DAILY MARKET ANALYSIS FOR AUGUST 19, 2015

ECONOMY ANALYSIS

 Sensex ends 47 pts down, bulls balk at China crash

 Brewing hot! Coffee stocks rally 3-9% on hopes of 100% FDI

 Sharon Bio up 20% post USFDA audit of Uttarakhand plant

 Infosys at record high, up 3%; BNP Paribas raises target

 Cairn to seek damages from Govt for tax notice

 IndiGo market share dips 2.6 per cent in July EQUITY TRADING TIPS

MARKET ANALYSIS

 Fag-end buying in select blue-chip stocks helped the S&P BSE Sensex erase some of the intraday losses on Tuesday.

 The 30-pack index fell 46.73 points, or 0.17 per cent, to settle the session at 27,831.54. Still the BSE barometer was down 209 points from its intraday high of 28,040.73. HDFC, Coal India and ITC contributed most to the Sensex fall.

 The 50-share Nifty index ended the day at 8466.55, down 10.75 points, or 0.13 per cent.

 20 of 30 Sensex stocks ended the day in the red.

 GAIL was the top Sensex loser, down over 4 per cent.

 CNX Bank Nifty fell over 200 points, CNX Metal index lost over 2 per cent in intraday trade.

 During the day, most Asian markets ended in the red. China's Shanghai Composite plummeted 6.15 per cent, or 245.50 points, to end the session at 3,748.16. Japan's Nikkei fell 0.32 per cent, or 65.79 points to settle at 20,554.47. Extending the losses, Hong Kong's Hang Seng ended 1.43 per cent down, or 339.68 points, at 23,474.97 

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EQUITY DAILY MARKET ANALYSIS 06/05/2015

MARKET ANALYSIS

• After a strong pull back session on Monday, selling pressure continued unabated on Dalal Street on Tuesday, with the Nifty slipping below its crucial psychological level of 8300 in trade today.

• However, markets recouped some of the intraday losses and the S&P BSE Sensex finally closed 50 points lower at 27440.14 while the 50-share Nifty index ended 11.25 points down at 8,320.70.

• Even though the benchmark indices managed to claw back its key resistance levels in the previous session, analysts think that the worst is not over yet and the Nifty could further drift towards the level of 8200 in the next 2-3 weeks.

• As per experts, the best case situation would be consolidation in the market plus/minus 100 points on the Nifty at current levels. Dutt says that there is a 30% to 40% probability that we may go below the 8200 levels as we test the round figure of 8000 levels over the next two to three weeks.

EQUITY DAILY ANALYSIS BY RESEARCH VIA ON 09/04/2015

 MARKET ANALYSIS

• Indian shares rose on Wednesday, marking their highest close in three weeks, led by gains in resources stocks such as Coal IndiaBSE 5.73 % and Reliance Industries.
• Coal India climbed 5.8 percent on reports that the government has lifted the cap on the company's e-auction sales.
• Reliance Industries BSE 3.93 % surged about 4%, marking its biggest daily gain since March 3.
• Markets @ close
• Sensex ends day at 28,707.75; up 191.16 points. Nifty closes at 8,716.00; up 55.70 points.
• Coal India rallied over 6% intraday as govt has removed cap on e-auction sales
• REC OFS subscribed 200% on institutional demand
• Smallcap index outshines Sensex and Nifty, gains 204.30 points, or 1.79%
• GATI gained about 3% intraday; the firm plans to raise Rs 120 crore via QIP

RESEARCH VIA EQUITY REPORT 08/04/2015

MARKET ANALYSIS 

• The market extended upmove in opening trade today with the Nifty reclaiming 8700 level led by FMCG, IT and banks stocks. The Sensex rallied 122.87 points to 28639.46 and the Nifty climbed 38.65 points to 8698.95.

• About 429 shares have advanced, 73 shares declined, and 92 shares are unchanged on the BSE. Shares of Coal India, Tata Motors, Infosys, Tata Power, NTPC, HDFC Bank, ICICI Bank and Sun Pharma topped the buying list on Sensex. However, Bharti Airtel declined.

• The cabinet has cleared the decks to create a regulator for realty sector. The watchdog will address consumer grievances within 60 days. Penal provisions will be initiated against realtors who violate the rules. Reserve Bank of India Governor Raghuram Rajan kept key policy rates unchanged yesterday and asked bankers to pass on previous rate cuts. Banks obliged with the ICICI Bank cutting rates by 25 basis points.

• SBI and HDFC Bank also eased rates by 15 basis points each. Glenmark Pharma gained 3.5 percent on approval from CCEA to hike FII limit in company.

07/04/2015 RESEARCH VIA EQUITY UPDATES

DAILY MARKET ANALYSIS

MARKET ANALYSIS

• Sensex @ 28,504.46; up 244.32 points. Nifty @ 8,653.50; up 67.25 points.
• Sun Pharma surges over 9% intraday; moves from 8th to 5th spot on Nifty
• Sebi plans new norms for changes in constituents of Sensex and Nifty
• Deccan Gold seeks Sebi nod to raise Rs 44 cr from rights issue
• EOW ropes in Sebi to investigate brokers' role in NSEL fiasco
• Adlabs Ent flip-flops in a highly volatile trade on debut
• Sun TV slips over 11% intraday after ED attaches Rs 742 crore assets of Marans
• High on Iran deal! Aban Offshore rallies over 7% intraday, oil stocks gain
• Cement stocks rise on Q4 expectations; Ramco Cement up 6% intraday, India Cements 3%
• Morgan Stanley turns cautious on TVS Motors
• ADC India slips 11.9% intraday; Rajasthan Global Securities raises stake in firm to 5%
• Aban Offshore surges 7% intraday as Iran-US reach agreement on nuclear program

RESEARCH VIA EQUITY 06/04/2015 DAILY MARKET ANALYSIS

MARKET ANALYSIS 

• The S&P BSE Sensex jumped 300 points on Wednesday to snap a three-week losing streak, led by gains in pharmaceutical stocks such as Sun Pharmaceutical Industries BSE 5.51 % and Ranbaxy Laboratories BSE 5.63 % ahead of the latter's merger with the former.
• The Sensex rallied 2.92 percent or 801.50 points for the week to post its biggest weekly gains since week ended January 23, Reuters reported. The 50-share Nifty index gained 2.94 percent or 244.85 points in the same period.
• The market will remain closed on Thursday, April 2, on account of Mahavir Jayanti and on Friday, April 3, for Good Friday.
• According to experts, the upcoming January-March earnings and Reserve Bank of India's policy review on April 7 would be the next key trigger for the market.
• The 30-share index closed at 28,260.14, up 302.65 points or 1.08 percent. It touched a high of 28,298.34 and a low of 27,889.02 in trade today.
• The Nifty ended at 8586.25 up 95.25 points or 1.12 percent. It touched a high of 8603.40 and a low of 8464.75 in trade today.

RESEARCH VIA EQUITY WEEKLY MARKET ANALYSIS

DATE: 06/04/2015

 NEWS INSIGHT

• SEBI won't revisit 25% public holding norm in listed cos
• GMR Infra to consolidate holdings in GMR Airports
• PE investments in Jan-Mar this year rise 20% to $2,646 mn
• Mutual funds near Rs 12 lakh cr mark in FY15; add Rs 3 lakh cr
• MAT to become irrelevant after corporate tax comes down to 25%
• India ranks 119 on global business resilience index
• GERC sanctions 2.47 per cent tariff hike to four discoms
• Chinese stocks hit fresh 7-year high despite rush of IPOs

RESEARCH VIA EQUITY NEWS: Nifty Ended At 8491 Down

DATE: 01/04/2015

MARKET ANALYSIS

1. The S&P BSE Sensex on Tuesday ended flat, but posted its biggest fiscal- year gain in six, as domestic funds buy shares to dress up their yearly performance at the end of 2014-15.
2. The benchmark BSE index has gained 24.89 percent in 2014-15, its best since 2009-10 on bets that the Prime Minister Narendra Modi-led government would be able to revive growth in Asia's third-largest economy. While, the 50-share NSE index rose 26.65 percent in the same period.
3. The 30-share index finally closed at 27957.49, down 18.37 points or 0.07 percent. It touched a high of 28,180.64 and a low of 27,868.21 in trade today.
4. The Nifty ended at 8491 down 1.3 points or 0.02 percent. It touched a high of 8550.45 and a low of 8454.15 in trade today.
5. The S&P BSE Sensex has fallen over 2000 points from its record high level of 30024.74, hit earlier in the month of March, but analysts are of the view that the bull run is still on and the index is well on its way to hit fresh record high in the year 2015.

EQUITY DAILY MARKET ANALYSIS

Date: 24/03/2015

• The market closed marginally lower on Monday. The Sensex shed 69.06 points to 28192.02 and the Nifty lost 20 points to 8550.90. More than two shares declined for every share advancing on the Bombay Stock Exchange. State-run power equipment maker BHEL fell nearly 4 percent.

• ICICI Bank, Infosys, Reliance Industries, HDFC Bank, SBI, ITC, Axis Bank and Wipro were down 0.5-1.7 percent. However, Hindalco and NTPC topped the buying list, up 3 percent each. ONGC, Hero Motocorp, GAIL and Sesa Sterlite gained 1-1.7 percent.

• The government is on course to meet its fiscal year 2014-15 deficit target of 4.1 percent it outlined in the Union Budget in February, expenditure secretary R Wattal told CNBC-TV18. This is despite the government likely falling short of meeting its telecom-receipts target of Rs 43,161 crore in the Budget. Of the telecom receipts, the government had forecast about Rs 12,000 crore from the ongoing spectrum auction, which may not accrue this year.

WEEKLY EQUITY MARKET ANALYSIS 23/03/2015

NEWS INSIGHT

1. Sensex closes 200 points down; Wipro up 3%; NTPC, Bhel top losers
2. HMT plunges 10%; govt is shutting sick PSUs
3. Sugar turns sour on Street, stocks fall upto 6%
4. Emami falls about 6% after UBS downgrade
5. GoDaddy's IPO to value co @ $2.87 billion
6. Nestle India slips 2%, thank UBS downgrade
7. BHEL down 3%; FY15 results may disappoint
8. Tata Motors falls over 2% as JLR recalls units.

NIFTY ANALYSIS

Oscillator Analysis Nifty has taken closing below the 200 days EMA. A spinning top has formed on 4 hourly chart but again closing is below the 200 days EMA. There is no strength for market ion buying and sell on rise strategy should be followed by investors. 

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EQUITY MARKET ANALYSIS 20/03/2015

MARKET ANALYSIS

• The 30-stock Sensex ended the day in the red after rallying over 300 points in intraday trade on hopes that US Federal Reserve would not go for a rate hike soon.

• The Nifty extended losses for second straight session and closed near support of 8,600.

• The US Federal Reserve took a dovish stand on interest rates and said the action will be data driven. According to analysts, the hike may happen in  June or may get delayed to September as well.

• Most of the Asian markets ended in the green zone, except for Japan's Nikkei, which closed the day below its crucial 19,500-mark.

• The Sensex ended the day at 28,469.67; down 152.45 points.

• The broader 50-share Nifty closed the session at 8,634.65; down 51.25 points.

• Top gainers on sensex: Gail, Ntpc, , Ongc and Tata steel (0.9%)
• Top losers on sensex: axis bank , Bhel, Sbi, Ril and Icici bank (-1.7%)

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EQUITY DAILY MARKET ANALYSIS 18/03/2015

ECONOMY ANALYSIS

1. Sensex ends up 299 pts, Nifty at 8723 ahead of Fed meet
2. Just Dial to spend Rs 100cr on Search Plus mktg in FY16
3. FACT surges 20% on revival hopes; co says need Rs 2000 cr
4. IRB Infra up 2% on financial closure for Aurangabad project 6
5. Oil prices mixed in Asia, US crude near six-year lows
6. ECB's Draghi calls for quantum leap in European integration

MARKET ANALYSIS

• The S&P BSE Sensex snapped a two-day decline and closed nearly 300 points higher in a pullback rally on Tuesday led by gains in stocks of capital goods, FMCG and healthcare sectors. In the near term, the market will take cues from the comments of the US Federal Reserve on interest rate hike in the US.

• The 30-share index closed at 28,735.33, up 297.62 points or 1.05 percent. It touched a high of 28,784.35 and a low of 28,435.45 in trade today.

• The Nifty ended at 8,723.30, up 90.15 points or 1.04 percent. It touched a high of 8,742.55 and a low of 8,630.80 in trade today.

• Hindalco (up 5.75 per cent), Sesa Sterlite (up 4.02 per cent), Dr Reddy's Laboratories (up 3.53 per cent), HDFC (up 2.62 per cent) and Axis BankBSE 1.93 % (up 2.58 per cent) were the among the Sensex gainers.

• Infosys (1.10 per cent), Coal India (0.78 per cent), Tata Power (0.62 per cent), Bharti AirtelBSE -0.60 % (0.60 per cent) and Wipro (0.60 per cent) were among the index losers.

• The market breadth was positive on the BSE with 1374 gainers against 1437 losers.

DAILY EQUITY MARKET ANALYSIS 16/03/2015

The Indian Rupee depreciated by 0.9 percent on Friday after downbeat inflation data, Indian markets closed on a negative note as investors raised concerns about interest rate cuts. Also, weakness in the local equities and Asian currencies market coupled with demand from importers for the Greenback exerted pressure on the Rupee. However, IMF ups India growth forecast to 7.2% for current fiscal along with hopes of Insurance Bill passage in Parliament boosted sentiments. The currency touched a weekly low of 63.11 and closed at 63.08 on Friday. Inflation rate for the month of February rose to 5.37 percent as compared to 5.19 percent in January thereby diminishing hope of another rate cut by RBI. There has been a decline in Indian exports which may risk the economy in the long run. For the month of March 2015, FII outflows in equities totaled at Rs.9138.74 crores ($1475.38 million) as on 13th March 2015. Year to date basis, net capital inflows stood at Rs.33533.24 crores ($5431.89 million) as on 13th March 2015.

Perspective: From the intra-day perspective, Indian Rupee is expected to trade sideways today ahead of WPI data release. However, cautious stance in Asian equities along with strength in the DX will keep a check on gains.

ECONOMY ANALYSIS

• Sensex bleeds 427 pts, Nifty ends at 8648
• SAT quashes SEBI order against DLF; stock rises 9%
• DIPP gives more clarity on construction FDI norms
• Bajaj Auto slips 2%, CLSA retains underperform & cuts EPS
• Precision Camshafts files draft papers with Sebi for IPO
• Intel cuts revenue forecast as desktop demand weakens

MARKET ANALYSIS

• The world's unluckiest day spooked the Sensex, which slipped by as much as 427 points in trade, weighed down by banking stocks after data showed that consumer inflation has edged up. The numbers raised concerns about rate cuts and sent bond yields higher.

• The S&P BSE index closed 1.48 percent lower or 427.11 points at 28,503.30 after gaining as much as 0.9 percent earlier in trade today. However, on a weekly basis the benchmark index recorded a fall of 945 points or 3.2 per cent from its closing value of 29448.95 recorded on 5th March 13, 2015.

• The 50-share Nifty index finally closed at 8647.75, down 1.4 per cent or 128.25 points. For the week, the index posted a loss of 290 points or 3.24 percent, from its closing value of 8937.75 recorded on 5 March 2015.

• The benchmark index has already slipped as much as 1521 points from its record high of 30024.74 hit earlier in the month of March. Pressure on rupee, concerns over key bills and sooner-than-expected interest rate hike by the US Federal Reserve made investors cautious.

WEEKLY EQUITY UPDATE AS OF 16/03/2015

NEWS INSIGHT

• Sensex posts worst weekly fall in 2015; down 945 points
• Court grants bail to RSPL officials in coal scam
• BSE to auction g-secs worth Rs 893 cr for FIIs
• SAT rules in favour of DLF; quashes order by Sebi via 2:1 majority
• Tyre stocks slip 3% on import duty hike report
• HSIL cracks 4% after approving QIP @ discount
• Suzlon undervalued vs Inox Wind IPO on P/S ratio
• Gold snaps 8-day losing streak; above $1,150

NIFTY ANALYSIS

• Positional Support for NIFTY 8572
• Positional Resistance of NIFTY is 8900
• Immediate resistance for NIFTY is 8780
• Intraday Support of NIFTY is 8631
• Oscillator Analysis Nifty has taken closing below the 21 days EMA. Global market is also facing high selling pressure ahead of US rate cut expectation. Nifty open in green on Monday with volume should be considered as buying opportunity for investors until the support at 8600 is not broken.

Equity News(13/03/2015): The Nifty ended in the positive

Equity Mutual Funds advanced as the market snapped three-day losing streak on Thursday, reacting to the Indian economy growth forecast by International Monetary Fund (IMF). The 30-share BSE Sensex rose 271.24 points or 0.95 percent to 28930.41 and the 50-share NSE Nifty climbed 76.05 points or 0.87 percent to 8776. The BSE Midcap and Smallcap indices gained 1.2 percent and 0.9 percent, respectively. IMF on Wednesday raised its growth forecast for the current fiscal to 7.2 percent, even as it called for steps to revitalise the investment cycle and accelerate structural reforms in the country. The Indian rupee opened flat at 62.49 per dollar on Friday against previous day's closing value of versus 62.50 a dollar. The US dollar fell about half a percent, pausing its recent rally. The euro edged higher to 1.06 levels, up from 12-year lows.

MARKET ANALYSIS

• The Nifty ended in the positive land for the first time after three-day downtrend with the International Monetary Fund (IMF) raising its growth forecast for the current monetary to 7.2 percent.

• The 50-share catalog ended at 8,776, up 76.05 points or 0.87 percent. In trade it touched a high of 8,787.20 and a low of 8,732.90 on Thursday.

• The S&P BSE Sensex closed at 28,930.41, up 271.24 points or 0.95 percent. It touched a high of 28,971.01 and a low of 28,772.71.

• Cairn India (up 4.96 per cent), SesaBSE 3.63 % Sterlite (up 4.72 percent), NTPCBSE 3.54 % (up 3.74 per cent), HindalcoBSE 3.37 % (up 3.15 percent) and Sun PharmaBSE 2.46 % (up 2.78 per cent) were the among the index gainers.

• Tech MahindraBSE -2.13 % (2.21 per cent), M&M (1.57 per cent), Bajaj AutoBSE -1.01 % (1.36 per cent), Dr Reddy's Laboratories (1.17 per cent) and Coal IndiaBSE -1.23 % (1.03 per cent) were among the major Nifty losers.

• The market width was positive on the NSE with 914 gainers against 573 losers

ECONOMY ANALYSIS

• Sensex ends 271 points up, Nifty above 8,770; Sesa gains over 4%
• Spicejet gains over 13%; foreign airlines eye stake
• Jindal Stainless surges 11%; up 27% in two trades
• Feb CPI may inch to 5.26%; Jan IIP slowdown to 0.5%
• Bank of Korea joins global policy easing with surprise rate cut
• Ranbaxy merger: Sun Pharma readies new leadership team

EQUITY REPORT 11/03/2015 ON DAILY MARKET ANALYSIS

ECONOMY ANALYSIS

 Asian equities mixed on weak yen, Wall Street's plunge

 Current account deficit narrows to USD 8.2 bn in Q3

 Forex reserves jump $16.4 bn in first 9 months of FY15: RBI

 India revives plans for urea plant in Iran; investing Rs 5K cr

 Mphasis looking to sell domestic BPO business: Sources

 Prime Property: Mumbai Metro facing Green hurdle

MARKET ANALYSIS

 The 50-share Nifty index is expected to open lower on Wednesday following muted trend seen in other Asian markets. Tracking the momentum, the index is expected to retest its crucial psychological level of 8700 in trade today.

 At 07:00 a.m., Nifty India stock futures in Singapore were trading 1 point lower at 8,755 indicating a flat opening on the domestic market.

 However, experts are of the view that passing of Land Bill is positive, but markets are going to react more on global cues.

 The S&P BSE Sensex cracked 738 points in a matter of just two trading session, while Nifty slipped 225.70 points to close marginally above its crucial psychological support level of 8,700 on Tuesday.

 Overnight, US stocks ended lower giving the S&P 500 its biggest decline in two months, on increasing views the Federal Reserve may raise rates as soon as June.

TRADING-TIPS-ON-EQUITY-09/03/2015

ECONOMY ANALYSIS

• Govt notifies export subsidy of Rs 4,000/tonne for raw sugar
• Prices of leafy, other vegetables rise by up to 67%
• Govt optimistic about GST roll out from April 2016: Rev Secy
• Direct tax collections up 10.67% in 11 mths of FY'15
• Hiring up 12% in Feb; demand highest in IT/telecom: Survey
• Oilmeal exports drop by 41% to 1.18 LT in Feb

MARKET ANALYSIS

• Funds mop-up via debt placement doubles to Rs 42,000 cr in Feb
• Sensex rebounds 68 pts as pharma, FMCG, banking shares rise
• DoD working out modalities for strategic sale of PSUs: Secy
• Defensives drive Sensex to rebound; Sun Pharma, HDFC lead
• 9K key resistance for Nifty; like HCL Tech, NBCC: Nomura
• Eyeing EBITDA growth of 35% for FY15: Jyothy Laboratories
• IDBI Bank to raise Rs 20,000 cr from bond issuance in FY'16
• DHFL raises Rs 809.61 cr from institutional investors
• Rate cut: Home loan EMI to go down, gilt funds’ NAV to rise
• NGO cries foul over 17 pc cut in Budget for children
• ‘Rel Infra-Pipavav together share vision for infra growth'
• Sensex falls 644 from top after hitting 30K on RBI rate cut
• Mkt performance to continue, see Sensex at 33K in Dec: Citi

TRADING-TIPS-ON-EQUITY-05/03/2015

ECONOMY ANALYSIS

• Lok Sabha passes Coal Bill to replace Ordinance
• GDP to remain comprehensive measure of economy: Govt
• Increasing global oil prices pose risk to inflation: RBI
• Govt to train 7 lakh people by 2018 to meet power sector needs
• 8-8.5% growth is more like statistical and not real: CEA
• 'Make in India' will yield results in minimum 18 months: Kant

MARKET ANALYSIS

• Further rate cuts of up to 0.75% expected in 2015: Experts
• Sensex ends in red after hitting 30K as rate cut cheer wanes
• Sensex falls 644 pts from top after hitting 30K on RBI rate cut
• Expected RBI to wait till April for rate cut: Rangarajan
• RBI rate cut good for business, will boost demand: Revenue Secretary
• Ortel gets Rs 46.3 cr from Axis MF & ICICI Pru Life
• Sub 6% CPI by FY16 end, 25 bps cut by June likely: Barclays
• Need for farm workers may be hit due to crop damage: CACP
• Govt launches public contest on advice for PMO mobile app
• European Union lifts ban on import of mangoes from India
• Banks should pass on RBI rate cut benefits, say auto makers
• RBI slashes lending rate by 0.25%; EMIs on home, auto loans to come down

03/03/2015 DAILY MARKET ANALYSIS ON EQUITY

ECONOMY ANALYSIS

• Markets ends in green: UltraTech big gainer, surges 7.7%; ITC top loser
• Infosys inks 5-year deal with Dutch firm TNT
• Bajaj Auto shares tank over 5% as sales fall in February
• ITC cracks over 3 per cent on cigarettes duty hike in Budget; CLSA downgrade

MARKET ANALYSIS

• It was a stellar closing of market, a day after Budget. The Sensex ended up 97.64 points at 29459.14 and the Nifty was up 54.90 points at 8956.75. Axis Bank, Cipla, L&T, BHEL and HUL were top gainers while ITC, Bajaj Auto, Bharti Airtel, Hero Motocorp and Tata Motors. Midcaps was at record closing high with stocks like Muthoot Finance and Relaxo Footwear gaining 5-7 percent intrday.

• European shares clung to seven-year highs on Monday, lifted by merger activity in the telecoms sector, while Asian stocks edged up after China cut interest rates at the weekend. The dollar hit an 11-year high against a basket of currencies, partly as a result of a weaker Chinese yuan and on growing prospects of a rise in interest rates from the U.S. Federal Reserve.

• Tata Motors Monday reported 10.69 percent increase in total sales at 44,225 units in February, as against 39,951 units in the same month last year.

FREE EQUITY TRADING TIPS OF 02/03/2015

ECONOMY ANALYSIS

• Budget 2015: Sensex gains 141 pts, Nifty reclaims 8900; ITC sinks 9%

• 10% TDS introduced for PF withdrawal before 5 years

• Buyback tax up from 22.66% to 23.07% for unlisted companies

• Specific mutual fund service tax exemption withdrawn

• Tax savings of Rs 7,169 cr due to raise in deduction limits

MARKET ANALYSIS 

• The market swung along some 678 points intraday, with some late buying that saved the day. After a lot of volatility, the Nifty ended at a month-high closing level.

• The 50-share index closed up 57.25 points or 0.6 percent at 8901.85 while the Sensex was up 141.38 points or 0.5 percent at 29361.50. Investors had pinned a lot of hope for more reforms in the Budget 2015 presented by Finance Minister Arun Jaitley and enthusiastic trading took the Sensex up almost 400 points in early trade.

• The Nifty, too, climbed the 8900-level peak much before the FM’s Budget proposal speech. However, things did not remain so rosy as soon the FM announced some excise duty hikes. An excise duty hike by 15 percent for cigarettes took a toll on index heavyweight ITC, knocking off some 9 percent intraday. Not only that, the government has also proposed an excise duty raise by 25 percent for 65mm cigarettes and on tobacco increased to Rs 70/kg from Rs 60/kg.

• About 1241 shares advanced, 1494 shares declined.