Sensex, Nifty pare opening losses, ITC drops 6% as Budget proposes to hike cigarette prices

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Published: February 3, 2020 10:41:17 AM

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

Sensex, Nifty, ITCAs 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

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. “This is a growth-oriented budget with the right mix of policy interventions and reform initiatives. With a clear intent to boost the rural economy, it has elaborated measures to direct passive investments into government hands to be spent on infrastructure upgrade and capital assets creation. By rationalizing personal income tax rates across diverse slabs, the FM has placed increased disposable income in the hands of the consumer. The budget has reiterated the government’s resolve to revive the economy,” Rajeshree Sabnavis, Founder, Rajeshree Sabnavis & Associates said.

Key things to know from today’s market

Sensex, Nifty edge higher- 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. On Saturday, Indian indices crashed where Sensex fell around 1,100 points in the intraday trade.

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.

Nifty sectoral indices mixed- Barring Nifty FMCG, Nifty PSU Bank and Nifty Realty, all the sectoral indices were trading in green. The Nifty Bank index was trading higher led by gains in IndusInd Bank, ICICI Bank and RBL Bank. While Nifty FMCG was trading down with UBL, Emami and Jubilant Foodworks as top losers.

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.

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.

Global markets- Asian shares tanked on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4%, Japan’s Nikkei edged 0.9% lower while Australia’s benchmark index skidded 1.2%, while New Zealand shares dropped 1.5%. On Wall Street, the Dow Jones Industrial fell 2.1%, the S&P 500 declined 1.8% and the Nasdaq Composite dropped 1.6%.

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