Indices trade weak; No Budget cheer

Benchmark indices have recovered from day’s low and are trading 0.4% lower during the morning trades.

Some fresh buying is visible in the technology pack and select metal shares including Hindalco and Coal India. However, heavy selling is visible in the financial space, capital goods and FMCG shares.
 

At 12.30 Pm, The Sensex is trading at 25,343 levels lower by 100 points and Nifty is trading at 7,552 levels down by 32 points.
 

The market breadth is weak on the BSE with 819 advances and 1705 declines.

 

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(updated at 12.30 PM)
The markets were trading at their day's lows after the budget proposals presented so far by the Finance Minister Arun Jaitley fail to impress market participants.

Finance Minister stated the government will meet 4.1% fiscal deficit target and announced that there will be no changes in retrospective tax.

At 11:40AM, the Sensex was trading at 25,212 levels down by 232 points and the Nifty is trading at 7,508  levels lower by 77 points.

 Finance Minister begins his speech in the Parliament laying emphasis on reducing fiscal deficit, containing inflation and improve growth rate.

Finance Minister focuses on reviving structural problems of the ailing economy. He added  Fiscal prudence will lead to fiscal consolidation and aimed at a sustained growth of 7-8 pct in next three-four years

Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 645.19 crore on Wednesday, 9 July 2014, as per provisional data from the stock exchanges.
Sectors & Stocks:

On The sectoral front, BSE Realty is the top gaining index followed by Power and Metal indices. However, BSE FMCG, Healthcare and Consumer Durables indices are losing sheen in the  BSE.

Fresh buying is visible in the Power space as starting of stalled projects, easier access to power plants and coal mines and deregulation of electricity prices are some of the concerns which are expected to be undertaken in this Budget. NTPC and Tata Power are up by 1.3-2 %

Reduction of subsidy  and fuel price reforms are the two main agenda on the Budget wishlist. Therefore, state owned oil and gas companies are expected to gain. GAIL and ONGC are up between 0.1-0.6% RIL added 0.4% to the rise.

Mining regulations and reforms for raw material security are bound to aid the Metal pack. Hindalco, Coal India, Sesa Sterlite and Tata Steel are up between 0.2-1.2%

Among other gainers are BHEL, Wipro and Infosys

On the flip side, FMCG major ITC is facing the pressure as Finance Minister Arun Jaitley is expected to raise tax on cigarettes in the Budget to deter people from smoking.

Heavy selling is visible in the Banking space. ICICI Bank, SBI, and HDFC twins are down between 0.5-2.6%

The Auto shares are eyeing the implementation of GST to streamline and standardise the cost of selling cars. M&M, Bajaj Auto and Maruti Suzuki have lost between 0.6-0.9%

Among other losers are Bharti Airtel, Axis Bank and TCS

The broader markets are trading in a negative territory with BSE Midcap index lower by 0.3% and BSE Smallcap index down by 0.6%

The market breadth is marginally weak with 1,378 declines and 1000 advances
  

Finance Minister stated the government will meet 4.1% fiscal deficit target and announced that there will be no changes in retrospective tax.

At 11:40AM, the Sensex was trading at 25,212 levels down by 232 points and the Nifty is trading at 7,508  levels lower by 77 points.

 Finance Minister begins his speech in the Parliament laying emphasis on reducing fiscal deficit, containing inflation and improve growth rate.

Finance Minister focuses on reviving structural problems of the ailing economy. He added  Fiscal prudence will lead to fiscal consolidation and aimed at a sustained growth of 7-8 pct in next three-four years

Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 645.19 crore on Wednesday, 9 July 2014, as per provisional data from the stock exchanges.
Sectors & Stocks:

On The sectoral front, BSE Realty is the top gaining index followed by Power and Metal indices. However, BSE FMCG, Healthcare and Consumer Durables indices are losing sheen in the  BSE.

Fresh buying is visible in the Power space as starting of stalled projects, easier access to power plants and coal mines and deregulation of electricity prices are some of the concerns which are expected to be undertaken in this Budget. NTPC and Tata Power are up by 1.3-2 %

Reduction of subsidy  and fuel price reforms are the two main agenda on the Budget wishlist. Therefore, state owned oil and gas companies are expected to gain. GAIL and ONGC are up between 0.1-0.6% RIL added 0.4% to the rise.

Mining regulations and reforms for raw material security are bound to aid the Metal pack. Hindalco, Coal India, Sesa Sterlite and Tata Steel are up between 0.2-1.2%

Among other gainers are BHEL, Wipro and Infosys

On the flip side, FMCG major ITC is facing the pressure as Finance Minister Arun Jaitley is expected to raise tax on cigarettes in the Budget to deter people from smoking.

Heavy selling is visible in the Banking space. ICICI Bank, SBI, and HDFC twins are down between 0.5-2.6%

The Auto shares are eyeing the implementation of GST to streamline and standardise the cost of selling cars. M&M, Bajaj Auto and Maruti Suzuki have lost between 0.6-0.9%

Among other losers are Bharti Airtel, Axis Bank and TCS

The broader markets are trading in a negative territory with BSE Midcap index lower by 0.3% and BSE Smallcap index down by 0.6%

The market breadth is marginally weak with 1,378 declines and 1000 advances.