Sensex advances ahead of the Budget

NDTV Correspondent

Monday, July 06, 2009 (New Delhi)

The key benchmark indices were trading higher in the early deals today. The Sensex was trading at 15,021, up 108 points. The Nifty rose 27 points to 4,451.

“The Budget is likely to present a 5-year strategic view. The markets have already seen a sharp run-up ahead of the Budget,” said Ved Prakash Chaturvedi, CEO, Tata Mutual Fund.

Buying interest was seen in capital goods, realty and power stocks. The BSE realty index was up over 2 per cent. The BSE capital goods index rose 1.2 per cent and the power index on the BSE gained 1.1 per cent. PSU stocks were also trading higher today. The BSE PSU index advanced 1.2 per cent.

In the infrastructure space, GMR Infra, Gammon India and L&T advanced more than 2 per cent each.

“Though the markets are likely to correct 3-4 per cent post budget, the overall bias is on the upside,” UR Bhat, Managing Director, Dalton Capital Advisors (India).

In the Sensex pack, realty major DLF was the biggest gainer. The stock surged 2.8 per cent. JP Associates, NTPC and Tata Power were the other main gainers in the group.

Tata Steel and ITC, however, were among the prominent losers in the group.

In the Asian markets, key benchmark indices were trading mixed today. Japan’s Nikkei 225 was down 144 points while Hong Kong’s Hang Seng and South Korea’s Kospi were in the positive turf.

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