Market at close: Benchmark indices ended higher but off day's high with Nifty ended near 10,900 level post Interim Budget presented by Finance Minister Piyush Goyal.
The Sensex was up 212.74 points at 36469.43, while Nifty was up 62.70 points at 10893.70. About 1189 shares have advanced, 1323 shares declined, and 137 shares are unchanged.
Major gainers are from auto, energy, FMCG, pharma, IT and infra space, while metal and banking stocks were remained under pressure during the day.
Hero Motocorp, Maruti Suzuki, HCL Tech, Asian Paints and Bajaj Finance are the top gainers on the Sensex, while losers are Vedanta, Yes Bank, Coal India, SBI and ICICI Bank.
February 01, 2019 / 03:22 PM IST
Dhiraj Relli, MD & CEO, HDFC Securities said, "This Budget has not caused any major disappointment; also it being interim in nature, we can safely park any questions on missed opportunities. To be honest, the budget presented today might have exceeded the expectations of many market analysts and evaluators."
Budget reaction: The Modi government has seemingly once again managed to defy the convention by pulling off a Budget, which seems more in the nature of a full budget rather than an interim budget, said Jayant Manglik, President Religare Broking.
The priorities in the budget were clearly focused on two important segments of the Indian economy – the middle-income group and the farmers. Thus, for the former, while the government has proposed income tax relief to those having income of upto Rs 5 lakhs, a Rs 75,000 cr relief package has been announced for the farmers community for FY20 and also a Rs 20,000 cr farmer income support package for the current fiscal. However, the government has pegged the fiscal deficit target at 3.4% for FY20, which is a marginal negative considering that the objective of staying on course to reducing the fiscal deficit has been compromised for another year, he added.
From the stockmarket point of view, this Budget will be welcomed, as it focuses on increasing the disposable income in the hands of a large section of the economy i.e. middle-income group and farmers. The budget proposals are a positive for sectors related to consumption, which include FMCG, Auto, Consumer Durables, Banks and Fertilizer / Agri. Moreover, with several announcements pertaining specific to the Real Estate sector in the Budget, this sector will stand to be a beneficiary over the medium-to-long-term. Thus, sectors related to and dependant on Real Estate will also stand to gain and these include Paints, Cement, Ceramics, etc.
February 01, 2019 / 02:46 PM IST
Just IN | Dr Reddy's Laboratories Q3 net profit at Rs 485 crore, while revenue at Rs 3850 crore.
February 01, 2019 / 02:39 PM IST
Rupee Update: The Indian rupee erased all its gains and trading lower 29 paise at 71.37 per dollar against previous close 71.08.
February 01, 2019 / 02:35 PM IST
Market Update: Benchmark indices erased all its day's gain and trading flat with Nifty below 10,850 level.
The Sensex is up 30.96 points at 36287.65, while Nifty is up 7.70 points at 10838.70. About 1009 shares have advanced, 1316 shares declined, and 121 shares are unchanged.
February 01, 2019 / 02:33 PM IST
Dewan Housing Finance Corporation hits 52-week low: Shares of DHFL touched new 52-week low of Rs 105.10. The share was quoting at Rs 105.30, down Rs 30.55, or 22.49 percent.
February 01, 2019 / 01:57 PM IST
SBI post profit in Q3: State Bank of India has reported profit at Rs 3,955 crore for October-December quarter,agsinst a loss of Rs 2,416.4 crore in same quarter last year.
Net interest income during the quarter grew by 21.4 percent year-on-year to Rs 22,691 crore with loan growth of 12.1 percent YoY and 4.6 percent QoQ.
February 01, 2019 / 02:16 PM IST
A bold and path breaking Budget delivered by the Modi government in its final year of the first term. Government has eschewed populist impulses in an election year & has admirably arrested the slippage in fiscal deficit to just 3.4% of GDP for FY19.
The Budget provides a massive boost to the primary engine of growth i.e. domestic consumption through income tax sops for nearly 30 million low-income taxpayers and 120 million marginal farmers. This would go down in history as India's seminal march towards providing succor to the economically disadvantaged groups.
Equity markets would rejoice with the force multiplying boost provided to sectors in domestic consumption like automobiles, consumer staples & durables, real estate, building materials, home improvement and retail-focussed banks & financials etc, said Ajay Bodke, CEO at Prabhudas Lilladher PMS
February 01, 2019 / 01:47 PM IST
“Interim Budget-2019 has proved to be Godly Budget for Indian Middle Class. This section has got more than they had even anticipated with block-buster tax reduction announcements. This can trigger consumption wave with increased demand for automobile, FMCG, housing and building materials. It’s a great effort from Finance Minister balancing prudence and populism," said Jagannadham Thunuguntla, Sr. VP and Head of Research (Wealth), Centrum Broking Limited.