Share Market Budget 2020-21 Live Streaming: Domestic equity benchmarks Sensex and Nifty crashed over 2.5 per cent each, as Union Budget disappointed the investors in the trade today. In the final hour of the trade, S&P BSE Sensex crashed around 1,100 points, while the broader Nifty 50 index dropped 318 points or 2.67 per cent and slipped below the crucial level of 11,650 points. At close, Sensex ended 988 points or 2.43 per cent at 39,735.53 while the NSE’s Nifty 50 finished 318 points or 2.66 per cent at 11,643.80 points. 25 out of 30 Sensex stocks finished in red in today’s trade. ITC was the top loser on the Sensex pack, down 7 per cent to Rs 218.55, followed by LT and HDFC, down 6 per cent each. SBI, ONGC, ICICI Bank were among the other laggards on the index. Conversely, TCS, Hindustan Unilever, Nestle India, Tech Mahindra and Infosys were the only gainers.
Barring the Nifty IT index, all the sectoral indices ended in red. The Nifty Bank index dropped 1,024 points or 3.32 per cent dragged down by RBL Bank, SBI, Bank of Baroda and ICICI Bank. Nifty FMCG index, too, tanked 556 points at 30,218 points, weighed by ITC, Britannia, Marico and Dabur India. The broader markets also performed in line with the equity benchmarks. S&P BSE MidCap index ended 343 points or 2.21 per cent at 15,119.65 points, while S&P BSE SmallCap, too, finished 323 points or 2.20 per cent at 14,344.70 points.
Nirmala Sitharaman in her Budget speech also announced that the government is planning to sell a part of holding in public sector behemoth Life Insurance Corporation of India (LIC).
The FMCG industry, facing a consumption slowdown, on Saturday welcomed the Union Budget saying that proposed reduction in personal taxes would help drive consumption and the thrust on rural development would revive demand from the segment.
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Finance Minister Nirmala Sitharaman has proposed an ambitious disinvestment target of PSU stake sales to the tune of Rs 2.1 lakh crore in the next financial year 2020-21, even as it is not even close to meeting its current year’s divestment goals. Next fiscal’s disinvestment target is double of the Rs 1.05 lakh crore that the government had expected to earn this fiscal from sale of equity stakes in PSUs.
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The mega LIC IPO announced by Finance Minister Nirmala Sitharaman in her Union Budget 2020 presentation today may have its share of challenges before it sees the light of day.
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Lack of adequate funds for the armed forces could hit their modernization programmes, say experts.
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FM Nirmala Sitharaman has finally made her Budget speech and though FMCG sector didn’t get a direct mention, it is expected that other announcements made by the finance minister, especially regarding the rural sector, will have an indirect impact on the fast-moving consumer goods sector.
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The Centre on Saturday increased the budgetary allocation for the environment ministry from last fiscal by nearly five per cent for 2020-21 with no change in the amount allotted to pollution abatement and climate change action plan.
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Captains of various sectors of industry on Saturday welcomed the Union budget and provided suggestions to the Finance Minister Nirmala Seetharaman. President of Tirupur Exporters’ Association Raja M Shanmugham termed the budget as a people-oriented one.
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Budget and Section 115BAC: The FM in her Budget 2020 speech has come out with an option for the taxpayers to reduce their income tax liability. As a taxpayer one may continue with the existing tax regime or choose the new tax regime to pay lower tax rates. However, the new tax regime comes with a reduced number of tax exemptions and concessions.
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The good news first. Union Finance Minister Nirmala Sitharaman’s proposed new income tax regime does a great job of putting more cash in your hand through lower taxation of your income at various slabs.
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Amid a prolonged slowdown, while the market was expecting RBI to cut rates for the sixth straight time in the last MPC meet, the Reserve Bank of India did not go for it.
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The government on Saturday increased customs duty on several products, including toys, footwear and furniture items, with a view to promote ‘Make in India’ and boost domestic manufacturing.
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Economists have offered mixed views on the Budget with some going public with their disappointment for not taking adequate measures to boost growth, while others said it is on expected lines.
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From the rise of video streaming platforms to music apps to advertising moving onto digital – It has been a leap of faith for the media and entertainment industry, which is now transcending towards digital.
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Finance Minister Nirmala Sitharaman in her Union Budget 2020 speech announced that five on-site museums would be developed at five spots in the country. But what makes Rakhigarhi in Haryana, Hastinapur in Uttar Pradesh, Sivasagar in Assam, Dholavira in Gujarat and Adichanallur in Tamil Nadu so historically important? We tell you here
To augment India’s infrastructure and create jobs, the government has launched Rs 103 lakh crore infra projects besides providing about Rs 1.70 lakh crore for transport infrastructure and accelerating highways construction, Finance Minister Nirmala Sitharaman said on Saturday.
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Aiming to boost the affordable housing demand, Finance Minister Nirmala Sitharaman on Saturday proposed to extend the date of availing an additional Rs 1.5 lakh tax deduction on home loan interest by one more year till March 2021.
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In her second budget presentation, Finance Minister Nirmala Sitharaman Saturday abolished the Dividend Distribution Tax (DDT), while making dividends taxable at the hands of the recipients.
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As the economy continues to reel under a growth slowdown, Finance Minister Nirmala Sitharaman announced cuts in personal income tax aiming to boost consumer demand.
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A farsighted budget, it is commendable that Finance Minister has announced innovative initiatives that will enhance ease of living, improve the health quotient and boost opportunities for education & job creation, for all sections of our society and meet the expectations of an aspirational India: Apollo Hospitals Group Chairman Prathap C Reddy.
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India Inc on Saturday termed the Budget as “growth provoking and welfare inducing” but said that urgent implementation of the measures proposed will be crucial for achieving desired outcomes, while acknowledging that Finance Minister Nirmala Sitharaman had “little room” to manoeuvre.
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State-owned telecom firms BSNL and MTNL will get fund infusion of around Rs 37,640 crore mainly for 4G spectrum and implementation of voluntary retirement scheme, according to Budget document 2020-21.
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After slashing income tax rates for individuals on condition that they give up exemptions and deductions, Finance Minister Nirmala Sitharaman on Saturday said the government intends to remove all I-T exemptions in the long run.
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The government on Saturday said it will review an important provision of free-trade agreements — rules of origin — for certain sensitive products such as electronics. Finance Minister Nirmala Sitharaman in her Budget Speech said it has been observed that imports under free-trade agreements (FTAs) are on the rise.
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Budget 2020 has proposed to exempt Non-resident Indians (NRIs) from filing the income tax return in certain conditions. Also, the Budget Budget has proposed to modify residency provisions to prevent tax abuse.
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There’s a lot riding on Prime Minister Narendra Modi’s budget this fiscal year. Once the world’s fastest-growing economy, India is now trying to restart economic growth that’s dipped to an 11-year low. Finance Minister Nirmala Sitharaman said this budget was aimed at boosting incomes and enhancing purchasing power, stressing that the economy’s fundamentals were strong and inflation was well contained.
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The government on Saturday increased the revenue estimate from the debt-ridden telecom sector by over two-folds to Rs 1.33 lakh crore for 2020-21 mainly on account of adjusted gross revenue dues.
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No word on a reduction in long term capital gains, this continues to move foreign capital to similar geographies in South East Asia, which do not tax long-term capital gains. We also didn't hear anything about Security transactions tax as STT continues to be the biggest deterrent in making our stock markets robust by adding a significant barrier to transacting frequently and thus increasing the impact cost around trading equities. rationalizing STT could make a plethora of day traders profitable and thus indirectly add significant no of jobs. It doesn't seem to add up, the finance minister is painting a robust picture, but all participants involved understand the ground reality. We hope the trend changes and the government deals with the problems at hand in a transparent manner, says Nikhil Kamath, Co-founder, Zerodha & True Beacon
The government on Saturday allocated Rs 2826.92 crore to the sports budget for the next financial year, which is up by a mere Rs 50 crore from the revised estimates of 2019-20.
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Continuing growth slowdown and tax cuts will make it difficult to achieve gross revenue target and stick to 3.5 per cent fiscal deficit projected for 2020-21 in the Union Budget, rating agency Moody’s said on Saturday.
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"Market structure is very weak where it was vulnerable to fall on weak global cues while there was only hope that out of the box budget could reverse the direction of the market but the budget was in line expectations with disappointing on LTCG front. The rationalization of DDT is the only cheerful factor for some high dividend-paying companies like IT companies. There were no major steps that could boost economic sentiments immediately. The market is taking budget as a non-event and continuing its downfall in tandem with a fall in the global market amid worries of Coronavirus. Some cut in income tax was already expected which cause some immediate positive reaction in some consumption stock but then they witness sell off at higher levels. The cut in income tax comes with a rider of giving up exemptions which are also one the reason for disappointment, especially life insurance stocks fell sharply because it is expected that those forgoing exemptions to move to lower tax regimes may not take life insurance," Amit Gupta, Co-Founder and CEO, TradingBells said
The government on Saturday proposed to set up an international bullion exchange at IFSC in GIFT City, which will lead to better price discovery of gold, create more jobs and enhance India’s position in such market.
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The Budget allocation for the coal ministry has registered a decline of 5.4 per cent to Rs 882.61 crore in 2020-21, from Rs 933.60 crore in 2019-20. The decline has been over the revised estimates of the 2019-20 Budget, according to Budget documents. While the expenditure was at Rs 1,159.05 crore for 2019-20, in case of 2018-19 (actual) it was Rs 708.34 crore, it added.
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The government has approved a budgetary allocation of Rs 11,500 crore for Jal Jeevan Mission for the year 2020-21, Finance Minister Nirmala Sitharaman said on Saturday.
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The government on Saturday increased the revenue estimate from the debt-ridden telecom sector by over two-folds to Rs 1.33 lakh crore for 2020-21 mainly on account of adjusted gross revenue dues.
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The budget proposal for the startups ecosystem, especially the one on tax on employees stock options (Esops), received a big thumbs up from the fledgling sector. The budget recommends a five-year tax holiday on Esopss, a 10- year tax exemption for startups with under-Rs 100 crore turnover and also talks of a seed fund to push new businesses.
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Sensex ended 988 points or 2.43 per cent at 39,735.53 while the NSE's Nifty 50 finished 318 points or 2.66 per cent at 11,643.80 points. 25 out of 30 Sensex stocks finished in red in today's trade.
Sensex has finished the day at 39,735.53 losing 988 points or 2.43 per cent while Nifty 50 index finished the Budget day with a loss of 318 points or 2.66 per cent at 11,643.80 .
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Finance Minister Nirmala Sitharaman on Saturday doled out capital support for early-stage startups. Presenting her second budget, the minister proposed seed funding support for ‘ideation and development’ of early-stage startups.
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