Union Budget 2016-17 failed to cheer investors as benchmark indices BSE Sensex and NSE Nifty fell over 0.50 per cent on Monday in a choppy trade.
Union Budget 2016-17 failed to cheer investors as benchmark indices BSE Sensex and NSE Nifty fell over 0.50 per cent on Monday in a choppy trade. Market sentiment battered by the proposal for higher dividend distribution tax on those earning more and a proposal to increase securities transaction tax in some categories.
The 30-share index Sensex closed 152.30 points down at 23,002, while the 50-share index Nifty dipped 42.70 points at 6987.05.
Below are top 10 stocks that remain in limelight in Monday’s trade:
Jaypee Infratech: Jaypee Infratech shares surged over 4 per cent in the noon trade as FM allocates Rs 97,000 crore on roads and highways. The scrip closed 0.11 per cent up at Rs 9.23.
Hatsun Agro: Hatsun Agro shares gained over 2 per cent on FM’s proposal to enhance dairy farming with allocation of Rs 850 crore
NIIT: NIIT shares soared nearly 3 per cent in the noon trade on announcement of proposal to set up Higher Education Financing Agency with Rs 1,000 crore. However, the scrip closed 1.63 per cent down at Rs 420.
UPL, Insecticides (India) and PI Industries: Agro chemicals 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 closed higher by 2.57 per cent, 12.06 per cent and 0.46 per cent, respectively.
NHPC: NHPC shares advanced over 2 per cent after FM proposed to allocate Rs 8,500 core for rural electrification in FY17.
ITC: 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 in the afternoon trade. However, the scrip settled 1.65 per cent up at Rs 295.80.
IDBI Bank: IDBI Bank shares surged as much as 16 per cent after the Finance Minister Arun Jaitly said that the government has option to reduce stake in the below 50 per cent. The share price of the bank settled 5.03 per cent up at Rs 58.45.
Shakti Pumps: Shakti Pumps soared over 12 per cent on Monday after FM’s proposed to spend Rs 86,500 crore on irrigation projects.
Tata Motors: Tata Motors shares slid as much as 4 per cent on announcement of 1 per cent tax on luxury goods and cars. However, the scrip closed 0.65 per cent down at Rs 300.25.