INDIAN MARKETS ROUNDUP
The S&P BSE Sensex started on a cautious note with a negative bias in morning trade on Monday ahead of the Union Budget 2016. The fall in the index was led by losses in ITC, HDFC, L&T, M&M, Maruti Suzuki, and HUL.
The Nifty50 started flat but was still trading above its crucial support level of 7,000, weighed down by losses in oil & gas, consumer durable, capital goods, auto stocks.
Top Gainers:
• SBI (up 2 per cent)
• ONGC (up 1.5 per cent)
• Dr Reddy's (up 0.9 per cent)
• ICICI Bank (up 0.92 per cent)
Top Loser:
• ITC (down 1.6 per cent)
• Hero MotoCorp (down 1.2 per cent)
• Adani Ports (down 1.1 per cent)
• Cipla (down 1.08 per cent)
The Union Budget 2016 is expected to balance the seventh pay commission, one rank one pension outflow, bank recapitalisation needs, stimulating rural demand after two years of successive drought, with the need to show fiscal prudence," said Murthy Nagarajan, Head-Fixed Income , Quantum AMC.
Globally, the dollar index, which tracks the greenback against a basket of six major world currencies, fell 0.09 per cent to 98.06. Most Asian currencies fell. The Malaysian ringgit dropped 0.37 per cent to 4.22 against the US dollar.
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