Monday, 2 March 2015

Morning Summary, Market Synopsis: 2nd March, 2015

Markets extend gains; Nifty opens above 8,950: Markets have started the session on a higher note after the Union Budget tabled by Finance Minister Arun Jaitley reduced corporate tax and announced a timeline to implement the General Sales Tax. The Budget laid thrust on infrastructure growth and also reduces the fiscal deficit to 3% in three years. With the Union Budget event out of the way, markets are likely to look forward to monetary policy easing measures and corporate developments.
At 9:45 AM, the S&P BSE Sensex was trading at 29530 up 168 points, while NSE Nifty was trading at 8960 up 60 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee opened marginally lower at 61.89 per dollar versus 61.83 Friday. The euro trades around fresh one-month lows early in a subdued start to the week, while an interest rate cut in China over the weekend gives commodity currencies only a slight boost.

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