Use this space to put some text. Update this text in HTML Powered by Blogger.

Friday, 27 February 2015

Economic Survey: Sensex up 350 pts, Nifty hits 8800; mkt gears up for Budget

1:30 pm Reaction to Economic Survey: Siddhartha Sanyal, Chief India Economist, Barclays says there is a lot of foreign institutional investor (FII) interest in fixed income instruments and the government should launch these soon in order to pool in significant capital.

In an interview  Sanyal says areas like defence and railways can get a lot of capital by means of bonds.

Furthermore, Sanyal expects the real growth rate for FY16 to be at 7.8 percent; WPI inflation at 3 percent and revenue growth in the low teens.

1:22 pm Market check: The Sensex is up 361.58 points or 1 percent at 29108.23 and the Nifty is up 122.60 points or 1 percent at 8806.45.  About 1683 shares have advanced, 982 shares declined, and 198 shares are unchanged.

1:15 pm Market outlook: The expectations from the Union Budget 2015-16 have come off slightly in the past few days, says Pratik Gupta, head of equities, Deutsche Bank. Speaking, Gupta says the Union Budget is expected to be growth-oriented, just like the Railway Budget, but long-term investors are more worried about the pending legislations. However, investors are positive on the Indian equity market given the global backdrop, commodity prices and flow of funds. “So, we would recommend buying the Indian market on every dip. India will see a good recovery though the timing of the recovery is not clear,” he adds.

Don't miss: ITC slips 3%, fear of excise duty hike spook investors

The market is gearing up with full gusto ahead of Union Budget as the government projected an impressive FY16 GDP growth target. According to Economic Survey, FY16 GDP growth is seen at 8.1-8.5 percent. The Sensex is up 338.88 points or 1 percent at 29085.53 and the Nifty is up 113.60 points or 1 percent at 8797.45. About 1659 shares have advanced, 972 shares declined, and 190 shares are unchanged.

Tata Power, L&T, Hindalco, ICICI Bank and Sesa are top gainers in the Sensex. Among the losers are ITC, GAIL, Wipro, TCS and HDFC.

Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in the North Sea and renewed fears of gas supply disruption in Europe supported prices. A reduction in rig counts and expectations for better oil demand have helped Brent prices rise by around 15 percent so far this month from January's close of $52.99.

US crude is also on course for its first monthly rise in eight, but with a more modest gain of about 1.3 percent. More information please visit this site

No comments:

Post a Comment