Markets to get a positive start of the Budget week

07 Jul 2014 Evaluate

The Indian markets despite some choppiness extended their gains in last session, with pre-budget euphoria running high. Today, the start of the crucial budget week is likely to be in green. There will be some cautiousness with a private forecaster stating that there is a major possibility of the country facing drought this year, with the chances being as high as 80 per cent in North West India, however Finance Minister Arun Jaitley has said that there was no need for panic as country has enough food stocks. Also the International Monetary Fund chief Christine Lagarde has hinted at coming downward revision in world economic outlook. However, the local markets will be concentrating on different important events starting from Rail budget to IIP and the start of the result session, during the whole week. Traders will be getting some confidence with Ficci's Business Confidence index value climbing to a 14-quarter high of 69 in the current round, up from 60.8 in the previous survey. In other positive factor for the markets it has been reported that overseas investors have pumped in a staggering over $ 20 billion into the Indian market in the first half of the year, mainly on hopes of a stable and reform-oriented government at the Centre. There may be some somberness in railways stocks, as the Home Ministry has raised objections in allowing foreign direct investment in highly- sensitive areas of the Railways sector, saying such a move may compromise security of the country's largest transportation network.

The US markets remained closed on Friday on account of Independence Day holiday and were unable to give any cues to the other global markets. The Asian markets have made mostly a positive start.

Back home, Indian equity benchmarks, resuming their northward journey after a day of breather, scaled yet another lifetime closing high levels on Friday, which took Nifty above its crucial 7,750 mark, while Sensex surpassed the psychological 25,900 mark with gains of around half a percent. Earlier, markets witnessed sudden fall after a positive start and entered into red terrain as Finance Minister Arun Jaitley commented that concerns about the impact of Iraq crisis on crude oil prices remain despite moderation in oil prices in the last few days. But, barometer gauges showcased a smart recovery from intraday low levels as investors remained optimistic that new government would present a pragmatic budget that would be focused on reducing fiscal deficit, boosting growth and reviving investment cycle. Sentiments also remained buoyed after industry body CII has hailed the government’s decision to extend validity period of industrial licence to three years, saying that it sends strong signal that the government is committed to enhance the ease of doing business in India. Also, the Finance Minister, Arun Jaitley, in his meeting with State Finance Ministers for GST implementation said that centre is ready to engage with the States with an ‘open mind’ on compensation issues. On the global front, European markets made a sluggish start as data showed German manufacturing orders declined more than expected in May and Asian markets shut shop mostly in the red. Back home, sentiments remained up-beat after the Reserve Bank of India (RBI) relaxed overseas investment norms for Indian corporate by raising their borrowing limit. The RBI has enhanced the overseas direct investments (ODI) to 400 percent of a company's net worth from 100 percent for all companies. Meanwhile, stocks related to media services providers edged higher, as the Government is planning to introduce a new category of licence that will enable cable TV players and DTH operators to offer broadband services in the country. Additionally, shares of rail stocks remained on buyers’ radar after Prime Minister Narendra Modi assured that the government will modernize railway stations with proper facilities. Finally, the BSE Sensex surged by 138.31points or 0.54%, to 25962.06, while the CNX Nifty gained 36.80 points or 0.48%, to 7,751.60.

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Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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Name: Atharva Bhide

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