Sensex, Nifty choppy; ONGC, Sesa Sterlite decline 3%

Feb 24, 2015, 02.30 PM IST | Source: Moneycontrol.com

The market gained strength amid consolidation in afternoon trade as FMCG, capital goods, technology and banks stocks extended gains. The 30-share BSE Sensex rose 139.17 points to 29114.28 and the 50-share NSE Nifty advanced 38.90 points to 8793.85.

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Moneycontrol Bureau The market gained strength amid consolidation in afternoon trade as FMCG, capital goods, technology and banks stocks extended gains. The 30-share BSE Sensex rose 139.17 points to 29114.28 and the 50-share NSE Nifty advanced 38.90 points to 8793.85.

However, the broader markets remained marginally under pressure. Declining shares outnumbered advancing ones by a ratio of 1594 to 1087 on the BSE.

The government tabled the 14th finance commission report. It recommended that the centre should transfer 42 percent of the divisible pool to the states, including taxes and grants against 32 percent earlier.

Prabodh Agarwal of IIFL says investor mood is very positive at the moment. He advises not to be distracted by the Budget and keep buying this market. Government should look at higher spending in infrastructure which should be funded by increasing tax rates this Budget, he adds.

Shares of ITC, L&T, HUL, Cipla, BHEL, NTPC and GAIL gained 1-2 percent while ONGC, Tata Motors, Reliance Industries, Sesa Sterlite, Bharti Airtel, Tata Steel and Hindalco declined 1-3 percent.

On the global front, Japan closed with gains of more than 0.7 percent while Europe traded flat. All eyes are on Greece as the Eurogroup is expected to mull Greece's revised list of reform proposals. Investors were also cautious ahead of US Fed chairperson Janet Yellen's testimoney before Congress over next 2 days.