What changed for the market ahead of Budget Day? 10 things you should not miss

The Nifty, which started on a muted note, recouped losses but failed to hold on to gains and closed near its opening levels forming an indecisive Doji kind of pattern on the daily candlestick charts.

The Nifty50 which opened at 11,018 rose to an intraday high of 11,058 which made a small upper shadow, but bears quickly took control and pushed the index below 11,000, which made a long lower shadow on the daily charts.

According to Pivot charts, the key support level is placed at 10,985.17, followed by 10,942.63. If the index starts to move higher, key resistance levels to watch out are 11,064.37 and 11,101.03.

India Union Budget 2018-19 Live: News, updates and highlights from FM Arun Jaitley’s Budget 2018 speech, announcements

The Nifty Bank closed at 27,379.4. Important Pivot level, which will act as crucial support for the index, is placed at 27,178.93, followed by 26,978.47. On the upside, key resistance levels are placed at 27,517.83, followed by 27,656.27.

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 ends off day’s highs

US stocks finished marginally higher on Wednesday as indexes gave up early gains after the Federal Reserve said it sees inflation rising this year, signalling it remains on track to boost interest rates again in March.

The Dow Jones Industrial Average rose 73.74 points, or 0.28 percent, to 26,150.63, the S&P 500 gained 1.47 points, or 0.05 percent, to 2,823.9 and the Nasdaq Composite added 9.00 points, or 0.12 percent, to 7,411.48, Reuters reported.

Asian shares advance after the Fed holds rates steady

Asian indexes climbed early on Thursday, tracking gains seen on Wall Street following the Federal Reserve’s decision to keep rates unchanged. Nikkei 225 index advanced 0.61 percent in early trade after closing lower for the sixth consecutive session on Wednesday while the Kospi edged up 0.26 percent, CNBC reported.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 30 points or 0.27 percent. Nifty futures were trading around 11,089-level on the Singaporean Exchange.

Budget 2018: Income tax will be most tracked in Jaitley’s speech

All eyes will be on the fiscal consolidation roadmap and the government’s borrowing plans. Markets and investors will be hoping for either a changed definition of long-term or a tax on gains from stock trading could trigger correction in markets as it will force many individuals and institutional funds to shuffle their stocks portfolio.

There is speculation that he may announce a restructuring of tax slabs and increase the income tax exemption limit from the existing Rs 250,000 to about Rs 300,000 —a move that would leave more money in the hands of people. The NDA government’s last full budget, in its current term to overhaul of India’s corporate tax structure by slashing the statutory rate and removing layers of exemptions.

Edelweiss Group chairman Rashesh Shah, who also heads the industry lobby Ficci as its president, has called for laying down a strategic road-map in the Budget to ensure higher non-tax revenue.

“All these years, successive governments had an adhoc approach to non-tax revenue generation. There was no strategy in place. We must widen the non-tax revenue stream in a strategic manner, which none of the governments have tried in the past,” Shah said.

GST e-way bill to go live today

The e-way bill, key to preventing tax evasion under the goods and services tax (GST), will be rolled out nationwide from Thursday, the day finance minister Arun Jaitley will present the Union Budget 2018, amid persistent concerns in some quarters that its enforcement could trigger fresh economic disruption.

The GST e-way bill, an electronic documentation tracking the movement of goods, is mandatory for all inter-state movement of goods from 1 February. It is designed to prevent under-reporting and evasion of taxes, Mint reported.

US Treasury plans bigger debt auctions

The U.S. Treasury on Wednesday said it plans to hold larger debt auctions due to the winding down of the Federal Reserve’s bond buying program, but it warned that it would only be able to pay all of the federal government’s bills through February, Reuters reported.

FTIL case: Sebi revokes interim order against 8 individuals

Sebi on Wednesday revoked an interim order passed against eight individuals in the matter of Financial Technologies, now known as 63 Moons Technologies, after finding no evidence of insider trading allegations.

It was alleged that these entities traded shares of erstwhile Financial Technologies (India) Ltd while in possession of unpublished price sensitive information (UPSI) about NSEL, thereby violating insider trading norms.

Galaxy Surfactants $147 mn IPO subscribed nearly 20 times

Galaxy Surfactants Limited’s initial public offering (IPO) of shares to raise 9.37 billion rupees (USD 147.1 million) was subscribed nearly 20 times on the last day of the sale on Wednesday.

Investors bid for 88.1 million shares, or 19.9 times the 4.4 million shares on offer, stock exchange data as of 1258 GMT showed.

Trai cuts mobile number port out charges by 79%

Telecom regulator Trai on Wednesday slashed the charges for mobile number portability by almost 79 percent to a maximum of Rs 4. The prescribed ceiling for mobile number portability rates was Rs 19, so far.

The authority has been of the view that considering the upsurge in the volume of porting requests with effect from July 3, 2015, and the financial results of both the mobile number portability service providers (MNPSPs), the ceiling of Rs 19 is “quite high” as compared to cost and volumes of transaction involved.

4 stocks under ban period on NSE

Security in ban period for the next trade date under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

The security which are banned for trading are Fortis, Jain Irrigation, JP Associates and Wockhardt.