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Indian equity markets come back in green
Fri, 1 Mar 11:30 am

Indian equity markets generally traded in green during the previous two hours of trade. The most noticeable upward movements were witnessed in the metal and capital goods sectors while healthcare and realty witnessed maximum selling pressures.

The BSE-Sensex was up by 69 points and NSE-Nifty was up by 20 points. BSE Mid Cap index and BSE Small Cap index were trading higher by 0.41% and 0.13% respectively. The rupee was trading at 54.56 to the US dollar.

Large Software stocks were trading on a mixed note. While Moser Baer Indiaand Tech Mahindra led the gains, TCS and CMC Ltd led the losses. Budget 2013 was disappointing for the IT industry as the main issues raised by the industry such as rollback of taxation of software treated as royalty, reduction of MAT, removal of the minimal contiguous land requirement for SEZs', dual levy of VAT and service tax on domestic software sales and more clarity on transfer pricing norms were left unaddressed. However, the announcement with regard to mandatory adoption of core-banking software by the postal department should open doors for IT vendors having the required expertise. Continuing plans such as the national roll-out of Aadhaar based schemes should also bode well for the sector. The Budget also proposed a funding allowance for technology incubators located within academic institutions to qualify as CSR expenditure, which could also help the industry.

All but three Power stocks, NTPC Ltd, Indiabulls Power and KSK Energy traded in green and Jaiprakash Power led in terms of gain. Budget 2013 proposed some interesting measures in order to boost the ailing power sector. The Finance Minister allowed public-private partnerships in the coal sector to boost the fuel's production with an objective of ensuring smooth supply of coal for thermal based power plants. Section 80-IA of the Income Tax Act pertaining to new investments was also extended for the sector. The Finance minister also reintroduced generation-based incentives for wind energy projects and made an allocation of Rs 8 bn to the ministry of non renewable energy for the purpose.

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Feb 23, 2018 (Close)