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Nifty Ends at Record high on Budget Proposals

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Nifty Ends at Record high on Budget Proposals
The BSE benchmark Sensex closed higher in trades on Monday supported by buying in capital goods and banking stocks. However, the gains were capped due to selling in FMCG heavyweight ITC.
 
50-share Nifty closed at its all-time high level in trades today led by buying in cement heavyweight stocks such as Ultratech Cement, Ambuja Cement and Grassim.
 
Meanwhile, the broader markets outperformed the benchmark indices. The BSE mid-cap and small-cap indices closed higher around 1 per cent each.
 
Shares of infrastructure related companies were in high demand in trades on Monday after Finance Minister Arun Jaitley while presenting Budget on Saturday said that the government plans to invest Rs 70,000 crore in 2015-16 to improve the infrastructure facilities across the country. 
 
Reacting to the news, shares of frontline cement companies like ACC, Ambuja Cements, Grasim Industries and UltraTech Cement registered their respective fresh 52-week highs.
 
Capital goods stocks were also in limelight. Sadbhav Engineering, Thermax, Alstom T&D, Siemens, BHEL, Larsen & Toubro and Havells closed higher by 3-7 per cent each. The BSE capital goods index outperformed all the sectoral indices and ended 3.6 per cent higher.

Banking, healthcare and power stocks also witnessed buying in trades today.
 
On the other hand, FMCG heavyweight and cigarette maker ITC faced the selling pressure for second day. The stock fell 5 per cent to Rs 343 after the government in Budget proposed the excise duty on different categories of cigarettes by 15 per cent to 25 per cent. This was the fourth straight year of large tax increase for tobacco manufacturers. The BSE FMCG index closed higher by nearly 2 per cent.

Bajaj Auto fell 3.5 per cent to Rs 2,078 after the two-wheeler maker reported 22 per cent decline in sales for the month of February.
 
Among other Nifty stoakc, Cipla, IDFC, Larsen & Toubro, Bharat Petroleum, BHEL, Maruti Suzuki, ICICI Bank, IndusInd Bank and HDFC Bank ended higher. On the other hand, Jindal Steel, Hero MotoCorp, Bharti Airtel, Tata Motors, ONGC, Bank of Baroda and Mahindra & Mahindra ended lower.
 
The overall breadth was marginally psoitive as 1,519 stocks advanced while 1,337 declined.
 
The Sensex finally closed at 29,459, up 98 points and Nifty ended 55 points higher at 8,957.
 


 

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