Dalal Street has taken the interim Budget on a positive stride with the Indian benchmark indices rallying over 1 percent. The Nifty50 has spiked 125 points, trading at 10955 while the Sensex zoomed 430 points and was trading at 36686 mark.
Consumption, discretionary stocks are likely to benefit the most as Interim Finance Minister, Piyush Goyal in his speech threw in a bonanza for middle-class voters by increasing the exemption limit of income tax from the current level of Rs 2.5 lakh to Rs 5 lakh for FY20.
From the auto space, the top gainers were Hero MotoCorp which zoomed 8 percent followed by Ashok Leyland, Eicher Motors, Maruti Suzuki, Mahindra & Mahindra and TVS Motor Company.
“Any measure like enhancing tax exemption limits or low interest on housing loans etc. to woo the middle class would likely push higher spends in the discretionary spends sector like Automobiles thus benefiting the Auto OEMs and ancillaries. Hence, one can position himself in these sectors with a view on a budget,” Arun Thukral, MD & CEO, Axis Securities told Moneycontrol.
Realty stocks were also buzzing Indiabulls Real Estate, DLF, Oberoi Realty, Godrej Properties and Phoenix Mills.
From the FMCG space, the top gainers were Hindustan Unilever, ITC, GSK Consumer, Jubilant Food and Colgate Palmolive.
The top gainers from NSE included Hero MotoCorp, Maruti Suzuki, Eicher Motors, Bajaj Finance and Hindustan Unilever while the top losers included Vedanta, Zee Entertainment, ICICI Bank, BPCL and Axis Bank.
The most active stocks were Maruti Suzuki, Vedanta, Reliance Industries, Axis Bank and YES Bank.
Infosys, Wipro, Dr Reddy's Laboratories, Havells India, Infosys, Titan Company and Varun Beverages have hit new 52-week high in this afternoon session.
114 stocks have hit new 52-week low on the NSE including names like ABG Shipyard, Dilip Buildcon, Dena Bank, DHFL, Grasim Industries, Hindustan Zinc, IL&FS Transportation Networks, Punj Lloyd, Rolta India, Unitech, Vedanta and Zee Media among others.
The breadth of the market favoured the advances with 1010 stocks advancing and 667 declining while 379 remained unchanged. On the BSE, 1286 stocks advanced, 1015 declined and 149 remained unchanged.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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