The market bounced back today with the Nifty reclaiming
8700 level on first day of March series, supported by banking & financials,
capital goods and metals stocks.
The 30-share BSE Sensex rose 132.66 points to 28879.31 and
the 50-share NSE Nifty advanced 46.10 points to 8729.95. The BSE Midcap and
Smallcap indices outperformed benchmarks, rising 0.8 percent each.
Advancing shares outnumbered declining ones by a ratio of 2
to 1 on the Bombay Stock Exchange.
The market will have a special trading session on Saturday
on the back of Union Budget 2015-16.
Rakesh Arora, Macquarie says expectations are running high
and an 'incremental' Budget may not enthuse the market. Though, it won't be a
radical one either, according to him.
"The market had run ahead of fundamentals, so a slight
pullback would help cool things off. Industrial stocks are under owned and are
best suited to play the India story," he adds.
Larsen & Toubro and Tata Power topped the buying list,
up 3 percent as the Defence Ministry has shortlisted a consortium of Tata
Power-Strategic Electronics Division (SED) and Larsen & Toubro for the
battlefield management project, the order value of which in the production phase
may be as much as Rs 50,000 crore.
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