Most Asian markets are up with Japan's benchmark Nikkei gaining close to 4%. China's CIS300 is flat, Hong Kong's Hang Seng has gained over 2% and South Korea's Kospi is up 1.5%.
The miseries of recent days seem to have vanished in a flash as indices world over are scaling merrily. Short-covering, renewed buying or better valuations, whatever the excuse, a section of investors seem to be happily lapping on to beaten down stocks not just among blue-chips but also mid-caps. Investors will be all ears to ministers as trade chambers host the finance minister and all finance ministry secretaries for post Budget interactions today. Aviation and Power ministers will also speak about budget proposals impacting their ministries.
After a terrific Tuesday, bulls will be on a rampage in early trade as a gap-up opening is on the cards. The rupee is expected to gain strength but could witness some profit booking later in the day. The Budget Day's low of 6825 is a 50% retracement of the entire move from the low of 4531 to recent peak of 9119. Rebound from 6825 could extend towards 7225 and once it sustains, the Nifty could attempt a shot at 7569. The downside we will leave it for another day given the upbeat mood in global markets too. Most Asian markets are up with Japan's benchmark Nikkei gaining close to 4%. China's CIS300 is flat, Hong Kong's Hang Seng has gained over 2% and South Korea's Kospi is up 1.5%. A rally in oil prices lifted US shares on Tuesday, the first session of March, with Banking and Technology sectors in particular leading the advance. Strong auto sales numbers and a better-than-expected report on the manufacturing sector also helped support the sentiment for stocks on Wall Street.
The Dow jumped 2.1%. The S&P 500 index climbed 2.4%. The Nasdaq advanced by 2.9%. It was the best one-day percentage gain for the S&P 500 and the Dow since Jan. 29.
Also, the S&P 500 saw its best March start since 2002. Crude oil futures for April delivery settled 1.9% higher at US$34.40 a barrel, recovering from an earlier weakness.
Auto makers on Tuesday announced a hike in car prices after the Government announced an infrastructure cess of up to 4% on cars of varying sizes in the Union Budget for FY17. Maruti Suzuki and Tata Motors were among the first to announce increase in the prices of its products on Tuesday while other manufacturers like M&M and Hyundai were expected to do the same soon.
Moody's Investors Service says that India's fiscal 2017 budget -- which was released on 29 February -- is moderately credit positive for most sectors, but efforts at deficit reduction will remain challenging, while the effects for public-sector banks are negative.
After a terrific Tuesday, bulls will be on a rampage in early trade as a gap-up opening is on the cards. The rupee is expected to gain strength but could witness some profit booking later in the day. The Budget Day's low of 6825 is a 50% retracement of the entire move from the low of 4531 to recent peak of 9119. Rebound from 6825 could extend towards 7225 and once it sustains, the Nifty could attempt a shot at 7569. The downside we will leave it for another day given the upbeat mood in global markets too. Most Asian markets are up with Japan's benchmark Nikkei gaining close to 4%. China's CIS300 is flat, Hong Kong's Hang Seng has gained over 2% and South Korea's Kospi is up 1.5%. A rally in oil prices lifted US shares on Tuesday, the first session of March, with Banking and Technology sectors in particular leading the advance. Strong auto sales numbers and a better-than-expected report on the manufacturing sector also helped support the sentiment for stocks on Wall Street.
The Dow jumped 2.1%. The S&P 500 index climbed 2.4%. The Nasdaq advanced by 2.9%. It was the best one-day percentage gain for the S&P 500 and the Dow since Jan. 29.
Also, the S&P 500 saw its best March start since 2002. Crude oil futures for April delivery settled 1.9% higher at US$34.40 a barrel, recovering from an earlier weakness.
Auto makers on Tuesday announced a hike in car prices after the Government announced an infrastructure cess of up to 4% on cars of varying sizes in the Union Budget for FY17. Maruti Suzuki and Tata Motors were among the first to announce increase in the prices of its products on Tuesday while other manufacturers like M&M and Hyundai were expected to do the same soon.
Moody's Investors Service says that India's fiscal 2017 budget -- which was released on 29 February -- is moderately credit positive for most sectors, but efforts at deficit reduction will remain challenging, while the effects for public-sector banks are negative.
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