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END OF THE DAY REPORT (28th Feb 2015):

Nifty at 1-month closing high and ends above 8900 mark.

Market gains on the budget day, it was a volatile session some heavy buying seen in banking and IT stocks. Nifty ends above its crucial mark of 8900 at 1 month closing high. If Nifty sustain above this level further upward movement seen. Nifty ends 57 points up at 8901 and Sensex gains 141 points at 29631.

MAIN HEADLINES OF BUDGET:

  • Fiscal deficit, Current account deficit seen at 3.9% and below 1.3% of GDP in 2015-16.
  • Growth in GDP seen at between 8% to 8.5% year on year.
  • Introduced sovereign gold bond, gold monetization scheme, Indian made gold coin.
  • Import Tax increased on iron & steel to 5% from 10% as well as on metallurgical to 5% from 2.5%.
  • Increased investment in Infrastructure of Rs 700 bln.
  • Excise Duty hike by 25% of cigarettes (length not exceeding 65 mm); for other length 15%.
  • Total exemption upto Rs 444200; abolish wealth tax; Increased service Tax by 14%.

HEADLINES FOR THE DAY:

  • NBCC gains; signed MoU with Delhi Development Authority.
  • Pharma shares were in focus; Healthcare index up nearly 200 points.
  • Bank Nifty gains 500 points; Axis Bank surges 8%
  • Liberty Shoe stock up on reduction in excise duty.
  • Jain Irrigation moved higher in early trade budget’s focus on the farm sector.
  • IRB Infra surged; Road outlay increased by Rs 14000 cr.
  • Bharat Puri appointed as a new Managing Director of Pidilite Industries
  • L&T gains and hits fresh high after shortlisted for the battlefield management project.
  • ITC dips as much as after Excise duty hike on cigarettes.

SOME STOCKS FOR NEXT TRADING SESSION (Monday):

  • Ambuja Cement EQ was trading near all time high further upper movement could be seen in the next trading session. Buy Ambujacem EQ above 273 Targets 275.70/278.50/281.25 maintain SL of 270.
  •  Tata Elxsi breaks its important resistance and close above it; Further buying is expected Buy above 1125 targets 1136.20/1147.60/1159 SL 1113.50.

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