurozone ministers agreed to extend Greece's bailout by four months

 

On the global front, European markets traded mostly in the red in early deals, while the Japanese stocks ended at fresh 15-year high.

The S&P BSE Sensex pared some of the gains after rallying as much as 131 points in trade on Monday, led by gains in ICICI BankBSE 0.71 %, InfosysBSE 0.71 %, L&T, TCSBSE 1.11 % and HDFC Bank.

 the 30-share index was at 29320.92, up 90 points or 0.31 per cent. It touched a high of 29339.81 and a low of 29250.26 in trade today.
 

The Nifty was at 8848 up 15 points or 0.17 per cent. It touched a high of 8869.00 and a low of 8838.90 in trade today. "Nifty may scale to 9,300 levels if the index crosses the 9,000-mark decisively post Budget announcements." The Nifty closed at 8,833.60 on Friday. The expiry of February series futures and options contracts may increase the volatility, said analysts.

 Based on the positions build-up in Nifty options, the index could trade between 8,800 and 9,000 levels this week "The highest call option base is seen at Nifty 9,000 strike and put option base at 8,800 strike

 

On NSE, Jindal Steel slumped 4 per cent to hit its intraday low of Rs 186.45 in early trade. The stock was quoting 2.47 per cent lower at Rs 189.45. DLF was down 1.45 per cent at Rs 149.15.

 

Yes Bank climbed 1.55 per cent to Rs 837.85 in early trade. Idea Cellular was quoting 1.79 per cent higher at Rs 153.65.

Markets likely to open flat. Support for nifty is at 8760 and resistance at 8900

the stock was trading 0.7 per cent higher at Rs 2299. Here is a list of stocks that are in focus today:

SBI: State Bank of India will decide on issue price of equity shares on preferential basis to the government for Rs 2,970 crore capital infusion on March 24.

 

DLF Ltd: Realty major DLF plans to divest around 50 per cent stake each in four new housing projects to private equity firms for over Rs 3,000 crore, a senior company official said.

 

Bharti Airtel Ltd: Telecom operators Airtel and BSNL are likely to sign a pan-India roaming pact within a month to strengthen their 2G mobile services in areas where either of them is having a weak or negligible presence.

 

Lanco Infratech Ltd: Cash-starved Lanco Group has approached lenders to reschedule Rs 1,000 crore debt of two of its gas-based power plants in Andhra Pradesh till January 2018

 

Hathway Cable Ltd: Foreign shareholding in Hathway Cable & Datacom Ltd has reached the prescribed limit and foreign investors would not be allowed to purchase further shares in the company, the RBI said.

Coal India Ltd: State-owned Coal India (CIL) said it is gearing up to invest about Rs 6,000 crore towards capital expenditure in the next fiscal and an equal amount on augmenting other infrastructure, including rail connectivit

Suzlon Energy Ltd: Suzlon Energy announced that the Securities Issue Committee of the Board of Directors of the Company, at its meeting held on 20 February 2015 approves the allotment of 13,57,75,037 equity shares of Rs 2 each on conversion of 34,854 USD 546,916,000 Step-up Convertible Bonds due July 2019 worth USD 34,854,000 at a conversion price of Rs 15.46 per equity share.