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Post the budget rally, Nifty opens flat to negative, on Thursday

By Souvick Bhaduri | 2/2/2017 10:29 AM Thursday

Indian capital markets opened flat to negative on Thursday morning, post a phenomenal rally that was triggered by a 'historic' merged budget announced by FM, Arun Jaitley on Wednesday, popularly termed as the post-budget rally.

This flat to almost negative start has been in the midst of mixed cues from the global markets, where on one hand US and European markets closed in green, and on the other hand Asian indices are trading flat to negative on this Thursday morning.

BSE Sensex has oscillated around 0.30 per cent pre session, and currently is trading at 28166.65, up about 0.10 per cent.

Bourses have rejoiced the move by the GoI whereby the major taxes were left untouched, as against the expectations of the introduction of a Long term capital gains (LTCG) tax or extending of the defining LTCG term to two years from one year.

There was also a big relieving announcement for the foreign investors as Foreign Investment Promotion Board (FIPB) was abolished along with the'Retrospective tax'.

There was a big relaxation on the excise duty front as well for the tobacco manufacturing companies, as the duty was increased by 6 per cent instead of the expected 10 per cent. 

The government's focus was concentrated on housing and agriculture in this budget as well. Railways Budget was increased to Rs 1.3 lakh core with safety and expansion of the industry remaining the core focus of the budget. Banks also cheered as the FinMin announced Rs 10,000 crore infusion.

Defense expenditure also saw an increased to Rs 2.74 lakh crore which is a welcome move.

Individuals too got benefited from the decreased tax rate for people with earning bracket of 2.5 - 5 lakhs.

Overall, the budget almost covered all major expected segments, without any major adverse changes, maintaining a graceful balance between abject reality and larger than life expectations, a factor which fuelled the markets to rally almost 2 per cent on Wednesday. However, the underperforming sectors, IT and Pharma will remain in focus as the fear of Trump's new policies will continue to dampen sentiments in a scenario where these industries are in a panic mode. 

 

Find More Articles on: Markets, DSIJ Mindshare, Research, Budget 2017

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DSIJ Mindshare

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However, if this support zone is breached, selling pressure may intensify in that case supports are seen around 10,080 and 10,040 levels. On the upside, the level of 10,180 is a key resistance level. 

Markets are likely to make a soft-to-cautious start

Markets are likely to make a soft-to-cautious start

Domestic markets are likely to make a soft to cautious start on sluggish global cues. The Nifty futures on the Singapore Exchange were trading at 10,147 lower by 21 points.  

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Following stocks are close to their 52-week low as at 12.47 p.m. on September 20.

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The markets on September 20 opened up. BSE Sensex is trading at 32,404.86, up by 2.49 points and the Nifty is trading at 10,144.75, down by 2.80 points.

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Whereas, on the downside, the gap area of 10,115-10,131 may act as a strong support in the coming days, however, if this support is breached than selling pressure may be seen in this case nifty may fall up to levels of 10,080 and 10,040. 

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Indian shares are likely to witness a muted opening as the Asian markets trade on a subdued note. The Nifty futures on the Singapore Exchange were trading at 10,156 with losses of 11 points, indicating a muted opening. 

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