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.
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.