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Gains from Budget day to continue: Tuesday Market Preview

Markets in Asia were higher in early trade today while Wall Street closed in the green overnight following a retreat in crude prices

The gains from the Budget day are expected to continue in the Indian market today with support from its Asian peers in positive terrain in early trade today and Wall Street closing higher overnight on a retreat in crude prices and amid mixed economic data. The SGX Nifty was 45 points higher at 5,388 compared to its previous close of 5,343.

The market opened in the green on Monday and was range-bound till the time finance minister Pranab Mukherjee began his Budget speech. Early announcements drove the indices higher, however, a smaller-than-expected hike in the income-tax exemption limit for individuals and nothing heard on the burning issue of crude prices pushed the indices back to the day's lows. The market gained 550 points to the day's high and the Nifty was up 127 points as the FM concluded his speech. But the gains were short-lived, as profit-booking dragged the indices lower, and they closed around the opening levels.

Finally, the Sensex ended 122 points up at 17,823 and the Nifty was up 30 points at 5,333. Although the indices closed in the positive zone, it hides the massive intraday volatility.

Markets in the US closed with modest gains on Monday leaving behind worries about the impact of the turmoil in the Middle East and amid mixed economic news. Brent crude oil prices, which had touched $120 a barrel last week, cooled down to $112. However, investors were still edgy that the global economic recovery may be threatened if oil prices stay high.

In economy news, the National Association of Realtors Pending Home Sales Index, based on contracts signed in January, declined 2.8% to 88.9 from a downwardly revised index of 91.5 in December, the second straight monthly decline and the slowest pace since October. The Institute for Supply Management (ISM)—Chicago’s business barometer—showed US economic activity jumped to 71.2 in February, its highest reading since July 1988, from 68.8 in January. Besides, government data showed personal incomes climbed 1% and inflation remained below the Federal Reserve’s long-term forecast.

The Dow surged 95.89 points (0.79%) at 12,226.34. The S&P 500 gained 7.35 points (0.56%) at 1,327.23 and the Nasdaq added 1.22 points (0.04%) at 2,782.27.

Markets in Asia were in the green in early trade on Tuesday, tracking the US markets, which closed higher overnight and on easing in crude prices. Meanwhile, Chinese manufacturing growth slowed in February to a six-month low, as the government’s campaign to rein in inflation weighed on industrial activity. The official manufacturing Purchasing Managers Index slowed slightly to 52.2 in February, from 52.9 in January. This apart, Japan’s unemployment rate was unchanged in January while payrolls rose, adding to signs the nation’s recovery is gaining pace after a temporary slowdown.

The Shanghai Composite gained 0.26%, the Hang Seng rose 0.04%, the Jakarta Composite advanced 0.41%, the KLSE Composite surged 0.43%, the Nikkei 225 advanced 0.69%, the Straits Times surged 1.03% and the Taiwan Weighted was 1.07% higher. The Seoul Composite was closed for a local holiday.

Back home, the government has proposed to increase the service tax on life insurance policies to 1.5% from 1%, a move that would increase the premium cost for policyholders. The life insurance industry, which was demanding special treatment in the Budget for increasing investment in insurance polices, was unhappy with the move.

“The proposed service tax will make traditional policies costly for policyholders,” Aviva India CEO and MD TR Ramachandran said.

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