Union Budget 2014-15: Sensex & Nifty end flat, log record turnover; IT, auto fall

10 Jul 2014

It was a roller coaster ride on Dalal Street as investors panicked when the Finance Minister read out his maiden Budget speech. In an extremely choppy trade, the market ended in red with Sensex swinging some 800 points. There was enough drama in the market today as if Fifa hangover was played out with a nail biting finish.

The Sensex closed 72.06 points or 0.28 percent down at 25372.75 and the Nifty was down 17.25 points or 0.23 percent at 7567.75. However, the market clocked record turnover at Rs 4.4 lakh crore in the Future & Options segment. About 1634 shares advanced, 1243 shares declined, and 89 shares were unchanged.

The domestic market's sharp sell off intraday can also be attributed to weak European markets. European shares extended losses today, weighed down by heavy falls in southern indexes after weak economic data from Italy and mounting concern about the financial health of Portugal's largest listed bank.

Stock specifically, Hindalco and Tata Power were up 3 percent each while GAIL, Coal India and HDFC were top gainers in the Sensex. Among the losers were Hero Moto, TCS, M&M, SBI and Bharti Airtel.

The stock market was floundering mid day, as the market felt this Budget too would be found missing on specifics, very much like the Rail Budget, even if the intention was right.

Eventually, Jaitley's Budget did not score high on specific action plans. Yet, the market seemed to have taken heart from the government's decision to steer clear of populism and take corrective measures, even if in small doses, to address the problems in most of the key sectors. Also, the market appeared to be convinced about the credibility of the targets that the government has set for itself.

Also, the Finance Minister would have certainly scored some brownie points with his party's middle class constituency through I-T sops, after all along giving the impression that he would be only offering bitter pills in the Budget.

The drama unfolds: Up, down & up, down

Such a sharp swing can only give you strong headache. After clocking record highs for almost a month now, benchmark indices went for a toss today as investors seemed very indecisive during the Budget speech. Starting on a low footing, the market continued to slide further by mid day but regained strength to go as high as 400 points plus intraday. Aggressive buying took Nifty above 7600. However, investors interests did not last long and immediately falling prey to pressure in what can be termed as last minute panic selling.

Samir Arora of Helios Capital feels that the volatily in market was due to anxious investors. In an interview to CNBC-TV18, he said that investors got easily bored when the FM started talking about some fund allocation but then they started buying as soon as there was some positive announcement.

On a positive note, he said that broadly foreign investors are interested in Indian market and the Budget will do nothing to shake that interest.

Nirmal Jain, Chairman of IIFL feels that there are so many things in the Budget which are in the positive direction as expected and that is why market is giving thumbs up. ''We are in a bull market and those expectations have not belied people still,'' he added.

Realty stocks gained the most with the index gaining 8 percent intraday with DLF up 12 percent after Jaitley said the government will provide tax incentives for Real Estate Investment Trusts (REIT). Jaitley exuded confidence that this instrument would attract long term finance from foreign and domestic sources including the NRIs.

Moreover, he also proposed to set up industrial smart cities in 7 cities across the country and to allocate Rs 70,600 crore to develop smart cities in FY15.The index finally ended with a 5 percent gains.

Metals stocks too held firm as FM proposed to increase custom duty on imported flat roll steel.

However, IT, banks and auto stocks closed with major losses. Hero Moto lost 4 percent while Tech Mahindra and TCS fell around 2 percent each. Infosys ended flat a day ahead of announcing its April-June quarter results.

Brokerages expect Infosys to report firm first quarter revenue growth but fell margins will be under pressure due to forex volatility, wage hike and visa costs. Analysts also estimate that IT company will hold its FY15 dollar revenue guidance.

Generally, Q1 is a seasonally strong quarter for IT companies due to pick up in client spending and revival in North America. Hence, growth (dollar revenue) will pick up from negative 0.4 percent in Q4FY14 to 2.3 percent in Q1FY15, say analysts.

Among the midcaps, Dewan Housing, Prestige Estate, Puravankara, Jindal Saw and Gujarat Pipavav gained 6-8 percent each. On the losing side were VST, HMT, Unichem Labs, Bharat Electronic and Kaveri Seed which fell 5-18 percent each.

After the heady swing, the market ends on a negative note. The Sensex ended 171.76 points or 0.68 percent down at 25273.05, and the Nifty fell 43.15 points or 0.57 percent at 7541.85 (provisional)

About 1605 shares advanced, 1272 shares declined, and 87 shares are unchanged. Tata Power and Hindalco were up 3 percent each in the Sensex.

A section of the market feels that FM's target of 19.7 percent growth in tax revenues for FY15 may appear ambitious, considering that monsoons could be below average, and the economy is still not showing clear signs of recovery. But that may be taking too cynical a view. Things could look up just as quickly as they can go bad.

The good part is that the Finance Minister has not made overly optimistic projections, and so the scope for disappointment could be limited.

The market succumbs to profit booking. The Sensex is down 117.69 points at 25327.12 and the Nifty down 29.10 points at 7555.90. About 1618 shares have advanced, 1215 shares declined, and 99 shares are unchanged.

Bank Nifty tanks 1 percent while IT and autos are down while metals hold firm.

A section of the market feels that FM Arun Jaitley's target of 19.7 percent growth in tax revenues for FY15 may appear ambitious, considering that monsoons could be below average, and the economy is still not showing clear signs of recovery. But that may be taking too cynical a view.

Things could look up just as quickly as they can go bad. The good part is that the Finance Minister has not made overly optimistic projections, and so the scope for disappointment could be limited.

Panic selling sparks off on Dalal Street as it is preparing to wind up trading for the day. The Sensex is down 82.34 points at 25362.47, and the Nifty is down 28.15 points at 7556.85. About 1646 shares have advanced, 1160 shares declined, and 89 shares are unchanged.

Hero Moto is down 4 percent while TCS, Bharti, SBI and ICICI Bank are major losers in the Sensex.

Arun Jaitley's Budget can be likened to a soccer match that turned dramatically in the second half, judging by the market reaction. The Finance Minister had asked for a five-minute breather midway into his speech, and was granted that by the Speaker. Till that point, the stock market was floundering, as the market felt this Budget too would be found missing on specifics, very much like the Rail Budget, even if the intention was right.

Eventually, Jaitley's Budget did not score high on specific action plans. Yet, the market seems to have taken heart from the government's decision to steer clear of populism and take corrective measures, even if in small doses, to address the problems in most of the key sectors. Also, the market appears to be convinced about the credibility of the targets that the government has set for itself.

The market has fallen in last 30 minutes of trading. The Sensex is down 3.93 points at 25440.88, and the Nifty is up 4.65 points at 7589.65. About 1719 shares have advanced, 1076 shares declined, and 92 shares are unchanged.

Hero Moto is down 4 percent while TCS, Bharti, SBI and ICICI Bank are major losers in the Sensex.

The market has paused a bit from aggressive buying. The Sensex is up 71.30 points at 25516.11 and the Nifty up 10.30 points at 7595.30. About 1770 shares have advanced, 1021 shares declined, and 86 shares are unchanged.

Finance Minister Arun Jaitley earmarked Rs 2.51 lakh crore as total payments towards subsidies in the Union Budget presented today. This compares to a figure of Rs 2.45 lakh crore handed out as subsidies in FY14 and an earlier projected figure of Rs 2.46 lakh crore for FY15 by erstwhile FM P Chidambaram during the Interim Budget in February. The Indian government subsidises primarily three set of items -- food (through the public distribution or ''ration'' shops), fuel (both transportation and cooking) and fertilizers (for farmers, mainly urea) -- by having them sold below cost.

The individual subsidy bill for each of the three items will stand at Rs 1.15 lakh crore (food), Rs 63,427 crore (petroleum) and Rs '72,970 crore (fertilizer), Jaitley said during the Budget, compared to Rs 92,000 crore, Rs 85,480 crore and Rs 67,971 crore, respectively, during FY15.

The market is still fueled by positive sentiments taking the Sensex is up 275.68 points or 1.08 percent at 25720.49 and the Nifty up 90.40 points or 1.19 percent at 7675.40.

About 1827 shares have advanced, 956 shares declined, and 77 shares are unchanged.

Giving an indication of what lays ahead he has clearly stated that the government will take steps to improve fiscal prudence and also take hard and bold steps to spur growth. Reiterating the most fundamental personal finance concept of not spending more than what we earn and spending beyond means, he has indicated a sensible approach to the budgetary allocation, feel experts.

Realty stocks like Prestige Estates, DLF, Indiabulls Real Estate and HDIL rallied more than 10 percent intraday after Finance Minister Arun Jaitley in his Union Budget has said the government will provide tax incentives for Real Estate Investment Trusts (REIT). The BSE Realty Index topped the buying list among sectoral indices, up 8 percent post this move.

Like this story, share it with millions of investors on M3.Live Market Updates: Aggressive buying drives Sensex, Nifty up; DLF up 12%Realty stocks like Prestige Estates, DLF, Indiabulls Real Estate and HDIL rallied more than 10 percent intraday after Finance Minister Arun Jaitley in his Union Budget has said the government will provide tax incentives for Real Estate Investment Trusts (REIT). Post your opinion here

The Sensex is up 320.39 points or 1.26 percent at 25765.20,and the Nifty up 101.15 points or 1.33 percent at 7686.15. About 1830 shares have advanced, 941 shares declined, and 80 shares are unchanged.

"Government has proposed incentives for Real Estate Investment Trusts(REITs) which will have pass through for the purpose of taxation (means to avoid double taxation of both corporate tax and dividend distribution tax). REITs have been successfully used as instruments for pooling of investments in several countries. This structure would reduce the pressure on the banking system while also making available fresh equity," says FM.

Jaitley exuded confidence that this instrument would attract long term finance from foreign and domestic sources including the NRIs.

Buyers are excitedly buying stocks post FM Arun Jaitley's Budget speech. The Sensex is up 419.86 points or 1.65 percent at 25864.67, and the Nifty up 130.75 points or 1.72 percent at 7715.75.

About 1812 shares have advanced, 925 shares declined, and 87 shares are unchanged. Realty index is up 8 percent, while Bankex, Capital Good and Metals are up 2-3 each.

Finance Minister Arun Jaitley earmarked Rs 2.51 lakh crore as total payments towards subsidies in the Union Budget presented today.

This compares to a figure of Rs 2.45 lakh crore handed out as subsidies in FY14 and an earlier projected figure of Rs 2.46 lakh crore for FY15 by erstwhile FM P Chidambaram during the Interim Budget in February.

Bulls are back to Dalal Street post Budget speech. The Sensex is up 444.86 points or 1.75 percent at 25889.67 and the Nifty is up 135.50 points or 1.79 percent at 7720.50. About 1689 shares have advanced, 987 shares declined, and 82 shares are unchanged.

Finance Minister Arun Jaitley's maiden Budget is aiming for a 19.7 percent growth in tax collections in FY15, compared to a 21 percent growth projected in the interim Budget present in February.

Some experts feel this target could still be ambitious considering that the economy is not out of the woods yet.

Non-plan expenditure for the year has been estimated at Rs 12.2 lakh crore and plane expenditure at Rs 17.9 lakh crore, both very much in line with the estimates in the interim Budget.

Market was hoping for some specific announcements on subsidy rationalization, and may have a reason to feel disappointed. The Finance Minister did not say much beyond overhauling the subsidy structure. On the positive side, the subsidy estimate of Rs 2.51 lakh crore for this fiscal is not much different from what was estimated in the interim Budget.

The market soars on Budget moves. The Sensex is up 414.75 points or 1.63 percent at 25859.56, and the Nifty is up 123.95 points or 1.63 percent at 7708.95. About 1520 shares have advanced, 1110 shares declined, and 97 shares are unchanged.

Divestment target for FY15 at a little over Rs 43,000 crore. Not too aggressive a target, but government will still have to reform PSUs and then hope that market sentiment remains upbeat.

Big customs duty relief has been given to imported coal. Duty on ships imported for breaking attract lower duty of 2.5 percent. This will benefit Gujarat`s Alang shipbreaking yard. Export duty on bauxite raised - will benefit local aluminium units. Bauxite is main raw material for aluminium. Auto duty cuts extended for six months till December 2014.

Taxes on cigarettes (11-72 percent), cigars, unmanufactured tobacco and gutka to go up. Also on water with sugar content - this means all soft drinks too, up by 5 percent. Coke, Pepsi, please note.

The Sensex is up 265.15 points or 1.04 percent at 25709.96 and the Nifty is up 70.40 points or 0.93 percent at 7655.40. About 1339 shares have advanced, 1275 shares declined, and 90 shares are unchanged.

Divestment target for FY15 at a little over Rs 43,000 crore. Not too aggressive a target, but government will still have to reform PSUs and then hope that market sentiment remains upbeat. Big customs duty relief has been given to imported coal. Duty on ships imported for breaking attract lower duty of 2.5 percent.

This will benefit Gujarat`s Alang shipbreaking yard. Export duty on bauxite raised - will benefit local aluminium units. Bauxite is main raw material for aluminium. Auto duty cuts extended for six months till December 2014.

Taxes on cigarettes (11-72 percent), cigars, unmanufactured tobacco and gutka to go up. Also on water with sugar content - this means all soft drinks too, up by 5 percent. Coke, Pepsi, please note.

Service taxes going up on online advertising. Radio taxies also to be levied service tax.

The market gets a big boost as FM reads out the last few lines of his Budget speech. The Sensex is up 136.71 points at 25581.52 and the Nifty is up 37.35 points at 7622.35. About 1212 shares have advanced, 1386 shares declined, and 100 shares are unchanged.

The Sensex is down 77.08 points at 25367.73 and the Nifty is down 23.80 points or at 7561.20. About 913 shares have advanced, 1645 shares declined, and 96 shares are unchanged.

Not so good news for debt mutual fund investors, as they will now have to hold on to their investments for 36 months instead of 12, to be able to qualify for nil long term capital gains tax. Companies to get 15 percent investment allowance for fresh investments above Rs 25 crore.

Foreign institutional investors to get tax-breaks to entice them to move back from Mauritius. Their incomes will be treated as capital gains - which is 15 percent for short-term gains and zero tax for long-term gains.

Revenue deficit to be 2.9 percent of GDP in this fiscal, says FM. Basic tax exemption limit raised to Rs 2.5 lakh, and Rs 3 lakh for senior citizens. No changes made in corporate or other direct taxes. Limits under section 80C raised to Rs 1.5 lakh - as indicated in raising the PPF limit to Rs 1.5 lakh. EMI exemption for self-occupied property raised to Rs 2 lakh

The market is still under pressure. The Sensex is down 132.34 points at 25312.47 and the Nifty is down 39.10 points at 7545.90. About 840 shares have advanced, 1708 shares declined, and 95 shares are unchanged.

Companies to get 15 percent investment allowance for fresh investments above Rs 25 crore. Exemption for interest in housing loan increased 1.5lk to 2lk. This will give boost demand in the real estate sector which is suffering from low demand for the last 4-5 months .

The market is impatiently waiting for some key reform announcements in the Budget speech. The Sensex is down 133.28 points at 25311.53 and the Nifty is down 43.20 points at 7541.80. About 841 shares have advanced, 1704 shares declined, and 87 shares are unchanged.

Wipro, Infosys, Tata Power, Hindalco and Sun Pharma are top gainers in the Sensex. Bharti Airtel, SBI, Sesa Sterlite, Axis Bank and Hero Motocorp are laggards.

FM says to set aside Rs 100 crore for training sportspersons for the upcoming Asian and Common Weath games. Ganga to receive ocean of funds - for clean-up, ghat development, and NRI contributions. Modi's Varanasi constituency should be happy. Money also allocated for studying inter-linking of rivers.

Two big schemes for small savers - Investment limits for public provident fund raised to Rs 1.5 lakh per year. Special natinoal savings certificates and savings instruments for parents to invest in name of girl child also announced. Does this mean the 80C limits will also go up? One-rank-one-pension scheme for retired soldiers also being implemented with allocation of Rs 1,000 crore this year.It`s like a senior citizen`s scheme in effect.

The market recovers but still in red. The Sensex is down 80.38 points at 25364.43 and the Nifty is down 26.30 points at 7558.70. About 833 shares have advanced, 1697 shares declined, and 90 shares are unchanged.

Allocation to defence sector increased to Rs 2.9 lakh crore, way above the Rs 2.24 lakh crore that former FM P Chidambaram had earmarked in his interim Budget .

The Sensex is down 244.94 points or 1 perecent at 25199.87, and the Nifty down 77.55 points or 1 percent at 7507.45. About 674 shares have advanced, 1799 shares declined, and 83 shares are unchanged.

More money for Nabard for rural infrastructure - Rs 5,000 crore more. This will benefit banks who can`t lend to priority sectors too. There will be measures to boost agricultural credit. Nabard to get another Rs 5,000 crore for long-term farm credit. There's an additional 3 percent subsidy on farm loans - better than a waiver at least.

Some more measures that will be good news for real estate players: Rs 4,000 crore for affordable housing via National Housing Bank; slum development to be made part of corporate social responsibility (CSR) spend. Key reforms (higher FDI in defence, insurance, for instance) but other than that nothing ground breaking.

Widely regarded as the apple of the eye of global investors till a few years ago, the India growth story has unraveled fairly quickly in recent times, stung by a combination of external factors, some unsound policy decisions by the previous government and a failure to get up to speed on economic reforms, says Arun Jaitley.

The market is just unimpressed by the NDA government's maiden Budget presentation. The government's decision not to repeal retrospective tax has come as a big disappointment. The Sensex is down 235.71 points or 0.93 percent at 25209.10 and the Nifty is down 72.45 points or 0.96 percent at 7512.55.

About 669 shares have advanced, 1777 shares declined, and 96 shares are unchanged.

The Budget starts the process of the de-Nehru-fication of government schemes. Thus new schemes will be named after BJP and non-Congress icons - Sardar Patel, Madan Mohan Malaviya (of Benares Hindu University fame), Deendayal Upadhyaya (one of the leading lights of the Jana Sangh) and Loknayak Jayaprakash Narayan (godfather of the first non-Congress government at the centre in 1997). We have seen last of Nehru-Gandhi schemes at least for the next five years.

The market has recovered a bit but is still in the red. The Sensex is down 163.05 points at 25281.76 and the Nifty down 52.90 points at 7532.10. About 689 shares have advanced, 1761 shares declined, and 85 shares are unchanged.

In between the Finance Minister took a 5-minutes break before resuming to read out the Budget speech. Some more measures that will be good news for real estate players: Rs 4,000 crore for affordable housing via National Housing Bank; slum development to be made part of corporate social responsibility (CSR) spend.

Key reforms (higher FDI in defence, insurance, for instance) but other than that nothing ground-breaking.

The market cracks as the FM has not yet outlined any major reforms in his Budget speech. The Sensex is down 264.85 points or 1.04 percent at 25179.96 and the Nifty is down 102.00 points or 1.34 percent at 7483.00.

About 733 shares have advanced, 1694 shares declined, and 79 shares are unchanged.Sesa Sterlite, NTPC, Bharti Airtel, Axis Bank, Cipla are major laggards in the Sensex.

FM announces plans to set up 5 more IIMs, five more IITs, to set aside Rs 500 crore toward this. Jaitley is in the populist phase, announcing all kinds of small state-level schemes. AIIMS medical centres in more states, and ultimately to reach all states.

The market snubs FM Arun Jaitley's Budget presentation. The Sensex is down 175.22 points or at 25269.59 and the Nifty is down 57.60 points at 7527.40. About 797 shares have advanced, 1611 shares declined, and 84 shares are unchanged. About 950 shares have advanced, 1445 shares declined, and 85 shares are unchanged.

This is turning out on the lines of the Germany-Brazil semi-final the day before. Apathy towards the girl child a blot on India, says Jaitley, sets aside Rs 100 crore under `Beti Bachao Beti padao` scheme.

The Finance Minister Arun Jaitley says that government will retain majority stake in PSU banks. The government has also hiked FDI in insurance and defence to 49 percent. Jaitley says subsidies will be targeted. PSU banks would need Rs 2.4 lakh crore government infusion by 2018.

The market has started to slide after a rebound. The Sensex is down 65.71 points at 25379.10, and the Nifty is down 25.10 points at 7559.90. About 950 shares have advanced, 1445 shares declined, and 85 shares are unchanged.

The Finance Minister Arun Jaitley says that government will retain majority stake in PSU banks. The government has also hiked FDI in insurance and defence to 49 percent.

Jaitley says subsidies will be targeted. PSU banks would need Rs 2.4 lakh crore government infusion by 2018.

The Sensex is up 88.66 points or 0.35% at 25533.47, and the Nifty up 20.40 points or 0.27% at 7605.40. About 1006 shares have advanced, 1367 shares declined, and 84 shares are unchanged.

"The verdict of the people reflected the desire to move away from status quo. The country is in no mood to suffer high inflation, slow decision-making, lack of infrastructure and apathetic governance," says Jaitley in his opening remarks.

The Sensex is up 89.24 points at 25534.05, and the Nifty up 19.15 points at 7604.15. About 954 shares have advanced, 1359 shares declined, and 94 shares are unchanged. FM said the government will meet 4.1 percent fiscal deficit target and announced that there will be no changes in retrospective tax.

There are green shoots of recovery being seen in the global economy, says Jaitley in his Budget speech. Says India unhesitatingly wants to grow. There are green shoots of recovery being seen in the global economy, he adds.

Steps announced in this Budget will be just the beginning of the journey towards 7-8 percent growth, so don`t expect too much, cautions Jaitley.

Finance Minister Arun Jaitley begins his speech. The Sensex is up 36.11 points at 25480.92 and the Nifty up 3.55 points at 7588.55. About 945 shares have advanced, 1360 shares declined, and 91 shares are unchanged.

FM said the government will meet 4.1 percent fiscal deficit target. There are green shoots of recovery being seen in the global economy, says Jaitley in his Budget speech. Says India unhesitatingly wants to grow. There are green shoots of recovery being seen in the global economy, he adds.

All eyes will be on the fiscal deficit number, FY15 Budget estimate for fiscal deficit is at 4.1 percent, however the market is expecting it around 4.4 percent. But the bigger question is will the government stick to 4.1 percent fiscal deficit target or revise it.

The market has regained confidence as FM Arun Jaitley presents his maiden Budget. The Sensex is up 121.66 points at 25566.47, and the Nifty up 27.30 points at 7612.30.

About 979 shares have advanced, 1306 shares declined, and 98 shares are unchanged.

HDFC, Coal India, Tata Power and NTPC are top gainers in the Sensex. Cipla, TCS are dragging.

Expectations are sky-high from the NDA government's maiden Budget. Finance Minister Arun Jaitley may take some bold decisions and pursue path of fiscal prudence to revive economy.

Just as Finance Minister prepares his maiden Budget speech, the market seems to be confident. The Sensex is up 69.21 points at 25514.02 and the Nifty is up 18.85 points at 7603.85. About 894 shares have advanced, 1371 shares declined, and 91 shares are unchanged.

Countdown to the Budget begins, the new government will present its keenly-awaited first Budget today. Expectations are sky-high from the NDA government's maiden Budget. Finance Minister Arun Jaitley may take some bold decisions and pursue path of fiscal prudence to revive economy.

The Sensex is down 0.73 points at 25444.08 and the Nifty is down 8.70 points at 7576.30. About 799 shares have advanced, 1422 shares declined, and 84 shares are unchanged.

So here is a quick rundown of the key market expectations 1. Rationalisation of subsidy 2. Relief on retrospective taxation 3. Fiscal consolidation 4. Meaningful divestment target 5. Time line for GST 6. Recapitalisation of PSU banks.

All eyes will be on the fiscal deficit number, FY15 Budget estimate for fiscal deficit is at 4.1 percent, however the market is expecting it around 4.4 percent. But the bigger question is will the government stick to 4.1 percent fiscal deficit target or revise it.

As we draw closer to FM's Budget speech, the Sensex is down 12.82 points at 25431.99 and the Nifty down 12.00 points at 7573.00. About 792 shares have advanced, 1388 shares declined, and 85 shares are unchanged.

Gold edged higher for a second straight session, helped by a weaker dollar and as minutes of the Federal Reserve's recent policy meet gave no indication of an early hike in US interest rates.

Sakhti Siva, Credit Suisse says India continues to be one of our two largest overweight markets. We suggest buying on dips. ''We continue to favour cyclicals like Tata Motors, HCL Technologies and Reliance Industries,'' she adds.

Markets were also eyeing developments in the second-biggest consumer India, where the new government is expected to cut a record high import duty on gold at the Budget to be presented today.

The Sensex is down 5.59 points at 25439.22 and the Nifty down 10.20 points at 7574.80. About 755 shares have advanced, 1384 shares declined, and 73 shares are unchanged.

Coal India, HDFC, Tata Power, NTPC and Tata Motors are top gainers in the Sensex. Among the losers are M&M, Cipla, TCS, Dr Reddy's Labs and Bharti Airtel.

All eyes will be on the fiscal deficit number, FY15 Budget estimate for fiscal deficit is at 4.1 percent, however the market is expecting it around 4.4 percent. But the bigger question is will the government stick to 4.1 percent fiscal deficit target or revise it.

The Sensex is down 8.58 points at 25436.23, and the Nifty is down 9.25 points at 7575.75. About 672 shares have advanced, 1266 shares declined, and 62 shares are unchanged.

Asian equities rose and the dollar dipped, after the Federal Reserve indicated that it was not in a rush to end quantitative easing and begin hiking rates. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 percent. Tokyo's Nikkei rose 0.1 percent, despite a sharp drop in machinery orders reported minutes before the opening bell.

apan's core machinery orders unexpectedly fell 19.5 percent in May from the previous month, casting doubt over the outlook for a pickup in capital spending. But markets were more focused on the Fed.

The Sensex is up 1.06 points at 25445.87 and the Nifty down 9.05 points at 7575.95 just as countdown for the big Budget starts. About 670 shares have advanced, 1183 shares declined, and 46 shares are unchanged.

Will this be a Budget for the Street? The removal of infra sector from the ambit of MAT is seen as a big positive for GMR and GVK Power. Also a reduction or removal of customs duty on imported coal will lead to savings in fuel costs for Adani power. Meanwhile a likely excise duty hike for cigarettes will be a negative for ITC.

The downtrend may continue for some more time, the Nifty could break 7500 level as the government may not be able to meet all (high) expectations in this Budget, say experts. They advise investors to wait till Budget before taking any major positions in the market. However, post Budget they expect major recovery in the market, adding the Nifty may surpass even 8000-mark.

The market seems to indecisive ahead of the Budget to be presented by Arun Jaitley today at 11 am. The Sensex is up 14.84 points at 25459.65 and the Nifty is down 2.25 points at 7582.75. About 648 shares have advanced, 1112 shares declined, and 47 shares are unchanged.

HDFC, Coal India, Hindalco, Tata Power are top gainers in the Sensex. Among the losers are M&M, Dr Redd's Labs, DRL and Cipla.

The downtrend may continue for some more time, the Nifty could break 7500 level on Thursday as the government may not be able to meet all (high) expectations in this Budget, say experts. They advise investors to wait till Budget before taking any major positions in the market. However, post Budget they expect major recovery in the market, adding the Nifty may surpass even 8000-mark.

US stocks finished higher, rebounding from a sharp two-day selloff, after minutes from the last Federal Reserve meeting showed policymakers have started to detail how the central bank will end its easy monetary policy.

The Fed indicated it will end its bond purchases in October and appeared near agreement on a plan to manage interest rates in the future, according to the minutes.

The Sensex is down 14.46 points at 25430.35 and the Nifty is down 15.90 points or at 7569.10.

Hindalco, Coal India, HDFC, Tata Power, Bharti Airtel are top gainers. M&M, Cipla, Dr Reddys Labs, Sun Pharma and ONGC drag in the Sensex.

Countdown to the Budget begins, the new government will present its keenly-awaited first Budget today. Expectations are sky-high from the NDA government's maiden Budget. Finance Minister

Arun Jaitley may take some bold decisions and pursue path of fiscal prudence to revive economy.

9:30 am FII View: Sakhti Siva, Credit Suisse says India continues to be one of our two largest overweight markets. We suggest buying on dips. We continue to favour cyclicals like Tata Motors, HCL Technologies and Reliance Industries.

The Sensex is up 35.52 points at 25480.33, and the Nifty is up 1.50 points at 7586.50. About 592 shares have advanced, 705 shares declined, and 42 shares are unchanged.

Coal India, HDFC, Bharti AIrtel are top gainers in the Sensex.

9:17 am Buzzing: Shares of Bharti Airtel are up 2 percent intraday. Bank of America Merill Lynch has maintained buy rating on it with a target of Rs 390 per share indicating a marginal upside of 2-4 percent on strong India outlook. The brokerage expects more tower sales to follow through rest of FY15 as Bharti is likely to monetise the entire 18000 tower portfolio.

The telecom company has announced an agreement to sell 3100 towers out of its nearly 18,000 tower portfolio across Africa. This deal spans Bharti's presence in 4 out of 17 countries across Africa and has an independent tower operator (Helios) as counterparty.

The brokerage sees Africa tower-sales as a long-term, directional positive for Bharti given the challenges associated with energy management (capex & opex) in Africa.

Just as the market gears up for the Union Budget, the market opened in green. The Sensex is up 78.26 points at 25523.07 and the Nifty is at 7585.00. About 346 shares have advanced, 178 shares declined, and 14 shares are unchanged.

Tata Power, Bharti, Tata Motors, BHEL and NTPC are top gainers in the Sensex.

The Fed indicated it will end its bond purchases in October and appeared near agreement on a plan to manage interest rates in the future, according to the minutes.

Japan's core machinery orders unexpectedly fell 19.5 percent in May from the previous month, casting doubt over the outlook for a pickup in capital spending. But markets were more focused on the Fed.

Gold edged higher for a second straight session, helped by a weaker dollar and as minutes of the Federal Reserve's recent policy meet gave no indication of an early hike in US interest rates. Markets were also eyeing developments in the second-biggest consumer India, where the new government is expected to cut a record high import duty on gold at the Budget to be presented today.