Market Outlook for the day – Volatility is expected to remain on the higher side as major economic events are lined up.
Railway Budget 2014-15 Highlights:
- Cabinet nod to be sought for allowing FDI in Railways, barring in operations. Bulk of new projects to be financed through PPP mode.
- Railway plans to increase speed of trains to 160 to 200 km per hour in nine select sectors
- Bullet train proposed on the Mumbai-Ahmedabad sector.
- Government to launch diamond quadrilateral of high speed trains.
- 359 projects require Rs 1,82,000 crore for completion. Immediate course correction required to allay further delays.
- Government to make e-procurement compulsory for procurements over Rs 25 lakh.
- Proposes Wi-Fi services in all A1 stations, select trains. E-ticketing to enable 7,200 tickets per minute- against the current 2,000 per minute - and allow 120,000 users to simultaneously book online.
- Government targets to become the largest freight carrier in the world. Launches 58 new trains.
- Government proposes to introduce pre-cooked ready-to-eat meals of reputed brands in a phased manner.
Key benchmark indices tumbled in late trade. BSE Sensex, fell below 26,000 level after hitting record high in early trade. The Sensex hit one-week low. The sharp decline on the bourses came after Railway Budget 2014-15 was tabled by Railway Minister Sadananda Gowda in Lok Sabha. The market breadth indicating the overall health of the market was weak, with more than two losers for every gainer on BSE.