BSE live: Sensex ends 97 points higher, auto stocks gain
3:40 p.m. BSE Sensex closed higher on Monday, with auto stocks leading the gains after the finance minister proposed excise duty cuts to boost sales hurt by a slowing economy..
The benchmark BSE Sensex ended 0.48 per cent higher at 20,464.06, while the broader Nifty closed up 0.41 per cent at 6,073.30.
3.10 p.m. Markets extend gains. Sensex up nealry 90 points at 20,457 while Nifty rose 23 points to 6,071.70. Auto and banking stocks were among the gainers.
(Read | Interim budget 2014: Auto stocks gain on proposed cuts in duties)
2:40 p.m. Jet Airways shares gained more than 6 per cent as traders expect Etihad may be forced to make an open offer to retail shareholders after reports said that market regulator has served notice to the Abu Dhabi-based airline. (Track shares)
2:35 p.m. What experts say on the interim budget 2014:
2.25 p.m. Markets remain range-bound, with Sensex up 64 points at 20,431 and Nifty rising 14 points at 6,062.85. Auto and banking stocks are among the gainers. HDFC, Hero MotoCorp and HDFC Bank up between 2.1 per cent and 1.7 per cent. Analyst say the exicise duty cut on automobiles in the budget will help to spur demand. KVS Manian, president - consumer banking at Kotak Mahindra Bank, said the excise duty cut on automobiles would help to spur demand. (Read: Highlights of interim budget)
Rupee has pulled back to below 62, trading almost flat at 61.93 per dollar.
1.38 p.m. Economist on interim budget 2014: Sajjid Chinoy, India economist at JP Morgan, said the finance minister has shown admirable fiscal restraint and the interim budget is positive in the near term.
But going forward the quality of cuts rather than the quantum of cuts would be closely watched, he added. The revenue estimates for FY15 are unlikely to be met if economic growth does not pick up, he added.
Rashesh Shah, chairman & CEO of Edelweiss Group, said the finance minister has provided a shy of relief by announcing a 4.6 per cent fiscal deficit target and it will be positive for bond markets.
1.15 p.m. Market update: Sensex, Nifty trade with muted growth. Sensex up 51 points at 20,418 while Nifty up 13 points at 6,061.
Auto stocks hold on to gains after the Finance Minister announced a cut in excise duties on small cars, two-wheelers and SUVs. Maruti and M&M were up 1.2 per cent each while Hero MotoCorp rose 1.5 per cent.
12:28 a.m. The Sensex held on to its gains after Finance Minister P. Chidambaram today pegged the FY14 fiscal deficit at 4.6 per cent, lower than the earlier estimates of 4.8 per cent.
Auto stocks gained today after the Finance Minister announced a cut in excise duties on small cars, two-wheelers and SUVs. Maruti and M&M were up 1.2 per cent each while Hero MotoCorp rose 2.2 per cent.
10:45 a.m. Sensex trading with muted gains, up 43 points at 20,409; Nifty up 10 points at 6,058.
What to expect from interim budget 2014: Dr.Tirthankar Patnaik, director & strategist-Institutional Research at Religare Capital Markets, said the government could offer some relaxation in gold imports if it feels comfortable with current account deficit. Gold jewellery stocks are up today.Tribhovandas Bhimji Zaveri, Shree Ganesh Jewellery House, Tara Jewels and Gitanjali Gems were up nearly 4 per cent. (Track jewellery stocks)
10:20: Market update: Sensex gives up some early gains, up 50 points at 20,416. Nifty adds 13 points at 6,061.75.
Shares of power companies gained after activist-turned-politician Arvind Kejriwal resigned as chief minister of Delhi on Friday. Reliance Infrastructure rose 0.4 per cent, while Tata Power Company was 2.6 per cent. The Delhi government had asked the region's power regulator to revoke the licences of two electricity distributors if they fail to supply power, drawing criticism from the companies.(Track power stocks)
10:10 a.m. The numbers to watch for in interim budget:
Tanvee Gupta, India economist at Macquarie Capital Securities, said analysts would be watching the FY14 revised estimates of fiscal deficit, the fiscal deficit target of FY15 and the borrowing target of the next fiscal.
(Read: Interim budget: 10 numbers that will influence stock markets)
9:55 a.m. What to expect from interim budget 2014: Dr.Tirthankar Patnaik, director & strategist-Institutional Research at Religare Capital Markets, said the government could offer some relaxation in gold imports if it feels comfortable with current account deficit. Gold jewellery stocks are up today.Tribhovandas Bhimji Zaveri, Shree Ganesh Jewellery House, Tara Jewels and Gitanjali Gems were up between 2 per cent and 4 per cent. (Track jewellery stocks)
Manishi Raychaudhuri, strategist and head of research of BNP Paribas Securities, said he does not expect any changes in the direct/indirect taxes.
9:40 a.m. Market update: Sensex adds to gains, up nearly 80 points to 20,445.39.
Market analysts would be closely watching the borrowing numbers for the fiscal 2015 Mr Chidambaram announces in today's interim budget.
J.P.Morgan expects India's gross borrowing for 2014/15 to be in a range of Rs 6.1 lakh crore to Rs 6.4 lakh crore.The investment bank adds net issuance should be Rs 4.7 lakh crore based on the government's forecast of a 4.2 per cent fiscal deficit for FY15 and 88 per cent financing via government bonds.
9:18 a.m. Markets open higher as expected on positive global cues. The Sensex was up 62 points at 20,429 while Nifty added 16 points at 6,065.
UR Bhat, managing director of Dalton Capital, said he does not expect any major changes from the interim budget. The markets would be however closely watching the estimates of growth and revenue, he said. Mr Bhat sees the Nifty to be range-bound.
Bharti Airtel shares were up 0.8 per cent to Rs 307. Reports said that it will acquire Loop Mobile in a Rs 700 crore deal that may be announced this week. (Read: Bharti Airtel to buy Loop Mobile for Rs 700 crore: report)
8:45 a.m. BSE Sensex is likely to open higher today, tracking positive Asian markets. Finance Minister P Chidambaram will present an interim budget for the coming fiscal year on Monday.
In the past two interim budgets in 2004-05 and 2009-10, the Nifty fell 2.25 per cent and 3.39 per cent respectively.
At 8:40 a.m., the SGX Nifty was up 16 points at 6,078.
Mr Chidambaram will also seek Parliament's approval for expenditure through vote-on-account, which will allow the government to cover its expenditure beyond the current fiscal.
(Read | Interim budget 2014-15: 10 things to expect from Chidambaram)
By tradition, the interim budget does not contain proposals seeking to tinker with direct taxes, nor are there any policy announcements, although there may be some sops for the common man and sectors that need help.
Though Mr Chidambaram is expected to keep the fiscal deficit within the 4.8 per cent target, analysts would be closely watching how much of the expenses he would be rolling over to the next year.
(Read: Interim budget key for stock markets in near-term: experts)
Asian equity markets rose today following a strong finish on the Wall Street on Friday.
Stocks to watch
Bharti Airtel stock will be in focus after reports said that it will acquire Loop Mobile in a Rs 700 crore deal that may be announced this week.
