Markets end in red on Budget day
Markets opened on a weak note and plunged deep into the red once the Finance Minister started presenting the budget. A significant recovery was witnessed in the last one hour of trade on the back of good moves in FMCG, Banking, Pharma and Auto stocks. The main indices however finally ended in the red. While the Sensex ended 245.76 points or 1.38% lower at 17578.72, the Nifty lost 61.60 points or 1.17% at 5223.50.
Broad market indices too ended lower as the BSE Midcap and Smallcap indices lost 0.41% each. This explains the negative market breadth as A/D ratio was 1:1.43 on the BSE. Volumes were truncated.
Sectorally, barring the FMCG, Auto, Bankex and Healthcare indices, all the sectoral indices ended lower. The BSE Auto Index was the largest gainer as it surged 1.19% on the back of favorable excise duty cuts. The biggest losers were the BSE Capital Goods, Realty and IT indices as they lost 2.89%, 2.72% and 2.65% respectively. Gainers from the index pivotals included Maruti Suzuki, SBI, HUL and Bajaj Auto. Major losers from the BSE-30 were Infosys, L&T, Reliance and DLF.
The 5100 levels on the Nifty acted as a strong support today as markets swiftly rebounded from these levels today. These levels also coincide with the 200 day EMA and indicate that the bulls are unwilling to give the bears any control. However, with a lot of strong resistances on the upside at 5400 and 5500, markets could find any upsides capped and thus remain in a range for some more time to come.
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