1:45 pm Budget outlook: Ahead of the much-awaited Budget
over the upcoming weekend, the market is expected to remain volatile over the
next few days, is the word coming in from Sanjay Dutt, director, Quantum
Securities. At the moment, the market is at the upper end of the trading range,
he says. As expected, there will be a lot of noise in the run up to the Budget.
But Dutt does not expect major changes on the tax front in the Budget.
"The Budget needs to be a radical, out-of-the-box type of a Budget,"
he told. If it indeed turns out to be a Modi Budget, or if finance minister
Arun Jaitley truly manages to deliver, there will be a big rally in the market,
he adds. As far as the Railway Budget goes, all positives that may come from it
are already priced in, he says. Certain core issues have been plaguing the
Railways for many years now and if Suresh Prabhu has to bring the railways back
on track, there is a need for some radical decisions on that front as well.
1:30 pm Buzzing: Shares of Kotak Mahindra surged 4
percent while ING Vysya was up 3 percent intraday on Monday after the
proposed Rs 15,000-crore merger deal got the Competition Commission's (CCI)
approval.
According to the fair trade regulator, the merger, which would create the
country's fourth largest private sector lender, is "not likely to have an
appreciable adverse effect on competition in India". In an order dated
February 12, the CCI said that share of both entities in various relevant
markets is "insignificant".
In this case, the regulator took into account multiple relevant markets
including those for deposits, home loans, agricultural banking and card
business. These were considered in accordance with the international best
practices regarding the assessment of the mergers in the banking sector.
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may de-rate if Budget hikes cigarette excise over 15%
The market is flat as the Sensex is up 53.23 points at 29284.64 and the
Nifty is up 8.85 points at 8842.45. About 1341 shares have advanced, 1305
shares declined, and 201 shares are unchanged.
Sesa Sterlite, L&T, TCS, M&M and Tata Power are top gainers in the
Sensex. Among the losers are GAIL, Reliance, Axis Bank, HDFC and Hero.
President Pranab Mukherjee today said inflation has fallen to a record low
due to a number of decisive steps taken by the government and the economy is
again on a high growth trajectory. Delivering his address to the joint sitting
of Parliament, whose Budget session commenced today, he said, "Inflation
and food inflation, in particular, are at a record low due to a number of
decisive measures taken by the government."
Wholesale inflation turned negative for the second time in three months as
fall in petroleum and food prices dragged it to a five-and-a-half year low of
(-) 0.39 percent in January. The overall food inflation was at 8 percent. More
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