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Monday, February 29, 2016

Equity Tips,

Sensex surges over 400 pts, Nifty eyes 7150; ITC gains 6%

The market rebounded sharply after the market priced in Union Budget 2016 in previous session. The Sensex rose 247.60 points or 1.08 percent to 23249.60 and the Nifty climbed 69.85 points or 1 percent to 7056.90, led by ITC.

ITC rallied 6.46 percent post factoring in excise duty hike on cigarettes. ICICI Bank, Axis Bank, Infosys, SBI and PNB gained 1-3 percent while ONGC and Bharti Airtel fell more than 1 percent.

The Indian rupee gained 17 paise in the early trade today. It has opened at 68.26 per dollar versus 68.43 Monday.

"The fiscally prudent Budget and expectations of further monetary easing by Reserve Bank of India (RBI) helped both currency and bond markets."

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