Market HIGHLIGHTS: Sensex, Nifty recover from Budget blues, RIL, Airtel among top gainers; ITC slides 5%

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Updated:Feb 03, 2020 4:47:31 pm

S&P BSE Sensex finished 136 points or 0.34 per cent higher at 39,872 points, while the broader Nifty 50 index settled at 11,724 points, up 62 points or 0.53 per cent

Stock Market: BSE Sensex, nse nifty updatesShares of multinational companies (MNCs) traded higher in today’s trade as the government announced to abolish the Dividend Distribution Tax (DDT)

Market HIGHLIGHTS: Domestic equity market benchmarks Sensex and Nifty ended higher on the first session of the week post Union Budget in a highly volatile session. S&P BSE Sensex finished 136 points or 0.34 per cent higher at 39,872 points, while the broader Nifty 50 index settled at 11,724 points, up 62 points or 0.53 per cent. Shares of multinational companies (MNCs) traded higher in today’s trade as the government announced to abolish the Dividend Distribution Tax (DDT) from the company level. During the trade, shares of Nestle India and Hindustan Unilever hit their all-time high level. On the other hand, ITC, TCS and HCLTech were among the top laggards on the Sensex. The NSE’s India VIX, fell 7.81 per cent to end at 15.52 level.

Among Nifty sectoral indices, Nifty IT, Nifty Pharma and Nifty PSU Bank index advanced the most. However, Nifty Bank index gained 228 points driven by IndusInd Bank, RBL Bank and ICICI Bank.

In the broader market, the S&P BSE Midcap index ended 169 points or 1.12 per cent higher at 15,289 points, while S&P BSE SmallCap settled flat at 14,360, up 15 points or 0.11 per cent.

In a  bid to meet its fiscal requirement and to stop fiscal maths widening to an uncontrollable level, the finance minister has announced the government’s plans to divest part of its stake in the Life Corporation of India. At a current law, 10 per cent of stake must be offloaded in case of listing for the IPO and the government is considering to let go that exact amount of stake in the LIC.

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Highlights

    15:49 (IST)03 Feb 2020
    Closing bell

    S&P BSE Sensex finished 136 points or 0.34 per cent higher at 39,872 points, while the broader Nifty 50 index settled at 11,724 points, up 62 points or 0.53 per cent.

    15:22 (IST)03 Feb 2020
    Indian Railways plans Mumbai local trains with AC and non-AC coaches after commuters oppose higher prices

    Mumbai Local Trains: Indian Railways is likely to introduce trains with both AC and non AC coaches in Mumbai’s suburban network! The decision is being taken due to resistance from commuters towards higher ticket prices. At present, two fully AC local trains run on the suburban network across Mumbai. 

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    15:05 (IST)03 Feb 2020
    Bata India, Relaxo Footwears shares jump after FM Sitharaman makes imported shoes costlier

    Shares of footwear companies such as Bata India and Relaxo Footwears were trading higher today after Finance Minister Nirmala Nitharaman proposed to raise customs duty on imported footwear. 

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    14:37 (IST)03 Feb 2020
    BSE activates Request for Quote Platform to enable trade execution, settlement in debt securities

    The new electronic platform would offer better features and flexibility than over-the-counter (OTC) markets and will offer a lot more transparency and better efficiency. RFQ will be part of BSE’s existing reporting and settlement platform NDS-RST for corporate debt securities, the exchange noted.

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    14:18 (IST)03 Feb 2020
    Mahindra & Mahindra Financial Services to raise up to Rs 310 crore through non-convertible debentures

    Non-banking finance firm Mahindra & Mahindra Financial Services on Monday said it will raise up to Rs 310 crore through non-convertible debentures (NCDs). In a filing to BSE the company said that the duly authorised committee has approved “the allotment of 3,100 secured redeemable non-convertible debentures of the face value of Rs 10,00,000 each, at par, aggregating to Rs 310 crore.”

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    14:08 (IST)03 Feb 2020
    Coronavirus continues creating mayhem on Chinese stock market; investors lose this whopping amount

    Amid the selldown, the People's Bank of China (PBOC) injected 1.2 trillion yuan ($173.81 billion) into money markets through reverse bond repurchase agreements. It also unexpectedly cut the interest rate on those short-term funding facilities by 10 basis points.

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    13:54 (IST)03 Feb 2020
    Sitharaman’s 16 point formula to boost agriculture, double farmer income; will it help?

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    13:35 (IST)03 Feb 2020
    Fans, grinder, mixers and air conditioners set to get costlier as FM hikes customs duty

    If you plan to revamp your bedroom with a new fan or an air conditioner or make your kitchen more effective with new appliances like a food grinder or a microwave then you may have to shell more than you had planned after Finance Minister Nirmala Sitharaman’s budget. 

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    13:22 (IST)03 Feb 2020
    Sensex up over 100 points, Nifty above 11,700-mark

    S&P BSE Sensex was trading 137 points or 0.35 per cent higher at 39,873.15 points led by gains in FMCG and private banks stocks. The broader Nifty 50 index was also trading higher at 11,708 points, up 0.40 per cent or 47 points.

    13:15 (IST)03 Feb 2020
    Budget done and dusted, now RBI’s turn to take over; will it cut rates?

    All eyes would be on the RBI’s monetary policy committee meeting which begins February 4, just days after the union budget presentation. The RBI’s monetary policy announcement, which would be first one in 2020, is slated on February 6. However, with rising inflation and lingering growth concerns, the RBI is expected to keep the status quo maintained, analysts said. The retail inflation surged to 7.35 percent in December 2019 as food prices increased higher than the RBI target.

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    12:53 (IST)03 Feb 2020
    Coal India share price jumped 2.5 per cent today because of this key reason

    On the back of rising production and off-take performance, Coal India Limited stock price rose by 2.5 per cent to trade at Rs 117.75 in early trade on Monday as the company showed signs of revival in production from a year-ago period. Coal India’s performance in terms of production of coal for the month of January was 10 per cent better than what the company recorded during the same period last year.

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    12:43 (IST)03 Feb 2020
    Maruti Suzuki shares jump 2.2 per cent on the back of strong sales figures

    A strong performance in January in terms of sales has helped Marut share price jump 2.2 per cent. The jump in sales figures from a year ago period hint at revival the auto giant's sales from a consumption slowdown that saw Maruti shut plants and reduce production.

    12:40 (IST)03 Feb 2020
    Bata India, Relaxo Footwears trade higher

    Shares of footwear companies such as Bata India and Relaxo Industries were trading higher in the trade today as the finance minister Nirmala Sitharaman on Saturday proposed to hike custom duty on imported footwear to 35 per cent from 25 per cent. Bata India was trading around 1 per cent higher at Rs 1,815 while the share of Relaxo Industries were trading at Rs 733 apiece on BSE.

    12:25 (IST)03 Feb 2020
    Rupee weakens against US dollar on Monday as Union Budget fails to cheer market

    The Indian rupee opened weaker on Monday as the Union Budget 2020 failed to impress the market participants. Also, the coronavirus fears kept the investors cautious. 

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    12:07 (IST)03 Feb 2020
    After hitting a 52-week-low on February 1, Coal India sheds losses to gain 2.20 per cent

    Coal India has shed off loses it suffered on Friday after hitting a 52-week-low to now gain 2.20 per cent in early trade on the back of increased production and off-take numbers for the month of January 2020.

    12:01 (IST)03 Feb 2020
    Budget 2020 was a huge opportunity missed by FM Sitharaman to help startups create more jobs

    It has often been said that there is many a slip between cup and lip. The Union Budget 2020, presented by the Hon’ble Finance Minister on Saturday, proved that the saying is as applicable today as it was whenever it was first coined. Between intent and impact, the gap continues to grow – especially from the perspective of startups and investors. A huge missed opportunity is that of triggering job creation, something that was foremost in everyone’s mind. 

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    11:49 (IST)03 Feb 2020
    Economic slowdown: Global demand comes to rescue; manufacturing PMI near 8-year high

    Surged external demand and improved business sentiment in the country have taken India’s manufacturing PMI to nearly 8-year high. In the third month of expansion, the manufacturing PMI increased to 55.30 points in January from 52.70 in the previous month. Amid reports of early signs of economic recovery, the PMI has stamped the optimism. Companies noted the strongest upturn in new business intakes for over five years, which they attributed to better underlying demand and greater client requirements, said the IHS Markit report.Read full story

    11:37 (IST)03 Feb 2020
    19 scrips hit 52-week high on NSE

    On Monday, as many as 19 securities hit a 52-week high on NSE including Nestle India, UniTech, Crompton Greaves Consumer Electricals. Nestle India was among the top gainers in the Nifty FMCG index.

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    11:35 (IST)03 Feb 2020
    ITC drops down to 11th spot in the most valued companies on D-street

    FMCG major ITC lost its spot in the top 10 most values companies on Dala Street in terms of market capitalization after it was hit by an increase of excise duty proposed by the Finance Minister in her budget speech. With a market capitalization Rs 26,9004.99 crore ITC now sits at the 11th spot.

    11:30 (IST)03 Feb 2020
    Gold prices fall today amid ongoing coronavirus outbreak, silver rates slump

    Gold and silver prices fell on Monday amid ongoing coronavirus outbreak. According to China’s National Health Commission, around 2590 new infections were confirmed on Saturday across China.

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    11:11 (IST)03 Feb 2020
    Crude oil demand slumps in world’ largest importer; extends loss for 4 consecutive weeks

    Oil prices extended declines on Monday, dragged down by worries about lower demand in the world’s largest oil importer China following the coronavirus breakout. Brent and U.S. West Texas Intermediate (WTI) crude fell for a fourth week in a row last week after airlines cancelled flights to China. 

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    10:59 (IST)03 Feb 2020
    Investors are advised to invest once the noise dies down

    Indian bourses are expected to rebound once the gears to understand the long-term implications of Union Budget start rolling. But nonetheless, it seems that markets have entered into a short to medium-term corrective phase. Therefore, every rise will come with profit booking. The earnings season for corporates is still underway and to date the performance is in sync with the ground reality of economic slowdown. Investors are advised to let the markets settle with the impatient volatility and invest once the noise dies down, says Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote.

    10:51 (IST)03 Feb 2020
    FM Sitharaman disappoints investors; focus shifts to RBI MPC meet on Feb 6

    Indian Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy. The fiscal plan — delivered by Finance Minister Nirmala Sitharaman on Saturday — proposed tax cuts for individuals and wider deficit targets, but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped, reflecting the subdued sentiment.

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    10:45 (IST)03 Feb 2020
    Sensex, Nifty pare opening losses, ITC drops 6% as Budget proposes to hike cigarette prices

    Domestic equity market benchmarks Sensex and Nifty were trading over half a per cent higher on Monday after paring the losses in the opening deals. Around 10.30 AM, the S&P BSE Sensex was trading 250 points higher at 39,981.96, while the broader Nifty 50 index was ruling at 11,730, up 69 points or 0.60 per cent.

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    10:39 (IST)03 Feb 2020
    Budget hits ITC shares, as price falls to a 52-week-low on the back of hike in cigarette prices

    Share price of FMCG major, ITC hot a 52-week low of Rs 205 on Monday as the markets opened after Nirmala Sitharaman's second Union Budget speech, which proposed an increasing the National Calamity Contingent Duty (NCCD) on cigarettes and other tobacco products. ITC accounts for the majority of the cigarettes sold in the country legally.

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    10:35 (IST)03 Feb 2020
    23 out of 30 Sensex stocks in green

    As many as 23 stocks were trading in green in today's trade, Asian Paints, Hindustan Unilever, IndusInd Bank, Nestle India were among the top gainers. Cigarettes-to-hotels firm ITC was the top Sensex loser, and it was trading nearly 5 per cent lower, after FM Sitharaman proposed to hike excise duty on cigarettes and other tobacco products. Hero MotoCorp, HDFC Bank, M&M, Axis Bank were among other laggards on the index.

    10:22 (IST)03 Feb 2020
    Q3 earnings today

    Affle India, GSK Pharma, Ujjivan Financial Services, Godrej Properties, HUDCO, MRPL, Shalby, SRF and Tata Chemicals are among some of the companies which are scheduled to release their December quarter earnings today.

    10:21 (IST)03 Feb 2020
    FIIs sell Rs 1,200 crore worth stocks

    On Saturday, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,200 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 37 crore, as per the NSE data.

    10:20 (IST)03 Feb 2020
    Sensex, Nifty edge higher

    Around 10.10 AM, the S&P BSE Sensex was trading over 100 points higher at 39,843.11, while the broader Nifty 50 index was ruling at 11,702, up 41 points or 0.35 per cent.

    10:12 (IST)03 Feb 2020
    ITC share price hits 52-week-low on the back on increased price of cigarettes and other tobacco products

    Share price of FMCG major, ITC hit a 52-week low of Rs 207.10 on Monday as the markets opened after Nirmala Sitharaman's second Union Budget speech, which proposed an increasing the National Calamity Contingent Duty (NCCD) on cigarettes and other tobacco products. ITC accounts for a majority of the cigarettes sold in the country legally.

    09:06 (IST)03 Feb 2020
    Budget 2020: Full list of things that got cheaper and costlier in Union Budget

    On February 1st, 2020, Finance Minister Nirmala Sitharaman in her second Budget speech announced major changes in tax slabs for individual taxpayers. Given that, a large number of items will now become more expensive due to a hike in taxes. At the same time, certain items including the import of newsprint, and lightweight coated paper will become cheaper. The FM in the budget speech promised: “We shall strive to bring ease of living to every citizen” and brought in the following changes.

    09:05 (IST)03 Feb 2020
    How Budget 2020 will impact your income tax outgo – 6 key things to know

    On the tax proposals front, the Finance Minister presented the Union Budget 2020-2021 with an endeavour to introduce further reforms to stimulate growth, simplify tax structure, bring ease of compliance, and reduce litigation. Additionally, the Budget also aimed to enhance the purchasing power by leaving more net disposable income. The key personal tax proposals pronounced are here

    09:05 (IST)03 Feb 2020
    Life insurance plans revamped: How key changes would affect you?

    As the extended deadline to introduce life insurance plans as per the new guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI) comes to an end, life insurance companies have started offering revamped plans from February 1, 2020 after withdrawing the existing plans.

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    09:03 (IST)03 Feb 2020
    FM Sitharaman’s mantra to deal with financial sector amid mounting fiscal pressure; no bank recapitalisation

    The fiscal pressures facing Narendra Modi’s government showed through clearly in the measures announced for the financial sector, where the priority was on raising money rather than spending it. 

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    09:03 (IST)03 Feb 2020
    FM Sitharaman’s mantra to deal with financial sector amid mounting fiscal pressure; no bank recapitalisation

    The fiscal pressures facing Narendra Modi’s government showed through clearly in the measures announced for the financial sector, where the priority was on raising money rather than spending it. 

    Read full story

    08:44 (IST)03 Feb 2020
    Economic slowdown: India Inc reports flat revenues, muted profits in Q3

    India Inc’s performance for the three months to December 2019 has been abysmal with companies struggling to grow revenues.

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    08:43 (IST)03 Feb 2020
    BPCL stakes sale: Govt to issue expression of interest in next few days

    The government will come out with the expression of Interest (EoI) inviting bidders for privatisation of BPCL within few days, a senior official said on Sunday.

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    08:43 (IST)03 Feb 2020
    LIC stake sale: Govt may weigh dilution of up to 10% stake via LIC IPO

    If the Budget FY21 revenue targets appear daunting during the course of the year, the government could exercise the option of overachieving its already high disinvestment target of Rs 2.1 lakh crore for the fiscal by offloading up to 10% stake in LIC, official sources indicated.

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    08:42 (IST)03 Feb 2020
    FM Sitharaman disappoints investors; Focus shifts to Shaktikanta Das led RBI MPC meet on Feb 6

    Indian Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy. 

    Read full story

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