Market on Budget 2018: Sensex ends near 35,900, Nifty holds 11,000; PSU bank, pharma shares bleed
Budget 2018: Indian stock markets traded higher on Thursday as Finance Minister presents the last full-year Budget before the Lok Sabha Elections in 2019. Investors all across are keenly awaiting for the Union Budget 2018 as it is the first budget after the nation-wide constitutional reform GST (Goods and Services Tax) implemented in July 2017. Earlier yesterday, Indian stock markets ended marginally lower ahead of the Union Budget 2018 with Sensex and Nifty finishing in negative territory for the second consecutive day.
Meanwhile, US stock markets concluded slightly higher on Wednesday as indices gave up early gains after the US Federal Reserve said it sees inflation rising this year, signalling it remains on track to boost interest rates again in March, Reuters said in a report. The Federal Reserve kept rates unchanged but, in a statement following its two-day policy meeting, it repeated that it expected that “further gradual” rate hikes will be warranted, Reuters added. The Dow Jones Industrial Average rose 73.74 points or 0.28% to 26,150.63, the S&P 500 gained 1.47 points or 0.05% to 2,823.9 and the Nasdaq Composite added 9.00 points or 0.12% to 7,411.48.
— Indian stock market activity on the day when Finance Minister Arun Jaitleytabled Budget 2018 —
15:30 pm: Closing Bell | Indian stock markets finished marginally lower on the Budget 2018 day, Thursday in a heavy volatile trading activity with stocks of pharma and PSU bank dropping the most. The benchmark Sensex extended yesterday’s losses to close slightly lower and Nifty index also saw a little decline but managed to end above 11,000-mark. BSE Sensex lost 58.36 points or 0.16% to conclude at 35,906.66 and NSE Nifty shed 10.8 points or 0.1% to settle at 11,016.9. During the day, the S&P BSE Sensex plunged 463.28 points to hit an 8-day low of 35,501.74 while Nifty washed away 148.9 points to hit an 8-day low at 10,878.8.
Shares of M&M, L&T, IndusInd Bank, Bajaj-Auto, Asian Paints, ITC, Yes Bank, TCS emerged as the lead gainers on BSE Sensex on Thursday rising 1-5% while, on the other hand, shares of ONGC, Sun Pharma, Dr Reddy’s Lab, SBI, ICICI Bank, Reliance Industries, Tata Steel, Maruti Suzuki, Tata Motors, and Wipro lost up to 4.1%.
Shares of Heavyweight companies such as Reliance Industries, ICICI Bank, HDFC Bank, State Bank of India, Sun Pharma, ONGC, Maruti Suzuki, and Infosys contributed heavily to the Sensex losses. Jointly, these eight stocks washed away as much as 238 points out of the 58-point drop in the Sensex. While a sustained uptick in the shares of L&T, ITC, M&M, HDFC, IndusInd Bank, TCS, and Kotak Mahindra Bank helped to trim partial losses in the index, adding 193 points to the index.
Among the PSU bank stocks, shares of Syndicate Bank, Allahabad Bank, Canara Bank, Union Bank of India, Bank of Baroda, Indian Bank, State Bank of India, Punjab National Bank, Andhra Bank, and Bank of India lost 2-5% with benchmark Nifty PSU Bank index shedding 2.3% to finish at 3,597.1.
15:20 pm: Indian equities again fell into negative territory in the last 30 minutes of trade with Sensex trading 63.72 points lower at 35,901.3 as stocks of blue-chip companies such as RIL, ICICI Bank, and HDFC hovering in the red.
15:05 pm: In Union Budget 2018, Finance Minister Arun Jaitley has announced various agricultural reforms in a bid to double farmer income by 2022. Notably, agriculture sector provides employment to nearly 50% of the total workforce in India and contributes around 17-18 percent to the country’s GDP.
14:50 pm: The last full Budget of the present government, presented by Finance Minister Arun Jaitley today, disappointed the middle-class by not announcing any changes in the income tax slab while choosing to dedicate the fiscal space to farmers, poor, rural population and small businesses.
14:35 pm: Indian stock markets erase gains in the late afternoon trades with Sensex trading up 8.99 points or 0.02% at 35,974.01 and Nifty trading at 11,030.35, up by 0.02%. Shares of ITC, L&T, IndusInd Bank, M&M, HDFC, TCS, Yes Bank and Axis Bank contributed the most in the Sensex gains, collectively contributing about 222 points to the index.
14:20 pm: Finance Minister Arun Jaitley tabled the budget 2018 in Parliament on Thursday. The budget is the last one ahead of general election in 2019. The budget mostly focussed on agriculture and rural infrastructure. It also proposed to provide housing to all poor in the country by 2022.
14:00 pm: Some relief to the middle class will come as Finance Minister Arun Jaitley announced an excise duty cut on petrol and diesel by Rs 2 per litre in the Budget 2018. The oil ministry had demanded excise duty cut from the finance ministry on the back of rallying crude oil price.
13:45 pm: In the Union Budget 2018 presented in Parliament today, Finance Minister Arun Jaitley said that the government will merge the three public sector general insurance companies, to create a single insurance behemoth prior to its listing.
13:25 pm: Shares of India’s largest FMCG company ITC surged over 6% to the day’s high of 288.15 followed by the shares of Yes Bank, IndusInd Bank, L&T, M&M, Axis Bank rose 2-4%. BSE Sensex gained 247.89 points or 0.69% to 36,212.91.
13:07 pm: Indian stock markets recover most of the losses with Sensex trading flat at 35,965.69 while Nifty still hovering in the red at 11,007, down by 0.19%.
13:00 pm: In the Budget presentation in the Parliament, Finance Minister Arun Jaitley announced a corporate tax cut to 25% for MSMEs. “I propose to extend benefit the benefit of lower tax rate of 25% to companies with a reported turnover of Rs 250 crore,” the finance minister said.
12:50 pm: “Arun Jaitley on introducing LTCG at 10%”
“Madam Speaker, currently, long-term capital gains arising from transfer of listed equity shares, units of equity oriented fund and unit of a business trust are exempt from tax. With the reforms introduced by the government and incentives given so far, the equity market has become buoyant. The total amount of exempted capital gains from listed shares and units is around Rs 3,67,000 crores as per returns filed for the assessment year 2017-2018,” Arun Jaitley said.
“Major part of this gain has accrued to corporates and LLPs. This has also created a bias against manufacturing, leading to more business surpluses being invested in financial assets. The return on investment in equity is already quite attractive even without tax exemption,” Arun Jaitley said further.
“There is, therefore, a strong case for bringing long-term capital gains from listed equities in the tax net. However, recognising the fact that vibrant equity market is essential for economic growth, I propose only a modest change in the present regime. I propose to tax such long-term capital gains exceeding Rs 1 lakh at the rate of 10% without allowing the benefit of any indexation.However, all gains up to 31st January 2018 will be grandfathered,” Arun Jaitley added.
“Example provided by the Finance Minister Arun Jaitley”
For example, if an equity share is purchased six months before 31st January 2018 at Rs 100/- and the highest price quoted on 31st January 2018 in respect of this share is Rs 120/-, there will be no tax on the gain of Rs 20/- if this share is sold after one year from the date of purchase. However, any gain in excess of Rs 20 earned after 31st January, 2018 will be taxed at 10% if this share is sold after 31st July 2018. The gains from equity share held up to one year will remain short-term capital gain and will continue to be taxed at the rate of 15%.
12:43 pm: Indian equities witness heavy sell-off pressure following Finance Minister Arun Jaitley’s introducing an LTCG tax at 10%. The benchmark Sensex plunged 463.28 points to hit an 8-day low of 35,501.74 with shares of heavyweight companies such as Infosys, RIL, ICICI Bank, Maruti Suzuki, SBI shedding the most.
12:38 pm: Indian stock market crashes! Sensex tanks on heavy selling after Finance Minister introduced an LTCG (long-term capital gains) tax at 10% for investments over Rs 1 lakh. The S&P BSE Sensex tanked 374.85 points to the day low of 35,590.17 while Nifty shed as much as 117.2 points to the day’s low of 10,910.5.
12:34 pm: Shares of Infosys, RIL, ICICI Bank, Maruti Suzuki, HDFC Bank. Sun Pharma, Tata Steel, State Bank of India, Dr Reddy’s and Bharti Airtel contributed the most to the Sensex decline. Collectively these 10 shares washed off as much as 136 points out of the Sensex index while an uptick in shares of L&T, M&M and ITC helped to trim the losses.
12:27 pm: In the Union Budget 2018, Finance Minister Arun Jaitley announced a modest increase in disinvestment target to Rs 80,000 crore for FY 18-19. Earlier, it was expected that Finance Minister Arun Jaitley would set a steeper disinvestment target for FY19. India’s disinvestment target for the year 2017-18 was Rs 72,500 crore, of which, as on January 22, Rs 55,560.73 crore has been achieved, and with ONGC-HPCL deal Rs 36,915 crore, the government is not merely set to achieve the goal for the first time, but also surpass it by a wide margin.
12:20 am: Finance Minister Arun Jaitley today fixed the fiscal deficit target for the fiscal year 2018-2019 at 3.3%, higher than previous year’s 3.2% target on account of shortfall in non-tax revenue. He also revised the fiscal deficit for the fiscal year for 2017-2018 upwards to 3.5% as against targeted 3.2%, which in absolute terms was about Rs 5.95 lakh crore.
12:15 pm: Indian stock markets take a heavy jolt as Sensex plunges 98.77 to hit a day’s low of 35,866.25 with shares of Infosys, ICICI Bank, Maruti Suzuki, Tata Steel, Bharti Airtel, Reliance Industries, HDFC Bank, Dr Reddy’s, State Bank of India slipping into negative territory.
12:12 pm: In the Union Budget 2018, Finance Minister Arun Jaitley said that there has been a mass formalization of MSMEs after structural reforms of GST and demonetization. The government had earlier announced GST with the aim to help move small-scale businesses from the unorganised to organised sector.
12:07 pm: FM Arun Jaitley says Indian capital market regulator, SEBI To consider a mandate for large corporations to meet 25% of debt needs from the bond market, adding to it, he said bonds available to insurance companies to be widened to A-rated bonds from AA-rated bonds.
12:01 pm: FM Arun Jaitley said blockchain technology allows the organisation of records w/o intermediaries. The government does not recognise cryptocurrencies or bitcoin as a legitimate currency and will take all measure to eliminate the use of crypto in financing illegitimate operations, Arun Jaitley said further.
11:56 am: Finance Minister Arun Jaitley today announced flagship National Health Protection Scheme to cover 10 crore poor families in the country and allocated Rs 5 lakh per family per year. He said that the health scheme will cover nearly 50 crore poor citizens of this country.
11:50 am: Shares of the industrial sector were the top gainers among all the sectors as Finance Minister Arun Jaitley ensured every poor will have a house by the year 2022. Finance Minister in his budget speech said that there will be 51 lakh houses built in rural areas by end of FY18-19. Shares of Kingfa Science & Technology, Sanghvi Movers, Gammon Infrastructure Projects rose up to 6%. A dedicated Affordable Housing Fund will be set up under NHB that will ensure there are 37 lakh houses built in urban areas by end of FY18-19. PMJBY will be extended to all poor houses, says Finance Minister.
11:44 am: Most Shares of capital goods were trading higher with stocks of Thermax, Kalpat Power, NBCC, L&T, Suzlon, Sadbhav and BEML rose 1-5%.
11:40 am: Finance Minister Arun Jaitley proposes to raise institutional credit for agriculture to Rs 11 Lakh Crore for the financial year 2018-2019.
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