India poised for a quantum leap in infrastructure, says PM Modi

Prime Minister Narendra Modi today said India is set to take a quantum leap in infrastructure and the government is committed to strengthening it. The Prime Minister today unveiled an ambitious Rs 50,800-crore Setu Bharatam project, under which a total of 208 railway crossings will be replaced by rail over bridges (ROBs). As part of the project, 1,500 bridges of the British era will be overhauled at an estimated expenditure of Rs 30,000 crore.

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Food processing sector gets $385.45 mn FDI till Dec in FY16

India attracted USD 385.45 million FDI in the food processing sector during April-December period of the current fiscal, Parliament was informed today. In the previous fiscal, foreign direct investment (FDI) inflows in the food processing sector stood at USD 515.86 million. According to the data shared by Minister of State for Food Processing Sadhvi Niranjan Jyoti in a written reply in Rajya Sabha, the sector has attracted USD 5,285.66 million FDI during April 2012 to December 2015.

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Today's Market Strategy on Indian Stocks

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The Sensex is down 51.48 points or 0.2 percent at 24555.51, and the Nifty slips 24.05 points or 0.3 percent at 7451.55. About 673 shares have advanced, 812 shares declined, and 62 shares are unchanged. ONGC, Tata Motors, Cipla, ICICI Bank and ITC are top gainers while HDFC Bank, Maruti, SBI, Adani Ports and Bharti Airtel are losers in the Sensex.

PSU Banking shares were underperforming the benchmark indices on account of profit-booking. The PSU Bank index on the NSE was down 1.3 per cent; State Bank of India was the top loser, down 1.78 per cent to Rs.s. 179.50. IDBI Bank, Allahabad Bank, Punjab National Bank, Canara Bank, Indian Overseas Bank, Union Bank of India and Bank of Baroda were also among the laggards, down 0.72-1.78 per cent.

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Foreign institutional investors (FIIs) poured in over Rs 5,000 crore into the Indian equity market in a matter of three sessions after the Union Budget of 2016, which pushed the benchmark indices above their key resistance levels. Domestic institutional investors (DIIs) pulled out over Rs 1,800 crore from the domestic market during the same period. 

India's banking shares head for their first drop in six sessions on profit-booking.State Bank of India, Punjab National Bank and Bank of Baroda down between 0.7 pct and 1.5 pct.RBI's move to ease rules on what lenders can count as Basel III capital had boosted stock prices in last sessions.

Budget 2016: 100% tax deduction for startups for upto 3 years

Finance Minister Arun Jaitley in his budget speech announced a 100 percent tax deduction programme for three years over a period of five years for startups approved before FY2019 under the Startup India scheme. A recent report states that startups in India are expected to raise USD 700 million and 5000 jobs in the next 12 months. The Startup India iniciative, launched in January by Narendra Modi, plans to move in the same direction by providing incentives to startups in the form better incubation, talent and capital.

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Mkt in recovery phase; like auto, HDFC Bk, Kotak

Markets are focusing on Indian fundamentals rather than following global cues, says Sandip Bhatia of Macquarie Securities Group. He expects the global volatility to continue and says it could even become starker over a period of time. Despite the market rally, witnessed this week, Bhatia says Indian market is in a recovery phase and will take two to three years to bounce back fully. “Another correction cannot be ruled out.However sectors like banks, metals and mining continue to be under stress. If monsoons are good this time around, green shoots could widen across sectors.

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Today's Indian Stock Market Trading Rallies

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The market extended rally on Thursday with the Sensex rising 183.31 points or 0.76 percent to 24426.29 and the Nifty climbing 52.40 points or 0.71 percent to 7421.25. Hindalco, Tata Motors, Tata Steel, SBI, HDFC, PNB and Vedanta rallied 1-2 percent while ICICI Bank and GAIL fell on profit booking. 

Finance Minister Arun Jaitley's third Budget has been well-received by investors. After notching up its biggest one-day point gain in seven years on Tuesday, the Sensex extended its post-Budget rally by advancing 464 points on Wednesday. Bonds and rupee also staged a sharp recovery, signaling rising bullish sentiments on the Dalal Street.

Today's Indian Share Market Rallies

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The S&P BSE Sensex surged over 200 points in early morning trade on Thursday, led by gains in Infosys, HDFC, RIL, HDFC Bank, and Tata Motors.The Nifty50 reclaimed its crucial level of 7400 supported by gains in IT, metal, auto, oil & gas, and power stocks. 

The Sensex jumped nearly 2 percent on Wednesday to post its best two-day gain in almost seven years, led by banking stocks after the Reserve Bank of India (RBI) eased capital requirement rules, while other blue chips gained tracking a rally in Asian markets.

India at 90th rank in terms of energy security, access: WEF

India has been ranked at the 90th place in a list of 126 countries compiled by WEF on the basis of their ability to deliver secure, affordable and sustainable energy, which was topped by Switzerland. The latest Global Energy Architecture Performance Index Report, explored the energy architecture of 126 countries based on their ability to provide energy access across three dimensions of the "energy triangle" affordability, environmental sustainability, security and access. The list was topped by Switzerland followed by Norway and Sweden in the second and third place, respectively. Others in the top 10 include France (4th), Denmark (5th), Austria (6th), Spain (7th), Colombia (8th), New Zealand (9th) and Uruguay (10th). Among the BRIC nations, Brazil was the top performer as it was ranked at the 25th place, followed by Russia (52nd), India (90th), China (94)y.

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Budget 2016: Verdict on if it was historic will come in 10-15 yrs, says Sinha

In the long sweep of history, we need 10 or 15 years really to know whether a Budget has been truly historic or not," Minister of Finance (State) Jayant Sinha said at the 'CNBC-TV18 Mint Budget 2016: The Verdict' in the capital on Tuesday. "In the meantime, you get flashes," he added, referring to the rally in the stock and bond markets. According to Sinha, the reaction of the bond market was a better indicator of the credibility of the Budget. The decline in yield on 10-year government bonds to 7.62 percent from 8 percent showed the bond market was convinced about the Budget. The fall in yields would reduce the government's debt burden and give it more finances to implement the various schemes for the deserving, he said. 

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After a super rally, the market seems to be gushing with buyers in last month of the financial year. The Sensex is up 397.05 points or 1.7 percent at 24176.40, and the Nifty up 116.25 points or 1.6 percent at 7338.55. About 753 shares have advanced, 69 shares declined, and 23 shares are unchanged. SBI, ICICI Bank, BHEL, Adani Ports and Axis Bank are top gainers in the Sensex. M&M, Sun Pharma and Coal India are major losers in the Sensex.

From the Nifty-50 basket of shares, 46 stocks were advancing while 4 were declining.The broader markets also witnessed buying interest. The BSE mid-cap index advanced 1.3 per cent and the small-cap index was up 1.6 per cent.

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The S&P BSE Sensex surged as much as 431 points in early morning trade on Wednesday to reclaim its crucial level of 24000, led by gains in ICICI Bank, SBI, HDFC Bank, ITC, and HDFC.The Nifty50 reclaimed it crucial resistance level of 7,300 and was trading near its next crucial level of 7,350 supported by gains in realty, power, oil & gas, capital goods, and banks. 

A commitment by Finance Minister Arun Jaitley on Monday to meet the fiscal deficit target of 3.5 percent of the gross domestic product is also raising hopes it would raise confidence among foreign investors after heavy selling this year.The Nifty and Sensex indexes rose 3.4 percent each, their strongest daily gains since September 2013. The rupee rose to as much as 67.86 per dollar, its highest since Feb. 10, from its closing level of 68.4250/68.4350 on Monday.

Budget 2016: Right medicine for fiscal stability and consolidation

We are in volatile times. All over the world the things are not looking good. Under the shadow of global economy which has multiple fractures – hike in Federal Reserve Rates by USA, slowing Japanese economy backed by ageing issue, variety of European problems - from slowdown austerity measure in Greece to France willing to exit from Euro to Britain Exit from Euro (Brexit), geo-political problems with tussles between South and North Korea, Syria and Mid-east countries, Indian economy has been languishing for last few quarters. 

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No tax on PPF withdrawal; only interest to be taxed in EPF: Govt

The government today has clarified that the popular public provident fund (PPF) scheme will continue to stay out of the tax ambit and that tax will be levied only on accrued interest on 60 percent of employee provident fund (EPF) contribution. This was confirmed by Revenue Secretary Hasmukh Adhia who spoke to PTI, a day after the Union Budget set the cat among the pigeons when the Finance Minister vaguely referred to tax being referred to PF schemes. Further, small salaried employees with up to Rs 15,000/month income will be kept out of purview of proposed taxation of EPF.

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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. 

Meanwhile, in a boost to the equity markets, The People's Bank of China (PBOC) said on its website on Monday that it cut its reserve requirement ratio, or the amount of cash that banks must hold as reserves, by 50 basis points.

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The S&P BSE Sensex surged over 300 points in morning trade on Tuesday led by gains in ITC, Infosys, ICICI Bank, Axis Bank, L&T. The Nifty50 reclaimed its crucial resistance level of 7,050 supported by gains in IT, oil & gas, metal, capital goods, banks, and auto stocks. 

Indian bonds and the rupee rallied on Monday after Finance Minister Arun Jaitley said the government would stick to its fiscal deficit target for 2016/17, raising expectations the Reserve Bank of India (RBI) may cut interest rates before its next policy review in April.The benchmark 10-year bond yield ended down 16 bps at 7.62 percent, after falling as much as 18 bps intraday, the lowest since Jan. 22. The 10-year benchmark bond yield posted its biggest single-day fall since June 8, 2015.

Budget 2016: Will review medium term fiscal framework, says govt

The FM hands over the mic to each of his ministry's top officials. Finance Secretary Ratan Watal talks tough, says the government will review the medium-term fiscal framework and adds that it will also take steps to ensure subsidy leakages are contained. The Finance Minister, along with the battery of officials from the Ministry, is addressing a press conference. The Sensex has closed 150 points lower, fair compared to the intra-day move. The total intra-day move was 849 points. Bank Nifty outperforms, closes up 1 percent. The Budget has laid down the highest ever allocation to the PM Gram Sadak Yojana, says Prime Minister Narendra Modi. "It will help in linking all villages with roads by 2019."

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Budget 2016: Jaitley faces tough task; has to please both farmers, investors

Finance Minister Arun Jaitley faces a tough task of balancing the needs of farm sector as well as the industry when he will present his third and challenging Budget on Monday as he seeks to garner resources to boost public spending for higher growth amid global headwinds. On the income tax front, the Budget may continue with the status quo on the tax slabs while it may tinker with the exemptions. Rising rural distress because of back-to-back droughts have put considerable pressure on the Finance Minister to spend more on social schemes, while at the same time he has to win back foreign investors craving for faster reforms.

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The Sensex is down 9.31 points at 23144.99 and the Nifty is down 6.05 points at 7023.70. About 720 shares have advanced, 656 shares declined, and 80 shares are unchanged. Aviation stocks like Jet Airways and SpiceJet are down 4-6 percent. According to CNBC-TV18, in best case scenario, the Nifty could make a move to 7250-7300. However, the big question will be if fresh selling emerges if Nifty goes to 7250. In worst case scenario, Nifty could break recent low of 6869, say CNBC-TV18 analyst.

Stock markets extends losses on the back of selling in FMCG, IT, auto and oil & gas stocks. The Sensex fell as much as 88 points to hit low of 23,066.41 and Nifty fell below its crucial psychological level of 7,000. The index declined 30 points to hit low of 6,999.30 ahead of Budget announcements.

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The domestic market is expected to trade in a range on Monday ahead of the Union Budget 2016, tracking positive trend seen in other Asian markets.In the pre-Budget session on Friday, Nifty bounced back and formed a higher top and higher bottom on the daily chart. If the index manages to rally above 7,250, then the bounce may take the index higher. 

Jaiprakash Associates gains 6.6 pct, UltraTech Cement up 2.2 pct.UltraTech on Sunday said it agreed to buy 12 cement plants from Jayprakash Associates for an enterprise value of 165 billion rupees ($2.4 billion).Deal has "long-term benefits" for UltraTech but could face legal hurdles from competition regulator.