Nifty extends gains ahead of Budget 2011

The 50-share NSE Nifty extended gains a bit ahead of Union Budget 2011 today at 10:05 hours. Market expects some announcements towards the DTC, GST, FDI in retail, banking license, oil subsidy and fertiliser subsidy.

Madhu Kela of Reliance Capital feels the Indian market is keenly watching for measures in the insurance and retail sectors and some announcements towards the Direct Tax Code (DTC) and Goods and Service Tax (GST). The Finance Minster, he said, needs to announce measures to curtail expenses, boost revenues from untraditional sources. Kela added that he expects inflation to remain a concern for next six months. Oil & gas, technology, infrastructure, financial, realty and select metal companies' shares were leading the Sensex higher by 100 points. However, cement and auto companies' shares were on sellers' radar, which limited the gains. Hindalco, Ranbaxy and Reliance Communications too were down. The Sensex was trading at 17,841, up 141 points and the Nifty gained 44 points at 5,348. About 889 shares advanced while 280 shares declined on the National Stock Exchange. Fertiliser companies' shares like Nagarjuna Fertilisers, RCF, Chambal Fertiliser and National Fertiliser were up 3-6%. Pantaloon Retail rose 3%. _PAGEBREAK_ Sensex gains 100 points ahead of budget The benchmark Sensex added 100 points ahead of Union Budget 2011-12 today, supported by financial, oil & gas, infrastructure, technology and metal companies' shares. However, auto and cement companies' shares were seeing selling pressure. The 30-share BSE Sensex was trading at 17,807, up 107 points and the 50-share NSE Nifty gained 36 points at 5,339. The breadth was positive - about 820 shares advanced while 272 shares declined on National Stock Exchange. Experts were expecting some news on banking license, FDI in retail and fertiliser subsidy. National Fertilisers, IVRCL Infra, IDFC, Pantaloon Retail and LIC Housing Finance were on buyers' radar. _PAGEBREAK_ Nifty opens quiet ahead of Union Budget The benchmark Nifty gained further in early trade ahead of Union Budget 2011-12 today. Oil & gas, infrastructure, metal and financial companies' shares were supporting the markets. However, cement and select auto stocks were seeing selling pressure. Among frontliners, IDFC, L&T, Jaiprakash Associates, Reliance Power, Sterlite Industries, PNB, Kotak Mahindra Bank and SBI were witnessing buying interest. However, ACC, Ambuja Cements, Bajaj Auto, M&M, Hero Honda and Tata Motors were on sellers' radar. At 9:16 hours IST, the 30-share BSE Sensex was trading at 17,773, up 73 points and the 50-share NSE Nifty rose 27 points to 5,331. About 531 shares advanced while 235 shares declined on National Stock Exchange. Coal India rallied 11% as the company increased coal prices by 30% w.e.f February 27th, reports CNBC-TV18 quoting sources. Coal price hike will affect cement industry and sponge iron industry. Nalco fell 6% as company's CMD & his Wife arrested for taking bribe. Rs 30 Lakh and 10 kg gold were recovered from NALCO CMD's house. NALCO chief Srivastava suspended and B L Bagra is a new CMD.