Markets under Pressure on the Eve of Union Budget Tomorrow

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Indian benchmark index Nifty opened flat from yesterday’s close of 8633. Selling was witnessed as overnight Global Markets showed weakness on US President Policies on immigration hit investor sentiment. Nifty fell 80 points from the day high of 8632 and making low of 8552, before closing at 8561.

Bank Nifty opened gap down by 52 points from yesterday’s close of 19585 making a high of 19624 and low of 19435 thereby trading in a range of 189 points before closing at 19515. Small cap index saw selling pressure as the index lost almost 90 points from its previous close of 6392 to close at 6302. Small Cap Index made a high of 6404 and a low of 6297, trading in a range of 107 points.

Economic Survey was tabled in Parliament today and markets were unmoved as it prepares for Union Budget tomorrow. After market hours ICICI bank results were announced and Asset quality was on the lower side of expectations and the stock is expected to be under pressure as it opens for trading tomorrow.
Infratel, Grasim, TCS, HCL Tech, Tech Mahindra are among the top losers today.

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