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NIFTY ENDS BELOW 7000, SENSEX TANKS 152 POINTS, BANKS UP ON BUDGET

Discussion in 'Stock Market Discussions' started by capitalstars05, Feb 29, 2016.

  1. capitalstars05

    capitalstars05 New Member

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    After a volatile ride, the market has ended with major loses. The Sensex ended down 152.30 points or 0.7 percent at 23002, and the Nifty slipped 42.70 points or 0.6 percent at 6987.05. About 1090 shares have advanced, 1390 shares declined, and 159 shares were unchanged.

    ONGC, BHEL, Maruti, Infosys and L&T were major losers while ICICI Bank, HDFC Bank, Reliance, SBI and Dr Reddy's Labs were major gainers in the Sensex.

    Standard & Poor's retained its sovereign rating on India despite the government sticking to its fiscal deficit target in Monday's Budget as it waited for further improvement in public finances. S&P said it would wait for the government to improve its net debt and fiscal consolidation and does not expect to change India's BBB- rating with a 'stable' outlook until next year.

    HEADLINES OF THE DAY

    Union Budget 2016: A Realistic One, Not Just Feel Good
    L&T plans to sell 49% stake in L&T General Insurance
    UltraTech acquires JP's cement plants for Rs16, 500 crore

    The crucial resistance for Nifty SPOT is now seen at 7090 and above this 7145. Support for the immediate term is now placed at 6869 and next support will be 6750.

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