The markets are still trading lower after the announcement of the interim budget as selling pressure continued across the board. Further the negative opening of the European markets also added to the sentiments today. The Realty and auto stocks erased all gains after the interim budget did not provide any sops to the sectors as was expected. The budget also did not produce any stimulus package. Further the Banking, Metal, Capital Goods, Power and Oil & Gas stocks are also feeling the selling heat. The broader markets are also trading lower.
The BSE Sensex is now trading below the 9,400 mark and the NSE Nifty is trading below the 2,858 mark.
The overall market breadth is negative as 1516 stocks are declining while 744 stocks are advancing in BSE.
ITC reported the top gainer from the BSE Sensex pack. It is trading higher by (0.95%) at Rs.180.75 while Jai Prakash Associate the top loser down by (7.42%) at Rs. 69.90.
At 2.30PM BSE Sensex is at 9,310.42 down by 324.32 points and Nifty is at 2,849.95 down by 98.40 points.
The BSE Mid Cap is lower by 76.40 points at 2,936.55 and the BSE Small Cap decreased by 62.97 points to 3,332.61.
The government in its interim budget gives emphasis to infrastructure investment. The investments in Infrastructure to be raised to 9% of GDP by 2014. However, 54 infra projects under PPP projects were given in-principle or final approval with an investment of Rs 67,700 crore. In line with this, the budgetary support increased for Ministries of Rural Development as well as Road Transport & Highway, Power, Railways, Industrial Policy & Promotion and IT. Bharat Nirman to get Rs 4900 crore and JNNURM gets Rs 11842 crore. In addition to this, the India Infrastructure Finance Company will raise Rs 10,000 crore from market by end of March 2009. Along with this, The India Infrastructure Finance Company will raise Rs 30,000 crore from market in next fiscal year. Adding to this, the rural infrastructure development scheme to be expanded through suitable allocations. The spending in FY 10 seen at 9.53 lakh crore. The Fiscal deficit for FY 09 at 6% of GDP.
The budget also gives support to agricultural sector. The agriculture credit has been increased by three fold to Rs 250,000 crore. Along with this, the fertiliser subsidy increased by Rs 44,863 crore from about Rs 14,000 crore (Rs 140 billion) during 2008-09. The annual rate of growth in agriculture was 3.7%. The production of food grain increased by 10 mn tonnes each year to all time high of 230 mn tonnes in 2007-08. The minimum support price for wheat increased to Rs 1,080 per quintal from Rs 630.
The Bankex index is facing the heavy selling pressures as it is down by 234.63 points at 4,790.29. Pulling it down are ICICI Bank trading lower by 5.70% at Rs409.60 along with Axis bank by 5.37% at Rs415.60, Federal Bank by 4.77% at Rs138.60, Bank Of Baroda by 4.65% at Rs235.80, SBI by 4.62% at Rs1138.60, Bank Of India by 4.61% at Rs240.05, Kotak Bank by 4.34% at Rs268.05, Union bank by 4.27% at Rs142.45 and Oriental bank by 2.50% at Rs126.70.
The Realty index is also facing the pressure to trade with deep cut of 70.21 points at 1,522.15. Leading from the losers pack are Indiabull Real trading down by 8.57% at Rs99.75 followed by MahindraLife by 5.51% at Rs116.70, Ansal Infra by 5.26% at Rs27.90, Unitech by 4.87% at Rs30.30, DLF by 4.36% at Rs153.60, Orbitco by 2.36% at Rs53.70, Akruti City by 1.39% at Rs1020, Anant Raj Inds by 1.27% at Rs54.55.
The most active shares on NSE are Unitech trading at Rs.30.30 with a total traded quantity of 70515231 shares followed by Satyam Computers trading at Rs.49.15 with a total traded quantity of 29750463 shares.
Bhatia Airtel is trading lower by 2.16% at Rs638.05. The company announced the launch of the world''s first Windows based Online Desktop-powered by Microsoft and Nivio, giving access to a personal virtual desktop from any computer connected to the internet for Airtel broadband customers. This initiative will pave the way for easy and affordable access to computing and broadband in India. This service will be available to all Airtel broadband customers across 95 cities in the country.
Punjab National Bank is trading down by 4.51% at Rs390.55. The Bank will be raising Rs 500 crore as PNB Upper Tier II Bond Issue Series VII through private placement with an option to retain oversubscription. The proposed date of opening is February 18, 2009 and proposed date of closing is February 18, 2009.
Hindalco Industries Ltd is trading lower by 2.95% at Rs44.35. The Board of Directors of the company at its meeting held on February 14, 2009 have considered and approved to undertake a financial restructuring exercise wherein the Company along with other activities as would be provided in detail under the scheme or petition proposes to earmark, allocate and credit to Business Reconstruction Reserve Account an amount as may be determined and considered appropriate by the Board of Directors of the Company, from the balance available in Securities Premium Account.
On the global markets front, the European markets are trading lower as FTSE and DAX index are trading lower by (0.46%) and (0.84%) respectively.
The BSE Sensex is now trading below the 9,400 mark and the NSE Nifty is trading below the 2,858 mark.
The overall market breadth is negative as 1516 stocks are declining while 744 stocks are advancing in BSE.
ITC reported the top gainer from the BSE Sensex pack. It is trading higher by (0.95%) at Rs.180.75 while Jai Prakash Associate the top loser down by (7.42%) at Rs. 69.90.
At 2.30PM BSE Sensex is at 9,310.42 down by 324.32 points and Nifty is at 2,849.95 down by 98.40 points.
The BSE Mid Cap is lower by 76.40 points at 2,936.55 and the BSE Small Cap decreased by 62.97 points to 3,332.61.
The government in its interim budget gives emphasis to infrastructure investment. The investments in Infrastructure to be raised to 9% of GDP by 2014. However, 54 infra projects under PPP projects were given in-principle or final approval with an investment of Rs 67,700 crore. In line with this, the budgetary support increased for Ministries of Rural Development as well as Road Transport & Highway, Power, Railways, Industrial Policy & Promotion and IT. Bharat Nirman to get Rs 4900 crore and JNNURM gets Rs 11842 crore. In addition to this, the India Infrastructure Finance Company will raise Rs 10,000 crore from market by end of March 2009. Along with this, The India Infrastructure Finance Company will raise Rs 30,000 crore from market in next fiscal year. Adding to this, the rural infrastructure development scheme to be expanded through suitable allocations. The spending in FY 10 seen at 9.53 lakh crore. The Fiscal deficit for FY 09 at 6% of GDP.
The budget also gives support to agricultural sector. The agriculture credit has been increased by three fold to Rs 250,000 crore. Along with this, the fertiliser subsidy increased by Rs 44,863 crore from about Rs 14,000 crore (Rs 140 billion) during 2008-09. The annual rate of growth in agriculture was 3.7%. The production of food grain increased by 10 mn tonnes each year to all time high of 230 mn tonnes in 2007-08. The minimum support price for wheat increased to Rs 1,080 per quintal from Rs 630.
The Bankex index is facing the heavy selling pressures as it is down by 234.63 points at 4,790.29. Pulling it down are ICICI Bank trading lower by 5.70% at Rs409.60 along with Axis bank by 5.37% at Rs415.60, Federal Bank by 4.77% at Rs138.60, Bank Of Baroda by 4.65% at Rs235.80, SBI by 4.62% at Rs1138.60, Bank Of India by 4.61% at Rs240.05, Kotak Bank by 4.34% at Rs268.05, Union bank by 4.27% at Rs142.45 and Oriental bank by 2.50% at Rs126.70.
The Realty index is also facing the pressure to trade with deep cut of 70.21 points at 1,522.15. Leading from the losers pack are Indiabull Real trading down by 8.57% at Rs99.75 followed by MahindraLife by 5.51% at Rs116.70, Ansal Infra by 5.26% at Rs27.90, Unitech by 4.87% at Rs30.30, DLF by 4.36% at Rs153.60, Orbitco by 2.36% at Rs53.70, Akruti City by 1.39% at Rs1020, Anant Raj Inds by 1.27% at Rs54.55.
The most active shares on NSE are Unitech trading at Rs.30.30 with a total traded quantity of 70515231 shares followed by Satyam Computers trading at Rs.49.15 with a total traded quantity of 29750463 shares.
Bhatia Airtel is trading lower by 2.16% at Rs638.05. The company announced the launch of the world''s first Windows based Online Desktop-powered by Microsoft and Nivio, giving access to a personal virtual desktop from any computer connected to the internet for Airtel broadband customers. This initiative will pave the way for easy and affordable access to computing and broadband in India. This service will be available to all Airtel broadband customers across 95 cities in the country.
Punjab National Bank is trading down by 4.51% at Rs390.55. The Bank will be raising Rs 500 crore as PNB Upper Tier II Bond Issue Series VII through private placement with an option to retain oversubscription. The proposed date of opening is February 18, 2009 and proposed date of closing is February 18, 2009.
Hindalco Industries Ltd is trading lower by 2.95% at Rs44.35. The Board of Directors of the company at its meeting held on February 14, 2009 have considered and approved to undertake a financial restructuring exercise wherein the Company along with other activities as would be provided in detail under the scheme or petition proposes to earmark, allocate and credit to Business Reconstruction Reserve Account an amount as may be determined and considered appropriate by the Board of Directors of the Company, from the balance available in Securities Premium Account.
On the global markets front, the European markets are trading lower as FTSE and DAX index are trading lower by (0.46%) and (0.84%) respectively.
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