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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Until the index is able to cross 6000-6100 range on a closing basis range bound move is expected to continue.
18 Feb 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Until the index is able to cross 6000-6100 range on a closing basis range bound move is expected to continue.

 

Key Highlights of Interim Budget-2014:

· The Government of India announced capital infusion of Rs. 11,200 crore in public sector banks in the fiscal year 2014-15.

· The disinvestment target for FY14 cut to Rs16,027cr versus Rs40,000cr; next year Government eyeing Rs36,925cr.

· Growth in the third and fourth quarter of the current year is expected to be 5.2% and that for the whole year has been estimated at 4.9 %.

· The current financial year will end on a satisfactory note with the fiscal deficit at 4.6 % (below the red line of 4.8 %) and the revenue deficit at 3.3 %. 

· Excise duty on small cars, motorcycles and commercial vehicles cut from 12 to 8%.

· Excise duty on SUVs cut from 30 to 24%.

· Large and mid-segment cars from 27-24% to 24-20%.

· Excise duty cut on capital goods, non-consumer durables cut from 12 to 10%.

· The service tax would be abolished on rice from the staple’s loading to storage stage.

· The current account deficit projected to be at USD 45 billion in 2013-14, down from USD 88 billion in 2012-13.

 

Market Roundup 

Key benchmark indices edged higher on the first trading session of the week after the Finance Minister P Chidambaram said that the fiscal deficit will be contained at 4.6% of GDP for the year ending 31 March 2014 (2013-14) and will be pruned further to 4.1% of GDP in 2014-15 and that the current account deficit (CAD) will be contained at $45 billion in 2013-14. BSE Sensex was up 97 points or 0.48%. The market breadth, indicating the  overall health of the market was negative

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