The market has begun the Budget Day trading session on a positive note, with the Sensex gaining over 100 points. The Sensex was up 126.19 points at 36091.21, while the Nifty was up 40.70 points at 11068.40. The market breadth was narrow as 385 shares advanced, against a decline of 216 shares, while 122 shares are unchanged .Larsen & Toubro, SBI, and HPCL gained the most on both indices, while NTPC and Infosys have lost the most. The Bank Nifty is trading 0.28 percent higher. Other sectoral indices are trading in the green, barring Nifty pharma. L&T gained 2.4 percent on better than expected earnings. ICICI Bank cut opening losses to trade 0.4 percent lower, after earnings. JSW Steel was up 1 percent and Vedanta declined 1 percent post earnings.
Quess Corp gained 2 percent after acquisition of two companies. The focus for today undoubtedly will be on Finance Minister Arun Jaitley as he lays out details of the Union Budget. Investors will hope there is continued commitment to fiscal consolidation and no additional tax burden on capital market investments. Areas like infrastructure and affordable housing, healthcare, job creation and rural development would get attention. The Nifty, which started on a muted note.
On the Earning front
Stock focus will be on ASHOKLEY, BAJAJFINSV, CEAT, CUMMINS, MRF, POWERGRID, TITAN among others which will announce their
December 2017 quarter earnings report today.
Major Asian markets are trading in the green at present Nikkei is up 1.34%, Hang Seng is up 0.15%, while Shanghai Composite is trading 0.12% higher.
US Markets: The major averages ended the day modestly lower. The Dow rose 0.3% to 26,149.39, the Nasdaq inched up 0.1% to 7,411.48 and the S&P 500 also ended the session 0.1% higher at 2,823.81.
European markets closed mixed yesterday with FTSE down 0.72%, CAX was up 0.15% and DAX closed 0.06% lower.
Major Headlines of the day:
ONGC buys government's entire 51.11% stake in HPCL for Rs 36,915 crore. In a regulatory filing, ONGC said it bought 77.88 crore shares in Hindustan Petroleum Corp Ltd (HPCL) for Rs 473.97 per share. The acquisition was done in an off-market deal.
SBI receives board approval to divest 4.40% stake in CCIL. Country's largest lender State Bank of India today said it has received board approval to divest 4.40 per cent stake in Clearing Corporation of India.
Trend in FII flows: The FIIs were Net Value of Rs -136.63 the cash segment Tuesday while the DIIs were Net Value of Rs 1294.66 as per the provisional figures.
Securities in Ban For Trade Date 01-FEB-2017: