INSUBCONTINENT EXCLUSIVE:
The S-P BSE Sensex and NSE Nifty 50 Indexes snapped their two day losing streak on hopes that the re-elected National Democratic Alliance
(NDA) government will announce steps to bolster economic growth in its first Budget which will be presented by Finance Minister Niramala
Sitharaman on Friday, July 5
Market participants have host of expectations from the first Budget of the new government and many analysts pointed to today's positive
start as the beginning of a pre-Budget upmove
The Sensex ended 0.74 per cent or 292 points lower at 39,686.50 and the NSE Nifty 50 Index climbed 0.65 per cent or 77 points to close at
11,865.60."We believe Nifty is in a structural uptrend
Recent behavioural parameters have affirmed the positive outlook
We expect the index to scale new highs in the near term and test 12,300-12,400 odd levels," Sahaj Agrawal, head of derivatives at Kotak
Securities said."A budget rally could be in the offing and aggressive long positions can be initiated
Support for the index is seen at 11,500
A bull call spread can be initiated at current levels," Mr Agrawal added.Many analysts have told TheIndianSubcontinent that the finance
minister is expected to announce steps to reduce corporate tax, ensure transmission of lower interest rates to the end-user, and steps for
revival of consumption to boost the economic growth."We need to have a reasonable tax regime for corporates as multiple taxes deter
investors to invest in India and a roadmap towards that will be watched out in the Budget 2019," AK Prabhakar, head of research at IDBI
Capital Market, told TheIndianSubcontinent in a telephonic conversation.In today's session, fifteen of 19 sector gauges compiled by BSE
ended higher led by the S-P BSE Realty Index's 2.6 per cent gain
Auto, Healthcare, Consumer Discretionary Goods - Services, Industrial, Information Technology, Bankex and Finance sector gauges also rose
between 0.5 and 1.25 per cent each.On the flipside, S-P BSE Oil - Gas Index was top loser, down 1.7 per cent.Mid- and small-cap shares were
also witnessing buying interest as the S-P BSE MidCap Index advanced 0.54 per cent and the S-P BSE SmallCap Index advanced 0.3 per cent.Zee
Entertainment was top gainer in the Nifty 50 basket of shares, the stock rose 8.4 per cent to Rs 367
Reddy's Labs, Bajaj Auto, Tata Motors, HDFC, Indiabulls Housing Finance, Eicher Motors, IndusInd Bank, HDFC Bank and Reliance Industries
were also among the gainers.On the other hand, BPCL was top loser, down 4.1 per cent to Rs 376
ONGC, Indian Oil, Coal India, HCL Technologies, UltraTech Cement and Titan were also among the losers.Get Breaking news, live coverage, and
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