Nifty races towards 8950, Sensex firm; Banks up, ITC falls

Axis Bank, ICICI Bank, SBI, ONGC and HDFC Bnak are top gainers while Tata Power, ITC, Bharti Airtel and TCS are major laggards in the Sensex.

09:15

Moneycontrol Bureau After closing strong on Budget day, the market has once again opened firmly on Monday. The Sensex is up 177.98 points or 0.6 percent at 29539.48 and the Nifty is up 52.75 points or 0.6 percent at 8954.60.

About 439 shares have advanced, 89 shares declined, and 102 shares are unchanged.

Axis Bank, ICICI Bank, SBI, ONGC and HDFC Bnak are top gainers while Tata Power, ITC, Bharti Airtel and TCS are major laggards in the Sensex.

The Indian rupee opened marginally lower at 61.89 per dollar versus 61.83 Friday.

The euro trades around fresh one-month lows early in a subdued start to the week, while an interest rate cut in China over the weekend gives commodity currencies only a slight boost.

Agam Gupta of Standard Chartered said," There has been dollar strength overnight. The Budget impact on the currency will be muted though there could be some short-term disappointment from the fiscal deficit target being higher than market expectations."

Among global markets, in the US, stocks posted gains of 5 percent or more in February, despite closing modestly lower on Friday amid lackluster data and oil gains.

Asian stocks kicked off the week mostly higher as interest rate cut in China on Saturday offset a weaker finish on Wall Street on Friday. The People's Bank of China cut the benchmark interest rate by 25 basis points to 5.35 percent and reduced the benchmark saving rate by a similar margin to 2.5 percent.

In commodities, Nymex crude trades below the USD 50 per barrel while Brent crude is steady above USD 62 per barrel. From precious metals space, gold prices rise to USD 1215 an ounce but gains are capped given a steady dollar.

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