Optimistic mood around the Union Budget builds up as the market is making gainful moves. The Sensex was up 102.16 points or 0.53% at 19254.57 while the Nifty gained 27.85 points or 0.48% at 5824.75.

Jet Airways gained 5.20% at Rs 562.65 on the BSE. Abu Dhabi-based Etihad announced it has acquired three slots at London’s Heathrow airport for USD 70 million (Rs 377 crore) from Jet two from Mumbai and one from Delhi. The deal is part of a sale and lease back agreement, said Etihad.

Top gainers on the Sensex are ONGC, L&T and Coal India adding more than 2%. On the losing side are Dr Reddy’s Labs, Maruti Suzuki and ITC (down around 0.5% each).

Strides Acrolab lost 9% (CMP at Rs 893.95 on the BSE) as it announced to sell Agila specialties division to Mylan inc. for USD 1.6bn in cash and potential additional consideration of up to USD 250 million.

Atul Suri, trader warns that the Nifty may sink to 5500 if the current levels are not hold.  He suggests looking for the next leadership in the market. According to Suri, IT and Oil & Gas may hold the trump card.