By Ankit kumaR
MUMBAI: Indian markets were near day’s highs as sentiments turned bullish after the Finance Minister Pranab Mukherjee presented better-than-expected budget in the parliament.
The minister has said that fiscal deficit for FY 11-12 is seen at 4.6%. He is expecting economy to grow at 9 percent in 2011-12 up from an 8.6 per cent current fiscal.
At 12 pm; Bombay Stock Exchange’s Sensex was at 18274.10, up 450.70 points or 2.53 per cent. The 30-share index touched a low of 17964.39 and high of 18280.84 intraday.
National Stock Exchange’s Nifty was at 5466.80, up 133.55 points or 2.50 per cent. The broader index touched a low of 5373.55 and high of 5474.75 in trade so far.
“Hourly MACD has managed to hold on to the bullish crossover, whereas daily oscillators continue to show mixed signals. Nifty has resisted near the 21-DEMA as well as the declining trend line from the January peak. It has also closed in the red for second consecutive month indicating downside risks in the coming month.
Nifty needs to break below 5230 convincingly to improve the bearish structure for a test of 5000. Until then it is advisable to wait on the sidelines for further clarity on market direction,” said Edelweiss report.
BSE Midcap Index was up 2.15 per cent and BSE Smallcap Index moved 1.45 per cent higher.
Amongst the sectoral indices, BSE Auto Index advanced 5.04 per cent, BSE Bankex moved up 3.43 per cent and BSE Capital Goods Index gained 3.33 per cent.
M&M (7.96%), Maruti Suzuki (6.03%), Jaiprakash Associates (5.16%), NTPC (5%) and Bajaj Auto (4.94%) were the top Nifty gainers.
Maruti Suzuki sold a total of 1,11,645 units in February 2011, up 15.5 per cent against 96650 units in the same month last fiscal. Auto stocks also surged higher after the finance minister did not hike excise duty on automobiles.
Bharti Airtel (-1.36%), TCS (-0.35%), Wipro (-0.34%) were the only Sensex losers.
Market breadth was positive on the BSE with 1835 advances against 819 declines.
The minister has said that fiscal deficit for FY 11-12 is seen at 4.6%. He is expecting economy to grow at 9 percent in 2011-12 up from an 8.6 per cent current fiscal.
At 12 pm; Bombay Stock Exchange’s Sensex was at 18274.10, up 450.70 points or 2.53 per cent. The 30-share index touched a low of 17964.39 and high of 18280.84 intraday.
National Stock Exchange’s Nifty was at 5466.80, up 133.55 points or 2.50 per cent. The broader index touched a low of 5373.55 and high of 5474.75 in trade so far.
“Hourly MACD has managed to hold on to the bullish crossover, whereas daily oscillators continue to show mixed signals. Nifty has resisted near the 21-DEMA as well as the declining trend line from the January peak. It has also closed in the red for second consecutive month indicating downside risks in the coming month.
Nifty needs to break below 5230 convincingly to improve the bearish structure for a test of 5000. Until then it is advisable to wait on the sidelines for further clarity on market direction,” said Edelweiss report.
BSE Midcap Index was up 2.15 per cent and BSE Smallcap Index moved 1.45 per cent higher.
Amongst the sectoral indices, BSE Auto Index advanced 5.04 per cent, BSE Bankex moved up 3.43 per cent and BSE Capital Goods Index gained 3.33 per cent.
M&M (7.96%), Maruti Suzuki (6.03%), Jaiprakash Associates (5.16%), NTPC (5%) and Bajaj Auto (4.94%) were the top Nifty gainers.
Maruti Suzuki sold a total of 1,11,645 units in February 2011, up 15.5 per cent against 96650 units in the same month last fiscal. Auto stocks also surged higher after the finance minister did not hike excise duty on automobiles.
Bharti Airtel (-1.36%), TCS (-0.35%), Wipro (-0.34%) were the only Sensex losers.
Market breadth was positive on the BSE with 1835 advances against 819 declines.
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