The key benchmark indices pared early gains amid choppy trade led by a decline in metal, oil & gas and auto stocks. The Sensex was trading at 14,853, down 59 points. The Nifty fell 5 points to 4,418. โThe Budget is likely to present a 5-year strategic view. The markets have already seen a sharp run-up ahead of the Budget,โ said Ved Prakash Chaturvedi, CEO, Tata Mutual Fund. On the sectoral front, the BSE metal index was down 0.7 per cent. The BSE auto index fell 0.6 per cent and the oil & gas index on the BSE shed 0.5 per cent. โThough the markets are likely to correct 3-4 per cent post budget, the overall bias is on the upside,โ UR Bhat, Managing Director, Dalton Capital Advisors (India). In the 30-share Sensex pack, 12 stocks gained while the remaining counters declined.
Tata Steel was the biggest loser. The stock plunged over 3 per cent. ONGC, ACC and M&M were the other main losers in the group. DLF, NTPC and Hero Honda Motors, however, were among the prominent gainers in the group.
In the Asian markets, key benchmark indices were trading mixed today. Japanโs Nikkei 225 was down 144 points while Hong Kongโs Hang Seng and South Koreaโs Kospi were in the positive turf.