Benchmark indices cheered the budget trading session on account of announcement made by the Honorable finance minister in Union budget 2017 of infusing Rs. 10,000 crore in public sector banks and keeping the long-term capital gains tax unchanged for the capital markets. Sentiment also got a boost after Finance Minister Arun Jaitley proposed to bring down the fiscal deficit to 3.2 per cent of GDP from 3.5%. Nifty ended the session to close at 8736.
The banking and auto shares were the major gainers of the day while IT shares were the losers of the day.
Global Markets Update
Apple Inc reclaimed the throne as the world’s top smartphone seller for the first time in five years beating out rival Samsung in units shipped for the holiday quarter and boosting revenues with a strong showing for its new, top-of-the-line iPhone 7 Plus.
Shares in Asia traded mixed with Chinese manufacturing data noted and investors awaiting the latest views from the Federal Reserve on monetary policy in its first review of the year.
Eicher Motors posted robust Q3 numbers as profit grew 50 percent to Rs 418.2 crore against Rs 278.7 crore for the same quarter last year It was boosted by higher revenue and operating income. Revenue during the quarter up by 42.6 percent which stood at Rs 2071.4 crore against Rs 1452.1 crore led by higher sales volumes despite demonetisation.
ONGC (Oil and Natural Gas Corp) posted almost tripling of its net profit to Rs 4,352 crore on the back of higher oil prices. Sales increased by 9 percent which stood at Rs 20014 crore.
Shares of automobile companies such as M&M, Maruti gains after the Finance Minister Arun Jaitley announced a slew of incentives to boost the rural economy.
Aviation stocks such as Jet Airways, Indigo tanks after State-run oil retailer Indian Oil Corporation (IOC) has announced hike in jet fuel prices by 2.9 percent or Rs 1539 kL, meanwhile it has cut the non-subsidised LPG prices by Rs 66.50 for 14.2 Kg cylinder.
IT shares were trading lower for the second straight day after a reform bill has been introduced in the US House of Representatives mandating that the minimum salary of H-1B visa holders will be doubled to US$130,000.
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