MARKET SUMMARY OF 29 FEB 2016

After a volatile ride, the market has ended with  major loses. The Sensex ended down 152.30 points or 0.7 percent at 23002, and the Nifty slipped 42.70 points or 0.6 percent at 6987.05. About 1090 shares have advanced, 1390 shares declined, and 159 shares were unchanged. ONGC, BHEL, Maruti, Infosys and L&T were major losers while ICICI Bank, HDFC Bank, Reliance, SBI and Dr Reddy's Labs were major gainers in the Sensex. Arun Jaitley, while announcing Union Budget 2016, has tried to make provisions for all the stakeholders. While the focus remained largely on the farmers by providing norms that will give them double incomes by 2022, Budget has also focused on Make in India, Women employment, and medium to below poverty class people. Auto Industry did have its own share of ups and downs. Following is a brief description of important take always for the auto industry. It was also proposed to collect tax at source at the rate of 1% on purchase of luxury cars exceeding value of Rs. 10 lakh and purchase of goods and services in cash exceeding Rs. 2 lakh. This will lead to muted demand.

This will lead to muted demand. Higher spend on infrastructure segments such as roads and highways, irrigation and push to 'Housing for all' scheme: The total outlay for infrastructure sector is pegged at Rs 2,21,246 crore in FY17. The government has announced a 100 per cent deduction for profits to an undertaking in housing project for flats upto 30 sq. metres in four metro cities and 60 sq. metres in other cities, approved during June 2016 to March 2019 and completed in three years