State-run banks
The government announced it was forming an asset management company to take over stressed assets of banks in an effort to clean up one of the world’s worst pile of bad loans. Banks, insurers rose on plans for setting up a bad-debt manager. State Bank of India Ltd., Bank of Baroda, Canara Bank, Union Bank of India, Bank of India and Punjab National Bank could be among the beneficiaries.
Textiles
Sitharaman’s announcement of the establishment of seven mega textile parks to be launched in three years could boost the sector, benefiting companies including Century Textiles Ltd., Raymond Ltd., Trident Ltd. and Arvind Ltd. among others.
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NEW DELHI: As the Union Budget gave a new vigour to the market, there are certain stocks that have come into focus with analysts rooting for them, especially from banking, infra and commercial vehicle makers.
Analysts applauded the Budget saying it connects capital to infrastructure which has been the biggest missing link. What we now need is meticulous structuring of these initiatives and good execution, they said.
“We expect this Budget rally to extend further. However, participants should be selective in their approach now. Going ahead, global cues and corporate earnings would also be on the radar. The way the banking index moved today, we feel it could lead the next leg of the rally alongside infra counters,” said Ajit Mishra, VP - Research, Religare Broking.
Read more about Sensex spurts 834 pts, Nifty settles above 14,500 on positive global cues on Business Standard. The domestic indices bounced on Tuesday after falling for the past two consecutive sessions. The Nifty closed above the crucial 14,500 mark. All the sectoral indices on NSE ended in green. Firm global cues and robust FII inflows in domestic
The equity barometers were hovering near the day s low in mid-morning trade. The Nifty reclaimed 14,300 mark after slipping below that level. All the sectoral indices on the NSE were in the red. Metal, realty and pharma stocks witnessed steep selling pressure.
At 11:26 IST, the barometer index, the S&P BSE Sensex, fell 267.53 points or 0.55% at 48,767.20. The Nifty 50 index declined 99.75 points or 0.69% at 14,333.55.
The broader market tumbled. The S&P BSE Mid-Cap index tumbled 1.77% while the S&P BSE Small-Cap index declined 1.78%.
The market breadth was weak. On the BSE, 706 shares rose and 2026 shares fell. A total of 137 shares were unchanged.