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.

Today's Market Strategy on Indian Shares

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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.