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Monday, February 29, 2016

Sensex, Nifty in red; FM Arun Jaitley starts Budget speech

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The Sensex is down 48.71 points or 0.2 percent at 23105.59, and the Nifty is down 15 points or 0.2 percent at 7014.75. About 894 shares have advanced, 1048 shares declined, and 119 shares are unchanged.
SBI, Tata Steel, ICICI Bank, ONGC and Dr Reddy’s Labs are top gainers.
As Finance Minister Arun Jaitley presents Union Budget today, the market will focus on credibility of numbers. Investors will be keen to know if the govt deviates from the fiscal consolidation roadmap in order to boost growth. The other big fear the market has is the possible extension of the long term capital gains tax tenure from 1 to 3 years or the possibility of reintroduction of a tax itself.
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