Union Budget 2011-12; Nifty volatile during FM speech

The benchmark Nifty came off day's high and was quite volatile in trade during the Finance Minister Pranab Mukherjee's Union Budget 2011-12 speech. Oil & gas, technology, FMCG and infrastructure companies' shares were on buyers' radar.

However, financial stocks slipped from their day's high. Auto and cement stocks continued to be under pressure.

The Sensex was trading at 17,758, up 58 points and the Nifty gained 19.5 points at 5,322. Breadth also reduced its gap; about 825 shares advanced while 432 shares declined on National Stock Exchange.

The government will be allocated Rs 21000 crore to Sarva shikshan Abhiyan and FY12 health sector outlay is at Rs 26,760 crore, an increase of 20% over a previous year, FM said.

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Union Budget 2011-2012: Sensex gains

The 30-share BSE Sensex was trading higher, supported by strong announcements from Finance Minister Pranab Mukherjee in his budget 2011, wherein he tried to cover each and every sector.

Government has made allocation of Rs 52057 crore for education sector, an increase of 24% over previous year, FM said.

"We will create infra debt funds and will treat capital investment in fertiliser sector as infra. We will set up national mission for hybrid, electric vehicles," he said.

"Food Security Bill will be introduced this year." Government has allocated Rs 58,000 crore for social schemes (Bharat Nirman).

The Sensex was trading at 17,881, up 179 points and the NSE Nifty gained 58 points at 5361.

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Nifty surges; govt to give 3% interest subsidy to farmers

Finance Minister Pranab Mukherjee has made major announcements to each and every sector to boost the economic growth. The government will give 3% interest subsidy to farmers in FY12 and will give infra status to cold storage chains, FM said in his speech.

He proposes to boost infra development w/tax-free bonds of Rs 30,000 crore. FM has upped FY12 IIFCL disbursement target to Rs 25,000 crore. "New companies bill will be introduced in current session," he said.

The 30-share BSE Sensex was trading at 17,941, up 241 points and the 50-share NSE Nifty jumped 74 points to 5,377. The broader indices rallied more than one percent.

Markets rally; govt to infuse Rs 20k cr in PSU banks

Finance Minister Pranab Mukherjee lightened up the Dalal Street by various announcements on banking, retail, infrastructure, agriculture and fertiliser sectors.

The government will infuse capital of Rs 20,157 crore in PSU Banks in FY12. FM said would bring bill to enable RBI to grant more banking licenses and would create Rs 100 crore equity fund for microfinance companies. The BSE Bankex rose 1.3%.

"There will be 1% interest subvention on home loans up to Rs 15 lakh and he has upped priority home loan limit to Rs 25 lakh versus Rs 20 lakh," according to speech. The Realty Index jumped 3%.

The Sensex gained 194 points at 17,899 and the Nifty rallied 64 points to 5,367. The broader indices too gained more than 1%.

All sectoral indices were in green barring auto. Capital Goods, Oil & gas, Power and FMCG indices gained 1.5-2.5%.

FM speech drives Sensex up 250 points

Finance Minister Pranab Mukherjee speech pushed the benchmark Sensex higher by 250 points at 11:22 hours. He proposed to provide a Rs 6000 crore for PSU bank recapitalization.

"We are actively considering new fertiliser policy for urea and mulling nutrient-based subsidy policy for urea," he said. "We will move to direct cash subsidy for fertilisers, kerosene,"

FM has set FY12 divestment target at Rs 40,000 crore and FIIs are allowed to invest in MF schemes, he said. FII investment in corporate bonds hiked to USD 40 billion. "Infrastructure sector FII cap for bonds with 5-year residual maturity," FM said.

The 30-share BSE Sensex was trading at 17,957, up 256 points and the 50-share NSE Nifty rallied 80 points to 5,385.

Nifty rallies further on FM budget speech

The benchmark Nifty was hovering around the 5350 level during the Finance Minister Pranab Mukherjee Union Budget speech. FM said would be taking steps to simplify tax, tariff procedures. "We need to ensure sustained private investment," he said.

However, food inflation is at 20.2% in February, which is still a concern, he says. FM believes services sector continues to grow near double digits.

The 30-share BSE Sensex was trading at 17,857, up 156 points and the 50-share NSE Nifty gained 49 points at 5,353. Breadth was positive; about 913 shares advanced while 328 shares fell on the National Stock Exchange.

Sensex gains 150 points on budget speech

The benchmark Sensex remained firm with the gain of 150 points as Finance Minister Pranab Mukherjee's budget speech begins. He said economy got back to pre crisis growth trajectory and economy regained pre crisis growth momentum.

Oil & gas, infrastructure, FMCG, realty and financial companies' shares were on buyers' radar. However, auto and cement were under selling pressure.

ONGC was the leading stock ahead of likely announcement of subsidy from Finance Minister

The Nifty gained 42 points at 5346 and the Sensex rose 129 points to 17,831.

Markets steady ahead of Union Budget 2011

The benchmark Nifty has touched the 5350 level ahead of Union Budget 2011 today, pushed up by oil & gas, capital goods, power, FMCG, technology and select financial companies' shares.

On the back of extremely low hope from the budget this year, Vibhav Kapoor of IL&FS expects the market to react positively to the event. "Market is currently in a range bound situation and I don't expect the Nifty to cross the 5,500 level in the short run," he told.

Market believes inflation, fiscal deficit and subsidy sharing will be key areas in the Finance Minister Pranab Mukherjee's budget speech. FDI in retail, banking licenses to NBFCs, GST and DTC were others on FM's agenda.

Union Budget 2011-12 may not offer much for the infra sector but fiscal deficit is the most important aspect of the Budget, he said.

The 30-share BSE Sensex was trading at 17,832, up 131 points and the 50-share NSE Nifty went up 40 points to 5,344.

Retail stocks like Pantaloon Retail and Provogue rallied more than 5% as FDI is likely to hike in the retail sector.

However, experts believe that there would be likely hike in excise duty. Auto stocks were under pressure - Tata Motors and Hero Honda plunged over 3%. Bajaj Auto and M&M went down 0.7-1.6%.

Nifty extends gains ahead of Budget 2011

The 50-share NSE Nifty extended gains a bit ahead of Union Budget 2011 today at 10:05 hours. Market expects some announcements towards the DTC, GST, FDI in retail, banking license, oil subsidy and fertiliser subsidy.

Madhu Kela of Reliance Capital feels the Indian market is keenly watching for measures in the insurance and retail sectors and some announcements towards the Direct Tax Code (DTC) and Goods and Service Tax (GST).

The Finance Minster, he said, needs to announce measures to curtail expenses, boost revenues from untraditional sources. Kela added that he expects inflation to remain a concern for next six months.

Oil & gas, technology, infrastructure, financial, realty and select metal companies' shares were leading the Sensex higher by 100 points. However, cement and auto companies' shares were on sellers' radar, which limited the gains. Hindalco, Ranbaxy and Reliance Communications too were down.

The Sensex was trading at 17,841, up 141 points and the Nifty gained 44 points at 5,348. About 889 shares advanced while 280 shares declined on the National Stock Exchange.

Fertiliser companies' shares like Nagarjuna Fertilisers, RCF, Chambal Fertiliser and National Fertiliser were up 3-6%. Pantaloon Retail rose 3%.

Sensex gains 100 points ahead of budget

The benchmark Sensex added 100 points ahead of Union Budget 2011-12 today, supported by financial, oil & gas, infrastructure, technology and metal companies' shares. However, auto and cement companies' shares were seeing selling pressure.

The 30-share BSE Sensex was trading at 17,807, up 107 points and the 50-share NSE Nifty gained 36 points at 5,339.

The breadth was positive - about 820 shares advanced while 272 shares declined on National Stock Exchange.

Experts were expecting some news on banking license, FDI in retail and fertiliser subsidy.

National Fertilisers, IVRCL Infra, IDFC, Pantaloon Retail and LIC Housing Finance were on buyers' radar.

Nifty opens quiet ahead of Union Budget

The benchmark Nifty gained further in early trade ahead of Union Budget 2011-12 today. Oil & gas, infrastructure, metal and financial companies' shares were supporting the markets. However, cement and select auto stocks were seeing selling pressure.

Among frontliners, IDFC, L&T, Jaiprakash Associates, Reliance Power, Sterlite Industries, PNB, Kotak Mahindra Bank and SBI were witnessing buying interest.

However, ACC, Ambuja Cements, Bajaj Auto, M&M, Hero Honda and Tata Motors were on sellers' radar.

At 9:16 hours IST, the 30-share BSE Sensex was trading at 17,773, up 73 points and the 50-share NSE Nifty rose 27 points to 5,331.

About 531 shares advanced while 235 shares declined on National Stock Exchange.

Coal India rallied 11% as the company increased coal prices by 30% w.e.f February 27th, reports CNBC-TV18 quoting sources. Coal price hike will affect cement industry and sponge iron industry.

Nalco fell 6% as company's CMD & his Wife arrested for taking bribe. Rs 30 Lakh and 10 kg gold were recovered from NALCO CMD's house. NALCO chief Srivastava suspended and B L Bagra is a new CMD.