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Major headlines:

·         ArunJaitelypropses IT for education, more skill centres

·         Ananth Kumar calls Budget 2017-18 revolutionary

·         Moody’s analyst says India’s budget fiscally prudent reforms key

Indian Indices: Indian benchmarks gained momentum and were trading jubilantly in late afternoon session with frontline gauges surpassing their crucial levels of 28,000 (Sensex) and 8,650 (Nifty), as Finance Minister ArunJaitley made no reference to long-term capital gains tax on equities and also set a comfortable fiscal deficit target of 3.2% for the fiscal year 2017-18. Some support also came after FM unveiled a slew of measures in income tax, small housing and small and medium businesses, among others, in the Union Budget for 2017-18. Moreover, proposal to further liberaise FDI policy too uplifted the trading sentiments. On the sectoral front, banking sector stocks gained traction after Jaitley announced that the government will infuse another Rs 10,000 crore in public sector banks for re-capitalisation. Fertilisers stocks surged after FM committed to double farmer income in five years.

The BSE Sensex is currently closed at 28,141.64 up by 485.68 points or 1.76% after trading in a range of 27590.10 and 28157.41. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.22%, while Small cap index was up by 1.13%.

The CNX Nifty is shut up at 8716.40, up by 155.10 points or 1.81% after trading in a range of 8537.50 and 8726.25. There were 34 stocks advancing against 17 stocks declining on the index.

Crporate Front: The Finance Minister ArunJaitley during the Union Budget presentation in Parliament on Wednesday said that the Modi government took two tectonic policy initiatives - passage of GST Bill and demonetization. FM Jaitley also assured that the effects of demonetisation is not expected to spill over to the next year.

Market Sentiment:

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

Macroeconomic front:

The Finance Minister ArunJaitley during the Union Budget presentation in Parliament on Wednesday said that 5 per cent Tax Deducted at Source (TDS) on insurance agents will be removed.The Minister also said that Life Insurance Corporation of India (LIC) will come up with 8 per cent of the guaranteed scheme for senior citizen of the country.

On the global front:

On the global front, European markets were trading in green after good factory data from Europe and Asia. Asian markets were trading in green. Back home, in scrip specific development, TCPL Packaging edged higher after the company commenced the commercial production from its Flexible Packaging Unit (FPU) situated at village Dapada, Silvassa in the Union Territory of Dadra and Nagar Haveli, with effect from February 01, 2017.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 3.40%, FMCG up by 2.30%, Auto up by 2.23%, Bankex up by 2.21% and Capital Goods up by 1.77%, while IT down by 1.76% and TECK down by 1.32% were the few losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were ICICI Bank up by 4.48%, ITC up by 3.84% and Bank of Baroda up by 3.84%, GAIL India up by 3.25% and HDFC up by 3.23%. On the flip side, HCL Tech down by 3.52%, Tech Mahindra down by 3.36%, Idea Cellular down by 2.82%, TCS down by 2.81% and AurobindoPharma down by 2.37% were the top losers.

Global Signals:

The Asian markets were trading mostly in green; KOSPI Index increased 12.91 points or 0.62% to 2,080.48, Jakarta Composite increased 37.23 points or 0.7% to 5,331.34 and Nikkei 225 increased 106.74 points or 0.56% to 19,148.08. On the flip side, Hang Seng decreased 85.87 points or 0.37% to 23,274.91.

All the European markets were trading in green; France’s CAC increased 43.85 points or 0.92% to 4,792.75, UK’s FTSE 100 increased 47.06 points or 0.66% to 7,146.21 and Germany’s DAX increased 115.87 points or 1% to 11,651.18.