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Major headlines

·         Tata Communications net jumps over 12-fold in Dec Quarter

·         India hopes to complete oil storage talks with UAE on Tuesday

·         Top execs of UAE’s Etiad to quit but airline says committed to strategy

Indian Indices: Indian equity benchmarks continued to extend their gains in late afternoon session on the back of healthy buying in Power, Capital Goods and Auto counters. Sentiments remained positive with SBI’s research report Ecowrap, which said that the Government is likely to make sweeping recast of direct taxes in the ensuing Budget to give a boost to the economy following demonetisation. Some support also came with the report that the government is likely to set fiscal deficit target in the range of 3.3-3.4 percent of GDP for the financial year 2017-18 in the upcoming Budget or will target a fiscal deficit of 3.5 percent of GDP -- same as that of 2016-17. 

However, investors remained cautious with credit rating agency Care’s report that upcoming budget is expected to come up with some major changes to the tax framework for individuals and corporate following the demonetisation measure. Meanwhile, a high-level committee the government had set up to review fiscal responsibility rules recommended a framework to allow greater fiscal space for the government to spend more on development.

The BSE Sensex is currently closed at 27375.58, up by 258.24 points or 0.95% after trading in a range of 27140.85 and 27315.48. There were 24 stocks advancing against 6 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.49%, while Small cap index was up by 0.62%.The CNX Nifty is currently  shut at 8475.80, up by 84.30 points or 1.00% after trading in a range of 8398.15 and 8454.95. There were 42 stocks advancing against 9 stocks declining on the index.

Market Sentiment: The market breadth on BSE was positive in the ratio of 1397: 1190, while 159 scrips remained unchanged.

Crporate Front:

The Union Cabinet on Tuesday approved interest waiver for November and December 2016, for farmers who have taken short term crop loans from cooperative banks for the Rabi sowing season.

Macroeconomic front:

Initial inquiry reports of recent rail accidents may point to sabotage, but a former Railway Minister and officials held the "faulty financing model" and delay in implementing the required technological measures responsible for the poor infrastructure of the railways that may also be responsible for some train accidents.

On the global front:

On the global front, European markets were trading in green as investors wait for fresh economic data and earnings reports. Asian markets were trading mostly in green. Back home, in scrip specific development, Lupin was trading in green after the company launched its Norgestimate and Ethinyl Estradiol Tablets USP, 0.25 mg/0.035 mg having received approval from the United States Food and Drug Administration (USFDA) earlier to market a generic version of Janssen Pharmaceuticals, Inc.’s Ortho-Cyclen 28 Tablets (Norgestimate/Ethinyl Estradiol).

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Power up by 1.36%, Capital Goods up by 1.18%, Auto up by 1.15%, PSU up by 1.11% and Oil & Gas up by 1.07%, while IT down by 0.34%, TECK down by 0.20% and FMCG down by 0.15% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were BHEL up by 2.96%, Idea Cellular up by 2.52%, Tata Power up by 2.45%, Ultratech Cement up by 2.29% and AurobindoPharma up by 2.09%. On the flip side, Yes Bank down by 2.04%, Hindustan Unilever down by 1.50%, HCL Tech down by 1.31%, BhartiAirtel down by 1.03% and Infosys down by 1.02% were the top losers.

Global Signals:

Asian markets were trading mostly in green; Shanghai Composite increased 5.78 points or 0.18% to 3,142.55, FTSE Bursa Malaysia KLCI increased 6.37 points or 0.38% to 1,677.68, Taiwan Weighted increased 23.9 points or 0.25% to 9,447.95, Jakarta Composite increased 41.61 points or 0.79% to 5,292.58 and Hang Seng increased 51.34 points or 0.22% to 22,949.86. On the flip side, Nikkei 225 decreased 103.04 points or 0.55% to 18,787.99 and KOSPI Index decreased 0.23 points or 0.01% to 2,065.76.

All European markets were trading in green; UK’s FTSE 100 increased 3 points or 0.04% to 7,154.18, France’s CAC increased 6.24 points or 0.13% to 4,827.65 and Germany’s DAX increased 10.62 points or 0.09% to 11,556.37.