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Sensex scales 28500; Fortis Health, Wockhardt most active

12:00

The News International Team

12:30pm Market Expert

A pre-Budget rally is likely, but that is more because the market has already seen a good correction, says Ajay Srivastava of Dimensions Consulting.

In an interview to CNBC-TV18, Srivastava says he expects a sell-off in post the Budget.

According to him, barring a handful of banking stocks and the top 20 companies, FIIs have been generally cautious on India. However, domestic investors have aggressively bought turnaround stories in the hope of an improvement in earnings.

It is already clear that the improvement will take longer than what was initially expected, to play out and that could be the trigger for the post-Budget sell off, feels Srivastava.

He expects smallcaps, midcaps and infra stocks to take a beating after the Budget.

12:00pm Market Check

The market gained for the second consecutive day today with the Nifty reclaiming 8,600 and Sensex scaling 28500 level. Gains were led by the banks. Both the PSU Bank and Bank Nifty indices climbed over a percent.

The 30-share BSE Sensex rose 153.39 points to 28509.01 and the 50-share NSE Nifty advanced 53.10 points to 8618.65. About 1450 shares have advanced, 938 shares declined, and 202 shares are unchanged on the BSE.

Fortis Healthcare, Wockhardt, UltraTech Cement, SBI, HDIL, Coal India, ICICI Bank and Larsen & Toubro were most active shares on exchanges. Fortis Healthcare surged 20 percent after 1.8 percent equity changed hands in 5 blocks on NSE and BSE.

Sun Pharma gained 1.6 percent today after Taro reported a revenue growth of over 11 percent in Q3. Margins beat estimates while net income came in higher by 23 percent at USD 142.5 million.

TCS remained confident of beating NASSCOM’s 12-14 percent growth guidance for FY16. Natarajan Chandrasekaran, CEO & MD told CNBC-TV18 that he is seeing growth across markets. The stock traded above its 200-daily moving avearge today, up 1.2 percent.

Asian markets traded mixed as a drop in oil prices offset positive overnight cues from Wall Street. Uncertainty about a resolution to the Greek debt crisis also continued to weigh on investor sentiment.

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