What changed for the market post Budget 2018 while you were sleeping? 15 things you should know

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A list of important headlines from across news agencies that could help in your trade today.

Sandip Das@Im_Sandip1

The D-Street witnessed a volatile day as the index moved in a band of over 200-points on throughout the trading session on Thursday which led to a formation of a ‘High Wave’ kind of pattern on the daily candlestick charts.

The government reverted to fiscal consolidation roadmap with a target of 3.3 percent for 2018-2019 which was still higher than the analyst estimate of 3.2 percent.

The Nifty which opened at 11,044 which rose to an intraday high of 11,117.35. But, bears took control of D-Street and pushed the index below 13-DEMA to touch its intraday low of 10,878. The index closed near its 5-DEMA at 11,016, down 10 points.

India Union Budget 2018-19 Live: News, updates and highlights from FM Arun Jaitley’s Budget 2018 speech, announcementsAccording to Pivot charts, the key support level is placed at 10,891.37, followed by 10,765.83. If the index starts to move higher, key resistance levels to watch out are 11,129.87 and 11,242.83.

The Nifty Bank closed at 27,220.7. Important Pivot level, which will act as crucial support for the index, is placed at 26,973.5, followed by 26,726.3. On the upside, key resistance levels are placed at 27,540.7, followed by 27,860.7.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.

Wall Street shares forfeit early gains as bond yields rise

Wall Street stocks gave up early gains on Thursday as bond yields rose and technology stocks retreated ahead of a host of high-profile earnings.

The Dow Jones Industrial Average rose 37.32 points, or 0.14 percent, to 26,186.71, the S&P 500 lost 1.83 points, or 0.06 percent, to 2,821.98 and the Nasdaq Composite dropped 25.62 points, or 0.35 percent, to 7,385.86, Reuters reported.

Most markets in Asia decline following rise in US bond yields

Asian shares came under pressure early on Friday after Wall Street closed mixed and yields on US government debt rose in the last session. Japan’s Nikkei 225 declined 0.75 percent after snapping a six-day losing streak in the previous session. The Kospi fell 0.96 percent as declines in blue chip tech names drove the index lower, CNBC reported.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a dip of 118 points or 1.08 percent. Nifty futures were trading around 10,930-level on the Singaporean Exchange.

Budget 2018: FM’s booster dose for rural India, bitter pill for investors

FM announced a raft of farm-centric measures, including to raise the minimum support prices (MSP) for crops, allocated Rs 10,000 crore two special funds for fisheries and animal husbandry, that would benefit 500 million people and raised farm bank credit to Rs 11 lakh crore in 2018-19 from Rs 10 lakh crore this year.

He levied LTCG at 10 percent for investments over Rs 1 lakh. This triggered an immediate sell off in bourses, which could force a shuffle in stocks portfolio of many individuals and institutional funds and lowered the corporate income tax rates to 25 percent for all companies with a turnover of upto Rs 250 crore.

Budget 2018: Salaried class and investors left in the cold

Finance Minister reimposed the LTCG tax on stock trading. He levied LTCG at 10 percent for investments over Rs 1 lakh. This triggered an immediate sell off in bourses, which could force a shuffle in stocks portfolio of many individuals and institutional funds. Jaitley lowered the corporate income tax rates to 25 percent for all companies with a turnover of upto Rs 250 crore.

Jaitley brought back the concept of “standard deduction,” a base amount of Rs 40,000 that is not subject to tax in addition to the basic exemption limit, providing relief to every tax payer.

The annual tax exemption also remained unchanged at Rs 2.5 lakh. He also did not rejig tax slabs. He also raised education cess on all tax payers from three percent to four percent.

IMF welcomes fiscal budget targets set by Jaitley

The IMF on Thursday welcomed the fiscal targets set by Finance Minister Arun Jaitley in the annual budget proposals and noted that the economic survey released this week strikes a good balance with realistic forecast.

“We broadly shared the overall assessment of the state of the economy in particular the economic survey’s outlook of 6.7 percent in fiscal 2017-2018 and 7-7.5 percent in 2018-19,” William Murray, deputy spokesman, International Monetary Fund said.

Budget 2018: Rs 2.95 lakh crore allocated for defence

The defence budget was increased by 7.81 percent to Rs 2.95 lakh crore against last year’s Rs 2.74 lakh crore, belying expectations of a significant hike when the armed forces are facing growing challenge on the borders with both Pakistan and China.

Out of total allocation of Rs 2,95,511 crore for the defence budget, Rs 99,947 crore has been set aside for capital outlay to purchase of new weapons, aircraft, warships and other military hardware.

Govt to merge 3 PSU general insurers into one, list on bourses

Finance Minister Arun Jaitley on Thursday proposed to merge three public sector general insurance firms into one and list that entity on bourses. “Three public sector general insurance companies — National Insurance Co Ltd, United India Assurance Co Ltd and Oriental India Insurance Company — will be merged into a single insurance company and be subsequently listed.”

WHO welcomes announcement of govt-funded healthcare programme

The WHO on Thursday said they were “significant” steps towards Universal Health Coverage (UHC), something the global health body has been advocating for.

Regional Director of World Health Organization’s South- East Asia Region Poonam Khetrapal Singh commended the new schemes and initiatives planned to “holistically” address problems confronting the health sector.

No cut in telecom levies, stressed sector remains orphan: COAI

Telecom operators body COAI on Thursday expressed anguish at the Union Budget not addressing the industry’s key demands, such as cut in levies and taxes, and said the sector which is in deep financial stress “continues to remain an orphan”.

10-yr bonds fall as Budget 2018 sets larger deficit target of 3.3% for FY19

Indian bonds slumped on Thursday after the government set a slightly wider-than-expected budget deficit target for the next financial year, while shares clawed back earlier bigger losses as investors welcomed spending in key areas of the slowing economy.

Finance Minister Arun Jaitley set the government’s fiscal deficit at 3.3 percent of gross domestic product for the 2018/19 financial year, higher than market expectations of 3.2 percent.

Rupee crumbles 44 paise on LTCG tax, fiscal deficit woes

The rupee on Thursday plunged 44 paise to close at a near two-week low of 64.02 against the US dollar after the government announced long-term capital gains (LTCG) tax on equities and widened its fiscal deficit target while unveiling the Union Budget. This is the biggest one-day fall for the rupee since January 16.

Nearly 100 companies to  declare Q3 results today

As many as 97 companies are scheduled to report their results for quarter ended December which include names like 3M India, Aditya Birla Fashion, Aegis Logistics, BSE, Dalmia Bharat Sugar, Future Lifestyle Fashion, Gayatri Sugars, GSK Pharma, Godrej Properties, Gujarat Gas, Info Edge, Jindal Drilling and Industries, Mangalam Organics, MRPL, Mirza International, Tata Metaliks, Thomas Cook, Whirlpool and Inox Wind among others.

Galaxy Surfactants IPO subscribed 20 times last day

Galaxy Surfactants initial public offer was subscribed 19.97 times so far on the last day of bidding on Thursday. Its Rs 937-crore IPO received bids for 8,85,08,110 shares against the total issue size of 44,32,174 shares, NSE data showed.

The IPO is in a price band of Rs 1,470-1,480 per share. ICICI Securities, Edelweiss Financial Services and J M Financial Institutional Securities are managing the company’s issue.

Hindalco Q3 profit could rise 50%, Bajaj Auto Q3 profit seen up 14%

Hindalco Industries is likely to post a 50 percent rise in its December quarter net profit at Rs 480 crore against Rs 320 crore year on year, according to a poll of analysts by CNBC-TV18.

Bajaj Auto’s third quarter (October-December) profit is expected to increase 14.5 percent to Rs 1,058 crore, from Rs 924.6 crore in same quarter last year. Revenue from operations may grow 24 percent to Rs 6,251 crore from Rs 5,067 crore YoY, according to average of estimates of analysts polled by CNBC-TV18.bond

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