Taking Stock: Sensex witnesses biggest fall on Budget Day in 11 years as FM disappoints
The NiftyBank plunged 3.3 percent or 1026 points weighed down by losses in RBL Bank, SBI, Bank of Baroda, ICICI Bank, and IDFC First Bank
Chambal Fertilisers Q3 result:
Bata India share price gains:
Govt to raise excise duty on cigarettes:
M&M January auto sales:
Govt raises customs duty on auto, auto parts:
ITC hits 52-week low:
HDFC Life, SBI Life, ICICI Pru plunge 9-10%:
IDBI Bank share price jumps:
Finolex Industries share price rises:
Hospital stocks gain:
Maruti Suzuki January auto sales:
Hindustan Unilever gains:
Most active stocks in terms of value:
Most traded stocks in terms of volume:
Escorts' January auto sales:
Stocks outperforming benchmark:
Stocks underperforming benchmark:
Aggressive new shorts:
Nomura on India:
Govt revises FY19 GDP growth estimates:
US Markets update:
Quarterly earnings today:
SGX Nifty update:
Nilesh Ramesh Jain, Derivative analyst- Equity Research, AnandRathi:
We expect tepid start on Monday with negative bias. As long as it trades below 11800 levels we expect some consolidation in the range of 11500-11800 zone. However, it ended the extended session near its 200-DMA which is placed at 11650.
Nilesh Shah, MD & CEO, Kotak Mahindra Asset Management Company:
The budget is good on intent. However, the key is efficient execution in a time-bound manner. There are many positives to simplify things and encourage entrepreneurs but again, key will be execution in a time-bound manner. Intent needs to be converted into implementation.
Amar Ambani, Senior President and Head of Research, Institutional Equities, YES Securities:
We are quite satisfied with the budget math. Tax receipts appear achievable, especially once some flow comes through the amnesty scheme for direct tax cases. Likewise, disinvestment proceeds will also be large with LIC IPO on the cards. On the expenditure front, 13% yoy growth budgeted for FY21 matches with our estimate. Ramp up in GST revenues is a key monitorable.
Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities:
We feel that the budget is balanced and has taken care of a number of sectors. It will certainly have a positive impact in the long run. Technically, the short-term trend is weak and is likely to continue for the next few trading sessions.
Nirmal Jain, Founder & chairman of IIFL:
Dividend Distribution Tax (DDT) has been abolished and therefore obviously foreign investors will benefit but then it becomes fully taxable in the hands of shareholders which is not the right way of doing it because shareholders are also owners and as owners of the company they pay tax on profits and it gets taxed again. So, this might change the dividend culture of many companies, it will impact the private sector investment which has been very sluggish for the last 2 to 3 years at least.
Finance Minister Nirmala Sitharaman on market crash: I would wait for a full working day at the stock market. Not sure if every aspect of the market was open today. We will wait for Monday. I am confident that when the market opens on Monday, we will see a positive reaction.”
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