Global cues are helping the cause as the market moves into the March series. Nifty ended down 6% for February series (eoe) basis after the fall of 6.5% in January expiry.
The Railway Budget is out of the way after Suresh Prabhu announced some innovative steps to get the largest employer on track. All eyes are now on the Economic Survey, which will be presented in Parliament today. The Union Budget to be presented on Monday will hold the key. It is widely speculated that the government may not stick to the fiscal deficit target of 3.5% of GDP for FY17.
The outlook is a positive start. Global cues are helping the cause as the market moves into the March series. Nifty ended down 6% for February series (eoe) basis after the fall of 6.5% in January expiry. BankNifty was the biggest dragger, with huge quantum of short rollovers positions carried forward for March series in banking stocks. Rollovers for Nifty stood at 68/71% (1.93cr vs 1.97cr previous expiry). VIX index was up ~28% on (eoe) basis. Ahead of budget, build up on options was seen with 7000 puts and 7500 calls holding maximum open interest. The release of Jan eight infrastructure industrial data is also eyed. Rupee could turn weak. The fall could be limited due to interventions which may come in close to the 69 per dollar mark.
For the Nifty, it is a classic case of earlier support acting as resistance. Inability of index to sustain above the previous support of 7241 brought it lower on Thursday and in the process the benchmark retraced below 61.8% the recent recovery.
The Economic Survey for 2015-16 (Apr-Mar) will be tabled in Parliament at 11 am. Around 3 pm, Chief Economic Adviser Arvind Subramanian will address the media.
Sunil Kumar Devakonda has purchased total 36,117 shares of Alfatran at a price of Rs. 20.15 from Promila Shroff a bulk deal valued at Rs. 7.27 lakh.
India Opportunities Growth Fund - Pinewood Strategy has purchased total 19,800 shares of Borosil at a price of Rs. 2,545 from Prakash Pranlal Doshi in a block deal valued at Rs. 5.03 crore
The Bombay High Court will hear a public interest litigation seeking application of odd-even rule for vehicles plying in Mumbai.
US stock indices advanced on Thursday, spurred by higher oil prices. The Dow Jones Industrial Average climbed 212 points, or 1.3%, to end at 16,697, with all 30 of its components in positive territory. The S&P 500 index gained 22 points, or 1.1%, to close at 1,951, led by financials and technologies, up 1.4% and 1.3% respectively. The Nasdaq Composite index rose by 40 points, or 0.9%, to settle at 4,582.
Nymex crude oil futures erased steep losses to end sharply higher after reports quoted Venezuela’s oil minister as saying that his country would meet with fellow oil producers next month in an effort to stabilize prices.
On the US economic front, a report showed that January US orders for durable goods posted their biggest gain in 10 months.
Shipments of non-defense capital goods (ex-aircraft) were negative, in line with economists’ expectations.
Railway Minister Suresh Prabhu has given a no-tariff hike budget without compromising on the capital expenditure for increasing carrying capacity, both passengers and freight even in a challenging economic environment marked by a severe slowdown in the commodity sectors, which are lifeline of the Railways’ earnings, ASSOCHAM President Sunil Kanoria said.
Presenting the Railway Budget 2016-17 in the Parliament, Railway Minister Suresh Prabhakar Prabhu said the budget seeks to fulfill the long-felt desires of the common man such as reserved accommodation on trains available on demand, time tabled freight trains, high end technology to improve safety record, elimination of all unmanned level crossings, improved punctuality, higher average speed of freight trains, semi high speed trains running along the golden quadrilateral, zero direct discharge of human waste by the year 2020.
The outlook is a positive start. Global cues are helping the cause as the market moves into the March series. Nifty ended down 6% for February series (eoe) basis after the fall of 6.5% in January expiry. BankNifty was the biggest dragger, with huge quantum of short rollovers positions carried forward for March series in banking stocks. Rollovers for Nifty stood at 68/71% (1.93cr vs 1.97cr previous expiry). VIX index was up ~28% on (eoe) basis. Ahead of budget, build up on options was seen with 7000 puts and 7500 calls holding maximum open interest. The release of Jan eight infrastructure industrial data is also eyed. Rupee could turn weak. The fall could be limited due to interventions which may come in close to the 69 per dollar mark.
For the Nifty, it is a classic case of earlier support acting as resistance. Inability of index to sustain above the previous support of 7241 brought it lower on Thursday and in the process the benchmark retraced below 61.8% the recent recovery.
The Economic Survey for 2015-16 (Apr-Mar) will be tabled in Parliament at 11 am. Around 3 pm, Chief Economic Adviser Arvind Subramanian will address the media.
Sunil Kumar Devakonda has purchased total 36,117 shares of Alfatran at a price of Rs. 20.15 from Promila Shroff a bulk deal valued at Rs. 7.27 lakh.
India Opportunities Growth Fund - Pinewood Strategy has purchased total 19,800 shares of Borosil at a price of Rs. 2,545 from Prakash Pranlal Doshi in a block deal valued at Rs. 5.03 crore
The Bombay High Court will hear a public interest litigation seeking application of odd-even rule for vehicles plying in Mumbai.
US stock indices advanced on Thursday, spurred by higher oil prices. The Dow Jones Industrial Average climbed 212 points, or 1.3%, to end at 16,697, with all 30 of its components in positive territory. The S&P 500 index gained 22 points, or 1.1%, to close at 1,951, led by financials and technologies, up 1.4% and 1.3% respectively. The Nasdaq Composite index rose by 40 points, or 0.9%, to settle at 4,582.
Nymex crude oil futures erased steep losses to end sharply higher after reports quoted Venezuela’s oil minister as saying that his country would meet with fellow oil producers next month in an effort to stabilize prices.
On the US economic front, a report showed that January US orders for durable goods posted their biggest gain in 10 months.
Shipments of non-defense capital goods (ex-aircraft) were negative, in line with economists’ expectations.
Railway Minister Suresh Prabhu has given a no-tariff hike budget without compromising on the capital expenditure for increasing carrying capacity, both passengers and freight even in a challenging economic environment marked by a severe slowdown in the commodity sectors, which are lifeline of the Railways’ earnings, ASSOCHAM President Sunil Kanoria said.
Presenting the Railway Budget 2016-17 in the Parliament, Railway Minister Suresh Prabhakar Prabhu said the budget seeks to fulfill the long-felt desires of the common man such as reserved accommodation on trains available on demand, time tabled freight trains, high end technology to improve safety record, elimination of all unmanned level crossings, improved punctuality, higher average speed of freight trains, semi high speed trains running along the golden quadrilateral, zero direct discharge of human waste by the year 2020.
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