MARKET WRAP: Sensex tumbles almost 1,000 pts as Budget disappoints D-St
All that happened in the markets today
12:50 PM
MARKET COMMENT :: Kunal Sanghavi, CFO, Metropolitan Stock Exchange
So far, the Budget has nothing extraordinary in it in terms of addressing the most pressing issue for the nation, which is of economic slowdown. This indicates we will continue to see more pains on the economic front. However, the most interesting part is the long-term measures for building an economic super power. The proposals and the related fund allocations on developing infrastructure, educational universities, express roads and data parks, along with expansion of the BharatNet scheme will define New India. The stress on incentivising setting of Data centres will eliminate the country’s dependence on global agencies.
Privatisation of ports and listing on stock exchanges will improve their efficiency and promote investments in port development. This move, in turn, will foster imports and exports and promote trade and commerce. We see a lot more emphasis on privatisation, fund raising and listing by government which will boost stock exchange listing
12:47 PM
NEWS ALERT | FY20 fiscal deficit seen at 3.8% of GDP: Bloomberg
-- FY21 fiscal deficit target at 3.5% of GDP: Bloomberg
12:45 PM
NEWS ALERT | Provide subordinate debt to MSME entrepreneurs, will be known as quasi equity: FM
>> Corpus will be provided by the government
12:45 PM
NBFC eligibility for SARFAESI act reduced to Rs 100 cr from Rs 500 cr AUM: FM
-- NBFC eligibility for SARFAESIact redced to loan size Rs 50 lakh from Rs 1 cr
12:44 PM
NEWS ALERT | Will amend Banking Regulation Act to strengthen co-operative banks: FM
12:41 PM
NEWS ALERT | Deposit insurance coverage is increased to Rs 5 lakh from Rs 1 lakh: FM
12:40 PM
NEWS ALERT | Robust mechanism is in place to monitor the health of commercial banks: FM
>> Want to assure that depositors' money is safe
12:40 PM
NEWS ALERT | Have infused Rs 3.5 trillion into PSBs over last few years: FM
-- PSBs will be encporaged to approach capital mkts for more capital
12:39 PM
NEWS ALERT | Clean, reliable financial sector is crucial for the economy: FM Sitharaman
12:39 PM
NEWS ALERT | To bring national policy on official statistics: FM
12:38 PM
NEWS ALERT | Propose to allocate Rs 100 crore to prepare for G20 Presidency that India will host ion 2022: FM
12:37 PM
NEWS ALERT | Propose to amend Companies Act to bring liability in certain areas related to tax invasion: FM Sitharaman
12:35 PM
NEWS ALERT | To enshrine a taxpayer charter in the statute: FM
-- Need to end tax harassment
-- Tax harassment cannot be tolerated: FM
12:34 PM
Budget impact on infrastructure sector
Infra pipeline to remain in focus for the development of various projects. Key infra players like L&T, KNR Constructions will benefit. FMCG Index rallies off its 100-DMA. Emami, Hindustan Unilever, Dabur, Tata Global are set to rally further
(Source: Reliance Securities)
(Source: Reliance Securities)
12:33 PM
Budget impact on IT sector
Government to come out with a policy to promote data center parks for development of big data technologies. The important aspect needs to be the focus on skills development in these technologies, given that IT firms face a shortage of digital talent.
Long term, the move could potentially benefit all IT firms including TCS, Infosys, Wipro, HCL Technologies, Tech Mahindra, along with mid-sized firms like LTI, Mindtree, Persistent, and Hexaware, among others, given the incremental focus on growing their digital businesses
(Source: IndiaNivesh Securities)
(Source: IndiaNivesh Securities)
Topics : Markets Union Budget Budget 2020 MARKET WRAP
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First Published: Feb 01 2020 | 8:07 AM IST