Indian stock market pared all its early trading gains in the  afternoon trading session but recoup some of the gain in the last hour trading session. Front line indes Nifty ended above 8,950 by surging 54.60 points to end the day at 8,956.75 while BSE’s 30 stock index Sensex ended at 29,459.14, up by 97.64 points.

The HSBC Manufacturing Purchasing Managers’ Index, compiled by Markit, fell for the second consecutive month, to 51.2 in February from 52.9 in January.

Ratings agency Standard & Poor’s does not expect an upgrade to India’s sovereign debt rating in the next year in the absence of substantial, quality reforms,  after the government’s Budget slowed the pace of fiscal consolidation.

Capital goods stocks rose after the proposal to reduce corporate tax rate in Budget helped spur gains in capital goods companies. However, shares in ITC plunged after the Budget raised excise duty on cigarettes by 25 per cent for cigarettes of length not exceeding 65 mm, and by 15 per cent for cigarettes of other lengths.

Meanwhile USDINR pair ended at 61.8650, up by 3 paisa.

Among the sectorial indices of NSE CNX Pharma (1.91%), Bank Nifty (1.61%) and CNX Finance (1.49%) were the top performer while CNX FMCG (-2.15%), CNX Realty (-0.33%) and CNX Auto (-0.18%) were the worst performer.

Out of 50 stocks of Nifty 28 stocks ended in green and 22 ended in red.

Top 5 Nifty Gainers: Ultra Cement (7.70%), Ambuja Cement (6.73%), Axis Bank (6.11%), Grasim (5.99%) and CIPLA (5.92%).

Top 5 Nifty Losers: ITC (-5.04%), Jindal Steel (-4.11%), Bajaj Auto (-3.50%), Hero Motorcorp (-2.11%) and Bharti Airtel (-2.11%)

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Indian stock market turned volatile in the late afternoon session after remaining flat most part of the day amid lack of cues ahead of the Budget which ill be announced on February 28. 50 shares index Nifty ended the day at 8762.10 marginally up by 7 points to the previous close while Sensex ends the day at 29,004.66, gaining 29.55 points.

Meanwhile, the market participants were closely eyeing the developments in Parliament today as the Modi government tabled the land acquisition bill which is a basic requirement to pursue reforms promised by his government.

Analysts said that the markets are likely to remain sluggish in the run up to the Budget which will be announced on February 28.

Among the sectorial indices of CNX FMCG (1.50%), CNX Media (1.27%) and CNX Realty (0.44%) were the top performer while CNX Metal (-1.25%), CNX Energy (-0.95%) and CNX PSU Bank (0.58%) were wrost performer of the day.

Out of the 50 stocks of Nifty 27 ended in positive and 23 ended in negative.

Market breadth remained negative for NSE at the close today as 759 stocks falls against 415 advance while 35 remained unchanged.

Top Five Nifty gainers: HUL led the Nifty Gainers list and registered 3.18% gain followed KOTAK   BANK  (2.60%), ZEEL (2.48%), BPCL (2.41%) and L&T (2.09%).

Top Five Nifty Losers: JINDAL STEEL was the biggest loser and fell by -5.16% followed by CAIRN (-3.65%), SESA STERLITE (-3.58%), BOB (-3.13%) and ONGC (-3.06%).

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Indian equity market extended its fall for second straight on the first day of the week, led by losses in oil & gas, metals and banks ahead of February series expiry and Union Budget this week. Nifty falls below its crucial level of 8,800 and ended the day at 8,754.95, plunged 78.65 points, while Sensex ended the day at 28,975.11 down by 256.30 points.

Meanwhile, the Budget session of the Indian government started today with the President Pranab Mukherjee addressing both the houses of the Parliament.

President Pranab Mukherjee said that inclusive growth was the government’s top priority and it was committed to expand the job market.

Shares of Jindal Steel Power and DLF fell after the National Stock Exchange decided to exclude both stocks from CNX Nifty 50. The exchange, however, will add telecom operator Idea Cellular and private sector lender YES Bank in the Nifty at the end of next month.

The rupee weakened by 6 paise to 62.2850 against the US dollar in the trade.

Among the sectorial indices of NSE all the major indices ended in negative zone. CNX Media was the wrost performer of the day by plunging -2.16% followed by CNX PSU Bank (-1.78%) and CNX Realty (-1.66%).

Out of the 50 stocks of Nifty 9 stocks ended in green while other 41 ended in red.

Top 5 Nifty Gainers: Powergrid (1.79%), Kotak Bank (1.37%), M&M (1.04%), TCS (0.91%) and Sesa Sterlite (0.64%).

Top 5 Nifty Losers: ZEEL (-4.47%), NMDC (-3.79%), Jindal Steel (-3.37%), DLF (-3.27%) and Reliance (-2.86%).

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