The market remained under pressure ahead of
expiry of February derivative contracts and Railway Budget today. The Sensex
declined 63.44 points to 28944.55 and the Nifty fell 17.40 points to 8749.85.
The broader markets declined too; the BSE Midcap
and Smallcap indices lost 0.2 percent each. About 830 shares have advanced,
1067 shares declined, and 177 shares are unchanged on the BSE.
Neelkanth Mishra, Credit Suisse says in the last
ten days, the refrain "Budget will disappoint" has been heard often,
tempering some of the high expectations. However, both the earlier excitement
and the reversal have been rather vague in terms of concrete expectations, he
adds.
"We expect a growth-boosting stimulus: a
rise in non-defence capex & believe an FRBM push-out, if for the right
reasons would not hurt yield much," Mishra says.
Infosys, Sun Pharma, Bajaj Auto and Hindalco
Industries declined 1-1.8 percent followed by HDFC Bank, L&T, Axis Bank,
SBI, HUL, Dr Reddy's Labs, Maruti and Cipla with 0.4-0.8 percent loss.
However, Sesa Sterlite gained 1.7 percent as Goa
CM Laxmikant Parsekar says Ministry of Environment, Forest will lift suspension
of Goa’s mining leases within a week.
HDFC, ICICI Bank, ONGC, Reliance Industries, Tata
Motors and BHEL climbed 0.3-0.9 percent.
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