- 01:52 PM Delta Corp has target of Rs 65: Irani
- 01:44 PM Jyothy Laboratories a safe bet: Irani
- 12:58 PM Cyclone Phyan to bring heavy rains to Mumbai
- 12:54 PM Cipla launches drug to treat H1N1 virus
- 12:54 PM Shree Renuka acquires Brazilian firm for $82 m...
- 12:54 PM JPMorgan bullish on Educomp, sees target at Rs 100...
- 12:48 PM Nifty trades above 4950; metal, IT, auto, pharma u...
- 12:42 PM Buy IVRCL Infra; target of Rs 382: Motilal Oswal
- 12:37 PM Allow stake in Indian carriers: Foreign airlines u...
- 12:04 PM Pathik Gandotra positive on Yes Bank



So what did the Budget have in store for the markets? CNBC-TV18 reports.
Wednesday has been a wild ride on Dalal Street. Trading opened 600 points down on the Sensex as the markets fell under the weight of poor global cues. The recovery had barely begun, when the Finance Minster began his Budget speech.
He went on to announce the introduction of delivery-based short
selling and stock lending and borrowing. It was the only reform announced in a two-hour long speech - even though no timeframe has been committed as yet.
Commenting on the same, Nimesh Kampani, Chairman, JM Morgan Stanley says, "Short selling by institutions to be allowed, lending and borrowing allowed - most were done outside India is a welcome step."
But no one's welcoming the next announcement - to raise Dividend Distribution Tax for corporates from 12.5% to 15% and from 12.5% to 25% for money market and liquid mutual fund schemes.
Vallabh Bhansali, Chairman, Enam comments, "The shock is the Div Dist Tax. Tax the rich, while money goes to various others, strategy to allow short selling may be last reform measures."
But P Chidambaram had an explanation, "If dividends had gone into the investor hand and taxed - investors would end up paying a 20% tax return."
That defended, but many of his other moves have hurt the market - especially in cement. The linking of tax to selling price and the imposition of Minimum Alternate Tax on IT companies.
But Uday Kotak, Vice Chairman, Kotak Mahindra Bank says, "It could have been worse - he has not touched capital gains. May not be good for it or cement, so they will no longer be the sunrise sectors."
And so, the markets came out of the Budget another 200 points lower - the Sensex ending the day below 13000. Stirred, but not shaken!
|
|


Today's Special Column
with Pronab Sen
Union Ministry of Statistics and Programme Implementation , Chief Statistician and Secretary


-
Most Read
-
Most Viewed
- 10 companies that MF managers love
- 10 Companies that FIIs love
- Mitesh Thacker's top picks for today's trade

- Experts on stocks and sectors to pick/avoid now

- Ganeshaspeaks: Market prediction for Nov 11
- IPO scam: SEBI bars Pyramid Saimira for 7 years

- How greed got the better of this Morgan Stanley star
- Sensex may drift down to 12500, -ve on RIL: Shankar Sharma

- Delta Corp has target of Rs 65: Irani
Source: CNBC-TV18
- Jyothy Laboratories a safe bet: Irani
Source: CNBC-TV18
- JPMorgan bullish on Educomp, sees target at Rs 1000/share
Source: CNBC-TV18
- Nifty trades above 4950; metals, IT, auto, pharma up
Source: Moneycontrol.com
- NMDC, AP body to enter mining pact
Source: Business Line
- Volvo-Eicher semi low-floor buses to hit the roads next yr
Source: Business Line
- Petronet likely to award LNG jetty contract next month
Source: Business Line
- NTPC units shut down on coal shortage
Source: Business Line





















