Share markets in India finished the day on a negative note as Finance Minister Arun Jaitley tabled Economic Survey for 2016-17. The Survey has projected the growth rate for the current fiscal at 6.5%, lower than 7.1% projected by Central Statistics Office earlier this month. It outlined three main downside risks to the FY18 GDP growth forecast adding that demonetisation, rise in oil prices and global trade tensions will affect the growth forecast.

NSE Nifty slipped 71.45 points or 0.83 percent to 8561.30, while BSE Sensex was down 193.60 points or 0.70 percent at 27655.96.

Tata Consultancy Services Ltd ended at Rs 2229.9, down by Rs 104.3 or 4.47% from its previous closing of Rs 2334.2 on the BSE.

The fiscal deficit target for FY18 is 3 percent of GDP, but most economists are expecting Jaitley to set a target anywhere between 3.0-3.5 percent, as the government looks to revive demand in the wake of demonetisation.

The Survey says India would grow at 6.75-7.5 percent in 2017-18, tempering expectations of an early revival in the broader economy still reeling under the effects of demonetisation.

Other major expectations from the Budget are that Jaitley may provide stimulus to the economy to counter any slowdown caused by demonetisation, widen social sector schemes, ease income tax rules and attempt to give a boost to areas such as digital payments, infrastructure and affordable housing.

The broader markets underperformed benchmarks, falling nearly a percent on weak breadth. More than two shares declined for every share rising on the Bombay Stock Exchange.

Technology stocks hit hard today after a legislation has been introduced in the US House of Representatives which among other things calls for more than doubling the minimum salary of H-1B visa holders to USD 130,000, making it difficult for firms to use the programme to replace American employees with foreign workers, including from India. TCS was down 4.6 percent and Infosys fell 2 percent. Tech Mahindra plunged 4 percent.

Shares of ICICI Bank fell 0.66 percent ahead of quarterly earnings that announced after market hours. Profit plunged 19 percent but surpassed analysts’ expectations due to lower provisions and tax cost while asset quality worsened further. Idea Cellular surged further, up by 12.5 percent on top of 26 percent rally seen yesterday after the company and Vodafone confirmed talks of merger.

Telecom tower infrastructure services provider fell 10.7 percent, in addition to 7 percent decline in previous session. CLSA downgraded the stock to outperform from buy and also cut target price to Rs 356 (from Rs 450 earlier) to factor in a weaker growth outlook.

“A potential merger of Idea Cellular and Vodafone India is likely to impact Bharti Infratel in both the short term and long term. In the short term, site rationalisation by the merged entity could potentially lead to a loss of 14,000 tenancies for Indus Towers and 4,000 tenancies for Bharti Infratel, which in turn could impact our EBITDA estimates by around 7 percent. In the long term, we believe the merger also dampens the tenancy growth outlook for Bharti Infratel and raises questions on its ability to boost its tenancy ratio,” the brokerage house says.

Tata Motors was down 1.7 percent as subsidiary Jaguar Land Rover will recall 6,438 vehicles in China due to defective safety belts.

Bajaj Auto gained 0.4 percent after better-than-expected earnings in Q3. Profit came in at Rs 924.6 crore (down 4.7 percent YoY) against estimates of Rs 888 crore.

The rupee was trading at 67.86 per US dollar.

There were 384 advances, 1243 declines and 283 unchanged stocks on NSE, reflective of a strong negative bias floating in the market.

Top 5 Nifty Gainers: ITC LTD (0.88%), Bajaj Auto (0.72%), Bharti Airtel (0.43%), Dr. Reddys Lab (0.30%), and HDFC Bank (0.25%).

Top 5 Nifty Losers: TCS (-4.46%), GAIL (-3.55%), Adani Ports & Sez (-3.10%), Sun Pharma (-2.23%) and Tata Motors (-1.97%)

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Share markets in India continued to rally and finished on a strong note for third consecutive session on the back of positive quarterly results and strong global markets.

NSE Nifty closed up 126.95 points or 1.5 percent at 8602.75, while BSE Sensex was up 332.56 points or 1.2 percent at 27708.14.

Asian markets finished broadly higher today building on Wall Street’s overnight rally with shares in Japan leading the region. The Nikkei 225 is up 1.43% while Hong Kong’s Hang Seng is up 0.43% and China’s Shanghai Composite is up 0.22%. European markets are also higher today with shares in Germany leading the region. The DAX is up 1.23% while France’s CAC 40 is up 1.13% and London’s FTSE 100 is up 0.56%.

IT sector is still witnessing the pressure. Nifty IT closed at 10164.45 level losing 37.15 points or 0.36%. TCS outperformed the IT index to close in green, up by 1.67%.

Nifty Private Bank was leading the bunch of sectoral indices on NSE. The index closed at 10812.55 level, gaining 2.54%. Kotak Bank was the top gainer in the private banks. The stock closed at Rs 793.90 per share, up by Rs 50.55 per share or 6.80%.

BSE Finance emerged as top gainer in Wednesday’s session, and closed up by 2.59%. HDFC contributed 25% to the index gains and pushed the index to higher level.

IT, Telecom, Utilities, Power and Teck were showing weakness on BSE with Telecom being the top loser.

All the European major indices are currently trading in green. CAC 40 is trading up by 8.62 points and DAX is trading up by 49.18 points.

Siemens said the zero hour overhauling will be first of its kind in India and involves the overhaul of power turbines to zero hour status. Under the new concept of zero hour overhaul, the power turbine will perform almost as new and will be capable of a safe run of another 100,000 hours before the next overhaul. This will help in reducing down-time and increase in productivity.

Siemens share price finished the trading day up by 1% on the BSE.

In another development, BHEL in association with ABB, has bagged a project from Power Grid Corp. BHEL’s scope of work is valued at Rs 13.6 billion for setting up an 800 kV, 6,000 MW HVDC link between Western Region Grid (Raigarh, Chattisgarh) and Southern Region Grid (Pugalur, Tamil Nadu).

The rupee was trading at 68.07 per US dollar.

There were 874 advances, 589 declines; and 85 remained unchanged in Wednesday’s trading session, showing strong positive bias floating in the market.

Top 5 Nifty Gainers: HDFC (3.76%), Adani Ports & Sez (3.72%), Hero Motocorp (3.15%), Axis Bank (3.05%), and Coal India (2.42%).

Top 5 Nifty Losers: Wipro (-1.68%), Bharti Airtel (-1.50%), Infosys Ltd. (-1.06%), Reliance Ind. (-1.03%) and NTPC (-0.84%)

To qualify NCFM Capital Market Dealers Module certification examination, register with Intelivisto.com and buy Capital Market comprehensive question bank which features mock test, chapter-wise and full length test as per NCFM standards. It also includes performance analysis tools to analyze the performance. For more information call on: +91-9891224488.