Sensex, Nifty continue to rally; Adani Ports gains 4%

Moneycontrol Bureau12:45 pm Budget woes: The 16-member delegation from the Opposition parties met the Election Commission today to discuss concerns over announcement of Budget just before the state elections next month.The polls will be held three days after the Budget announcement on February 1. Five states - Uttar Pradesh, Goa, Punjab, Manipur and Uttarakhand - will go to polls between February-March.

The parties have said that the situation will not provide a level playing field for the parties with government announcing various schemes during the Budget.

12:30 pm MF Interview: Experts at DSP BlackRock Investment Managers are betting on mean reversion in financials segment to spur earnings growth. While FY17 earnings growth will be impacted due to demonetisation exercise, we expect a 20 percent growth in FY18 on account of mean reversion in financials and global cyclicals, said Anup Maheshwari, Vice President and Head of Equities & Strategy at DSP BlackRock. Earnings growth will be concentrated around 9 players, Axis Bank , HDFC Bank , ICICI Bank , State Bank of India , ITC , M&M , and Tata Steel which will contribute about 70 percent to the 20 percent overall earnings growth in FY18, Maheshwari told CNBC-TV18. In FY18 banks, which have undertaken a lot of risk, are likely to return to profitable levels seen two years ago, Maheshwari told CNBC-TV18.Don't miss: Buy, sell, hold: 9 pharma & media stocks that you may focus

Buying interest continues on Dalal Street with the Nifty above 8250. The 50-share index is up 73.60 points or 0.9 percent at 8264.10 while the Sensex is up 226.42 points or 0.8 percent at 26859.55. About 1819 shares have advanced, 708 shares declined, and 524 shares are unchanged.

Adani Ports, Tata Steel, ONGC, Tata Motors and ICICI Bank are top gainers while TCS and M&M are losers in the Sensex.

A bill backing key changes in the H1-B programme that allows skilled workers from countries like India to fill high-tech jobs in the US has been re-introduced in the US Congress by two lawmakers who claim that it willhelp crack down on the work visa abuse.

The 'Protect and Grow American Jobs Act' makes important changes to the eligibility requirements for H1-B Visa exemptions was re-introduced yesterday by Republican Darrell Issa and Scott Peters both from California. The bill among other things increase the minimum salary of H-1B visa to USD 100,000 per annum and eliminate the Masters Degree exemption.