Sensex, Nifty weak, eyes on Budget; SBI rises 4 %, ICICI up 2%

Moneycontrol BureauThe Sensex is down 30.71 points at 23123.59 and the Nifty is down 13.15 points at 7016.60. About 884 shares have advanced, 1001 shares declined, and 125 shares are unchanged.
SBI, Tata Steel, ICICI Bank, Dr Reddy's Labs and ONGC are top gainers while GAIL, Hero, Cipla, HUL and Wipro are losers in the Sensex.

Nilesh Shah of Envision Capital says that the expectations from the Budget are low this time around. If there is no negative news, then one could see an uptick in the market.

India, which has been underperforming in recent times in global markets due to expectations of taxes and maintaining fiscal deficit, will outperform in March if there is no disappointment in the Budget.

Neelkanth Mishra, Head of Equity Strategy, India says that the government will maintain its fiscal target of 3.5 percent and stick to the path of fiscal consolidation.

Posted by Nasrin SultanaFollow @NasrinzStory