Union Budget 2016 failed to cheer Dalal Street as benchmark indices BSE Sensex and NSE Nifty skid 0.50 per cent on Monday in a volatile trade.
3.30 pm: Union Budget 2016 failed to cheer Dalal Street as benchmark indices BSE Sensex and NSE Nifty skid 0.50 per cent on Monday in a volatile trade. The 30-share index Sensex slipped 152.30 points at 23,002, while the 50-share index Nifty dipped 42.70 points at 6987.05.
In the Nifty pack, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank, State Bank of India and ITC gained between 1.60 per cent and 3.74 per cent. On the other hand, ONGC, Cairn India, BHEL, Maruti Suzuki and Larsen & Toubro slid between 3.22 per cent and 11.77 per cent.
Among the sectoral indices on BSE, the BSE IT index dipped the most — 2.11 per cent, followed by BSE TECk index (2 per cent), BSE Capital Goods index (down 1.99 per cent), BSE Consumer Durables index (down 1.75 per cent). On the other hand, BSE Bankex and BSE Realty index gained 1.07 per cent and 0.27 per cent, respectively.
Market sentiments turned weak after the proposal for higher dividend distribution tax on those earning more, and a proposal to increase Securities Transaction Tax in some categories.
On the Union Budget 2016, Gaurav Bhandari, managing director, sales, Centrum Broking, said, “The focus of the Budget have been the rural poor, infrastructure and handling the perilous state of PSU banks. The government has taken the initiative of giving a fillip to investments by increasing spending on roads and other infrastructure; leaving more in the hands of panchayats will stimulate rural demand. There is still enough legroom for increasing the amount earmarked for recapitalisation of PSU Banks. Keeping fiscal deficit under check will give headroom to RBI to cut rates much earlier than anticipated. Incentives to new manufacturing units, digitisation of land records across states and further enhancement of social security schemes are key positives. Markets can lead to a big short covering rally in March.”
3.20 pm: Sensex was down 156 points at 22,997. Dairy companies stocks like Hatsun Agro Products, Kwality and Prabhat Dairy were trading firm after the Finance Minister Arun Jaitley in its budget has proposed four new schemes to enhance dairy farming in India with allocation of Rs 850 crore in Union Budget 2016-17.
3.02 pm: Sensex was down 122 points at 23,031. Education companies like Educomp Solutions, NIIT and Career Point were trading in green after the finance minister announced government’s focus on skill development & quality education.
2.37 pm: Sensex was trading 48.28 points up at 23,202. Jaitley in his speech also proposed to raise the surcharge from 12 per cent to 15 per cent on persons, other than companies, firms and cooperative societies having income above Rs 1 crore.
2.27 pm: Bharti Airtel unveiled its high speed 4G services in Kannur and Kota. With Kannur launch, the company has expanded its 4G services to 100 towns in Kerala. With Airtel 4G, customers across the state can experience high speed wireless broadband on Airtel 4G and get on to the digital superhighway to enjoy uninterrupted HD video streaming, superfast uploading and downloading of movies, music and images. Airtel 4G is available to customers across a range of smart devices including mobile phones, dongles, 4G hotspots and WiFi dongles. Shares of Bharti Airtel were trading 0.28 per cent down at Rs 317.60. Sensex was up 37 points at 23,192.
2.06 pm: ITC shares recovered over 10 per cent from day’s low. Earlier, the scrip crashed after the Finance Minister proposed to raise excise duty on most tobacco products by 10-15 per cent. ITC was trading 2.08 per cent up at Rs 297.
2.02 pm: Sensex was up 37 points at 23,191. Hatsun Agro shares gained over 2 per cent on FM’s proposal to enhance dairy farming with allocation of Rs 850 crore
1.47 pm: Sensex was trading 21.40 points up at 23,175. On the Budget 2016, Nithin Kamath, founder and chief executive officer, Zerodha said, “At a broad level this budget exhibited fiscal prudence. I’m happy to see the ministry aggressively pushing the agricultural and rural economy. However coming from the brokerage industry, few things concern me.”
1.34 pm: Sensex was up 32.78 points at 23,187. Bajaj Finserv were trading in green on announcement of Rs 5,500 crore for crop insurance scheme.
1.18 pm: Jaitley also announced implementation of GAAR from April 1, 2017. Sensex was trading 138 points up at 23,292.
1.07 pm: FM also announced that dividend in excess of Rs 10 lakh per annum to be taxed at additional 10 per cent. Sensex was down 22 points at 23,132.
1.01 pm: FM proposed 1 per cent tax on luxury goods and cars. Sensex was down 1.45 points at 23152.
12.52 pm: Godfrey Phillips shares were trading 0.94 per cent up at Rs 1030.50 despite FM proposed to raise excise duty on most tobacco products by 10-15%. Sensex pared most of their losses and was trading 75 points down at 23078.
12.50 pm: Long term capital gains period for unlisted companies to be reduced from 3 to 2 years. Sensex was down 203 points at 22,950.
12.41 pm: STT (Securities Transaction Tax) on options increased to 0.05 per cent. Sensex was trading 288 points down at 22,865.
12.36 pm: The BSE Sensex was trading 363 points down at 22,790. Maruti Suzuki shares were trading 3.47 per cent down at Rs 3,291. Revenue deficit target improved from 2.8 per cent to 2.5 per cent in the ongoing financial year 2015-16.
12.34 pm: Sanitaryware or ceramics stocks plunged despite FM allocating Rs 9,000 crore for Swachh Bharat in FY17. Kajaria Ceramics and Somany Ceramics were trading down by 2.41 per cent 0.58 per cent.
12.25 pm: Sensex was trading 504 points down at 22,650. The FM proposed 10-15 per cent increase in excise duty on tobacco products, including cigarettes. Shares of ITC were trading 2.49 per cent down at Rs 283.75.
12.23 pm: Investors gave thumbs down to Union Budget 2016 as the BSE Sensex was trading 392.14 points down at 22,762.16. Nifty was down 118.10 points at 6,911.
12.22 pm: NHPC shares jumped over 1 per cent after FM proposed to allocate Rs 8,500 core for rural electrification in FY17
12.18 pm: Sensex tanked over 200 points, was trading 265 points down at 22,888. For income not more than Rs 5 lakh, ceiling raised under 87 (a) from Rs 2,000 to Rs 5,000. For rent payers, HRA exemption limit raised from Rs 24,000 to Rs 60,000 per annum. Tax proposals to provide relief to small taxpayers through rebates.
12.12 pm: Sensex was trading 158.51 points down at 22,995. PSU banks IDBI, State Bank of India and IOB were trading in green after FM proposed to allocate Rs 25,000 crore recapitalization of PSU banks
12.08 pm: Agrochemicals stocks edged higher on crop insurance scheme announcement. Finance Minister (FM) Arun Jaitley has allocated Rs 5,500 crore for crop insurance scheme. Shares of Insecticides (India), PI Industries and UPL were trading up by 2.73 per cent, 4.54 per cent and 1.07 per cent, respectively.
12.06 pm: Jaypee Infratech shares surged over 4 per cent in the noon trade as FM allocates Rs 97,000 crore on roads and highways. Sensex was trading 155 points at 22,999.
12.03 pm: Govt to pay 8.33 per cent towards employee pension fund. Sensex was trading 149 points down at 23,005.
12.00 pm: Sensex was down 184 points at 22,969. 100 per cent FDI allowed through FIPB route for marketing of food produced in India.
11.57 am: Government has option to reduce stake in IDBI below 50 per cent. IDBI Bank was trading 2.16 per cent up at Rs 56.80.
11.55 am: NIIT shares soared nearly 3 per cent on announcement of proposal to set up Higher Education Financing Agency with Rs 1,000 crore. Sensex was up 5 points at 23,159.
11.50 am: Along with railways, total outlay on roads and rail will be a mammoth Rs 2.18 lakh crore, said FM Jaitley while presenting the Union Budget 2016. Bankruptcy code to be introduced in Parliament in FY 17.
11.42 am: The 30-share index BSE Sensex was down 100.47 points at 23,053.83. Nifty was trading 17.95 points down at 7,011.
11.40 am: Sensex was down 81.61 points at 23,072. Government proposed to provide Rs 1000 cr for LPG connection to rural households in name of women; scheme to go on for 2 yrs to cover 5cr BPL households.
11.36 am: Benchmark indices flat after half an hour of FM speech. Sensex was trading 20.86 points down at 23,133. Nifty was trading 8.45 points down at 7,021.
11.33 am: The government also proposed 100 per cent rural electrification by May 1, 2018. Power lenders shares rural electrification and PFC were trading 1.12 per cent and 0.39 per cent up at Rs 158.30 and Rs 156, respectively. Sensex was down 27 points at 23,126.
11.32 am: Govt proposed to allocate Rs 5,500 crore for crop insurance scheme.
11.30 am: Shares of Jaiprakash Associates surged after the company signed a binding Memorandum of Understanding (MOU) with UltraTech Cement for divestment of part of its cement businesses. Shares of Jaiprakash Associates were trading 6.39 per cent up at Rs 7.16. Sensex was trading 44.10 points down at 23,110.20
11.24 am: Rural Sadak Yojana allocation for FY17 at Rs 19,000 crore, said FM. Shares of road developers such as IRB Infra and Ashoka Buildcon were trading in green. IRB Infra shares were trading 2.14 per cent up at Rs 217.50. Ashoka Buildcon shares were up 2.43 per cent at Rs 183.35. Sensex was trading 21.31 points up at 23,175. Nifty was trading 0.05 points down at 7,029.70.
11.20 am: Sensex was trading 24 points up 23,178. Next financial year will cast an additional burden due to implementation of 7th Pay Commission and OROP: FM.
11.15 am: : Jain Irrigation shares were trading nearly 5 per cent up at Rs 58.70. Govt to enhance expenditure for social, rural and agri sector. Sensex was trading 18 points up at 23,173. Jaitley proposed to spend Rs 85,600 crore on irrigation projects for 5 years.
11.11 am: India’s external situation is robust, Current Account Deficit (CAD) has declined to $14.4 bn this year, will be 1.4 per cent of GDP at the end of fiscal, said FM.
11.08 am: Government’s focus is to pass GST, said Jaitley. Sensex was up 67 points at 23,222.
11.07 am: The BSE Sensex was trading 138 points up at 23,293.
11.03 am: Global economic crisis is a serious problem, said Arun Jaitley while presenting Union Budget 2016. Sensex was down 25 points at 23,128.
S&P BSE Sensex @ 11.00 am
10.58 am: Finance Minister Arun Jaitley to present Union Budget shortly. Sensex was down 31 points at 23,123.
10.53 am: Delhi High Court upholds call drop penalty, according to media reports. Shares of Reliance Communications and Bharti Airtel were trading 2.34 per cent and 1.44 per cent down at Rs 52.10 and Rs 1.44 per cent. Tata Communications were trading 1.01 per cent down at Rs 329.90.
10.50 am: ITC shares were trading 0.48 per cent down at Rs 289.60 ahead of Union Budget 2016. Sensex was down 24.25 points at 23,130.
10.43 am: Sensex was trading 28.38 points down at 23,125. Just Dial has launched a new app, ‘JD’ that will help consumers to buy anything from movie and flight tickets to order food online. The local search firm is planning to enter the South-East Asian market starting with Indonesia and then West Asia with its ‘JD’ app that allows consumer search for a product through voice search. Shares of Just Dial were trading 1.09 per cent down at Rs 541.10.
10.41 am: UltraTech Cement shares were trading 0.40 per cent up at Rs 2,786. UltraTech Cement agreed to buy 18.40 million tonne per annum (mtpa) of cement capacity from Jaiprakash Associates for an enterprise value of Rs 16,500 crore. UltratTech will invest an additional Rs 470 crore to complete an ongoing project to set up 4 mtpa of grinding units. UltraTech will acquire the cement plants with a total capacity of 22.4 mtpa in Madhya Pradesh, Uttar Pradesh, Himachal Pradesh, Uttarakhand, Andhra Pradesh and Karnataka. The deal will catapult UltraTech’s capacity to 90.7 million tonnes per annum from the current 68.3 mtpa, making it one of the top cement producers in the world. The assets will also give UltraTech access to the markets of Satna, UP East, Himachal Pradesh and coastal Andhra where it does not have a presence now.
10.34 am: Shares of Maruti Suzuki were trading 1.28 per cent down at Rs 3365.55. Maruti Suzuki India (MSI) has reportedly started shipping its premium hatchback Baleno to Europe, ahead of the formal launch of the model by its Japanese parent Suzuki Motor Corp. The Baleno, which is produced only in India, has already become the first model to be exported by the company to its parent Suzuki’s home market, Japan. The company is also planning to export the Baleno to over 100 global markets. Sensex was down 26 points at 23,127.
10.31 am: Cupid has received an order from DKT India to deliver male condoms worth Rs 2.95 crore between March & May 2016. The company has been supplying Male Condoms to DKT since 2012. Shares of Cupin were trading 0.29 per cent up at Rs 243.70.
10.16 am: Private bank stocks mixed ahead of Union Budget 2016. HDFC Bank, Kotak Mahindra Bank and YES Bank shares were down 0.17 per cent, 0.93 per cent and 0.96 per cent, respectively. On the other hand, Axis Bank and ICICI Bank were up 0.10 per cent and 2.14 per cent, respectively. Sensex was up 48 points at 15,742.
10.07 am: Sensex was down 53 points at 23,100. The rupee weakened 12 paise to quote at 68.74 against the dollar in early trade at the Interbank Foreign Exchange (forex) market today on month-end demand for the American currency from importers and banks.
9.47 am: Aviation stock slipped ahead of Union Budget 2016. Jet Airways and SpiceJet were trading 3.69 per cent and 5.44 per cent down at Rs 486.60 and Rs 60.80, respectively.
9.44 am: Meanwhile, Finance Minister reached Parliament to present Union Budget 2016. Sensex was trading 13.46 points down at 23,140.
9.40 am: Yes Bank is aiming to increase its market share to more than two fold at 2.5 per cent by 2020 to emerge as one of the major private sector lenders in the country. The bank will also launch its credit card services in the first quarter of next fiscal. Sensex was trading 16 points down at 23,138. Nifty was down 7.70 points at 7,022.
9.30 am: Shares of InterGlobe Aviation fell over 1 per cent on Monday after the company informed stock exchanges that it will take delivery of 24 Airbus A320neo Aircraft over the next thirteen months. Sensex was up 5 points at 23,159.
9.24 am: Meanwhile, Maruti Suzuki shares hit fresh 52-week low of Rs 3,372. Sensex was down 33.87 points at 23120. Nifty was trading 13.50 points at 7,016.
9.15 am: Sensex opened 84.20 points up at 23,238.50, while Nifty opened 20.70 points up at 7,050.45.
8.38 am: Domestic equity markets are likely to open in red on Monday tracking Nifty futures on the Singapore Stock exchange (SGX Nifty) and mixed global markets. However, benchmark indices BSE Sensex and NSE Nifty are likely to remain cautious on account of Union Budget 2016, to be presented in Parliament today around 11 am.
At 8.19 am (IST), SGX Nifty was down 32 points, or 0.45 per cent, at 7,033.
Asian stocks were off to a cautious start on Monday after a weekend meeting of the Group of 20 economic policymakers ended with no new coordinated action to spur global growth and as solid US data revived expectation of a US rate hike before year-end. Hang Seng and Shanghai were down by 0.86 per cent and 3.20 per cent. However, Nikkei was up 0.41 per cent at 16,255.23
The Dow Jones industrial average on Friday fell 57.32 points, or 0.34 per cent, to 16,639.97 and the S&P 500 lost 3.65 points, or 0.19 per cent, to 1,948.05. The Nasdaq Composite added 8.27 points, or 0.18 per cent, to 4,590.47.
On Friday, the benchmark BSE Sensex broke its three days of losing spell by gaining over 178 points after the Economic Survey projected the economy to grow at 7-7.75 per cent in 2016-17.
With all eyes glued on the Union Budget 2016, Jayant Manglik, president, retail distribution, Religare Securities, said, “Market participants will react strongly to the event the Budget 2016 as mostly hoping for some concrete steps from the government to boost the investors’ sentiment.”
(With inputs from agencies)