MARKET WRAP: Sensex tumbles almost 1,000 pts as Budget disappoints D-St

All that happened in the markets today

2:12 PM

MARKET COMMENT :: Budget quote by Nikhil Kamath - Co-founder, Zerodha

Nothing substantial seems to have changed, for the government to expect a 10 percent nominal GDP growth rate continues to sound like hubris, the situation on the ground is a lot worse, the need of the hour might be to recognize the issues at hand and transparently deal with them.

 

Personal income taxes being cut do not make a substantial difference to consumption, the rich tax which has essentially with surcharges brought the effective tax rates to 42 percent for the highest bracket continues to be a big deterrent to consumption. This is not yielding substantial revenue gains for the government, and it might have been prudent to do away with this.

 

No word on a reduction in long term capital gains, this continues to move foreign capital to similar geographies in South East Asia, which do not tax long-term capital gains. We also didn't hear anything about Security transactions tax as STT continues to be the biggest deterrent in making our stock markets robust by adding a significant barrier to transacting frequently and thus increasing the impact cost around trading equities. rationalizing STT could make a plethora of day traders profitable and thus indirectly add significant no of jobs.

 

It doesn't seem to add up, the finance minister is painting a robust picture, but all participants involved understand the ground reality. We hope the trend changes and the government deals with the problems at hand in a transparent manner.

2:09 PM

NEWS ALERT | Standard deduction will not be available if opting for new I-T regime

2:07 PM

ITC slips 2%

2:06 PM

NEWS ALERT | FM proposes to raise excise duty on tobacco, cigarettes

1:58 PM

MARKET COMMENT :: Budget quote by VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Budget 2020 built on 3 themes of aspirational India, Economic development and caring India is a balanced exercise. The highlight is the proposed IPO of LIC. The changes in personal  IT is only marginal since the benefits will be available only to those who opt for no exemptions. Abolition of DDT is good for markets.

1:58 PM

BROKERAGE VIEW

1:55 PM

NEWS ALERT | FY21 tax mop-up seen at Rs 6.38 lakh crore

1:55 PM

NEWS ALERT | FY21 Revenue Deficit target at 2.7% of GDP

1:53 PM

NEWS ALERT | Centre targets Rs 89,640 cr as dividend from RBI, financial institutions in FY21

1:51 PM

NEWS ALERT | FY21 strategic divestment target at Rs 90,000 crore

1:50 PM

NEWS ALERT | FY20 Gross Market Borrowing at Rs 7.1 trillion

1:47 PM

Market extends slide

1:43 PM

NEWS ALERT | FM Sitharaman concludes Budget 2020 speech

1:37 PM

NEWS ALERT | Introducing Aadhar-based verification for indirect taxes: FM

1:34 PM

NEWS ALERT | Customs duty on footwear and furniture to be reduced: FM