Among other sectors, Prakash Diwan believes the rally witnessed in metal space today was more of a pre-Budget rally. Metals have bottomed out, he added. He also suggests buying infra space and capital goods now as these sectors are likely to rally over the next two weeks.
The bookings under the three-day "Super Sale" offer can be made from today for a travel period between February 15 to June 30, SpiceJet said in a release. The offer comes two days after its competitor AirAsia India announced a discount fare scheme with a seven-day booking window period.
Speaking at the pre-Budget consultative meeting with the IT (Hardware & Software) groups in New Delhi today, the FM said that success of Digital India initiative will rely on the IT/BPM sector for design, deployment and its continued success.
"Beleaguered budget carrier SpiceJet would submit a revival plan to the government today on the basis of a proposed investment of USD 200 million from founding promoter Ajay Singh and US-based JP Morgan Chase," reports media quoting unnamed official sources.
Troubled airline SpiceJet today resumed operations after being forced to cancel over 150 flights with oil marketing companies refusing to refuel its planes forcing the budget carrier to pay Rs three crore last evening to buy jet fuel.
Banks, capital goods, metals and realty stocks were beaten out of shape in today's trade. BHEL was down 9 percent, Hindalco lost 6 percent while SBI, L&T and Tata Steel were other losers in the Sensex. Both midcaps and smallcaps which had seen robust rally in the run up to the Budget saw massive selling today.
For market today the big trigger, which is the Union Budget is now out of the way, so there will be more focus on how exactly the markets perform based on global cues, earnings as well as monsoon trajectory is and how government is going to achieve the fiscal prudent targets that they put out.
According to a CNBC-TV18 poll, dollar revenue growth is expected to improve to 2.2 percent, but may lag its peers. Margins are likely to remain under pressure while FY15 dollar revenue guidance is seen to be maintained at 7-9 percent.
Calling it a "transformative" Budget focussed on policy initiatives, Power Minister Piyush Goyal said the measures announced today will take care of all sections of society and boost the economic growth of the country.
"The commitment of the new Indian government to maintaining the trend of fiscal consolidation would benefit the sovereign's credit fundamentals. However, the budget announced today has opted for a cautious approach toward tackling some of the economy's structural weaknesses," S&P said in a statement.
Arun Jaitley's Union Budget today too was not exactly overflowing with specific timelines for tackling some of the vexatious issues. The market first dropped sharply, then rallied with even greater force, before closing on a subdued note, but well off the days lows.