Markets are continuing from where they left off after the budget announcement yesterday. Though there are not many path-breaking announcements in the budget, the improvement in the fiscal situation is expected to attract more foreign flows into the domestic market.
US markets declined substantially yesterday, with major indices losing around a per cent each. Asian markets are also trading lower today.
The Sensex opened at 10369 and saw a new lifetime intra-day high of 10448. The index is trading higher by 67 points at 10436 at 11.10 AM.
The Nifty opened at 3075 and saw a high of 3085 in early trades, below the lifetime high of 3090 touched yesterday. The index is trading higher by 9 points at 3083.
The stocks which had gained after the budget yesterday are continuing their up trend today as well. Engineering, cement and auto stocks are among the major gainers.
ACC is the best performer among index stocks with a close to 5 per cent gain. Grasim has added over 4.5 per cent while Gujarat Ambuja has gained close to 3 per cent.
BHEL is the biggest gainer among engineering stocks, trading nearly 4 per cent higher. L&T has gained over 2.5 per cent.
Maruti is continuing its rally from yesterday and has added 2.5 per cent.
Dabur, Hero Honda, Jet Airways and HLL are the other major gainers among index stocks.
Zee Tele is the biggest loser among index stocks, trading nearly 3.5 per cent lower.
Nalco is continuing the weak trend from yesterday and has lost another 2 per cent.
IPCL, ONGC, Gail and ICICI Bank are the other major losers among index stocks.
Mid-caps are doing much better than the frontline stocks as they are catching up after yesterday's underperformance. Market breadth is reasonably positive at almost 1.5 shares advancing to every declining share.
Sadbhav Engineering got listed on the exchanges today. Issued at Rs185 per share, the stock opened at Rs220 on the NSE and saw a high of Rs263.5. The stock is now trading at Rs256.
Tea plantation stocks are doing well today as well after the package announced for the tea sector yesterday. Harrison Malayalam, Jayshree Tea and McLeod Russel are among the major gainers.
Kesoram Industries, OCL and Century Textiles are among the major gainers in mid-caps.
Jindal Photofilms, Classic Diamonds and Bindal Agro are among the mid-cap losers.