Sensex ends below 36000, Nifty marginally lower as LTCG tax proposed

From impact of budget 2018 on the market to stock movements, all that happened in the market today

2:18 PM

Quote on Budget

B Gopkumar, Executive Director & CEO , Reliance Securities: A Prudent Balance between Fiscal Discipline and Economic Growth

 

There are all efforts in Union Budget 2018 to appease rural and EWS population but at the same time Government tried to maintain the fiscal discipline by keeping fiscal deficit target at 3.5% and 3.2% for FY18E and FY19E, respectively. Although deficit targets are higher as compared to previous estimates but considering surge in prices of crude oil these are respectable numbers

 

Govt has also decided to impose 10% tax on Long Term Capital Gains (LTCG) for equity and equity oriented investments for amount exceeding capital gains of Rs1 lakh. The tax will be applicable based on cost prices prevailing on 31st January 2018, which will prevent any large scale selling in stock markets.

2:13 PM

Quote on Budget

 

G Pradeepkumar, Chief Executive Officer, Union Asset Management Company

 

The decision to levy LTCG on equity at the rate of 10% is not surprising and is unlikely to have any significant adverse impact on the markets. This still keeps equities as the most attractive asset class from a taxation perspective since the holding period to be eligible for LTCG on most other asset classes is three years. The fact that that gains made up to 31st January 2018 will be grandfathered indicates that the government has thought through the proposal quite clearly.

2:07 PM

What 10% LTCG tax on gains over Rs 100k means for investors

 

Budget 2018 has proposed to levy long-term capital gains tax (LTCG) of 10% on gains exceeding Rs 100,000 from sale of equity shares. However, capital gains made on shares until January 31, 2018, would be grandfathered, the finance minister said. Also, there has been no change in the definition of short-term capital gains tax (STCG).

 

“The much-anticipated introduction of LTCG is now back with a new avatar. As we know in tax legislation, this could only get worse over a period of time with every successive Budget diluting the original commitment of taxing long-term gains,” said Milind Kothari, managing partner at BDO India. READ MORE

1:57 PM

Sectoral Trend

1:55 PM

Budget 2018: IT stocks mixed after FM's digital push in education sector

 

Finance Minister Arun Jaitley presented the Union Budget of 2018 on Thursday. 

 

IT stocks traded mixed on BSE after the finance minister Arun Jaitley in his Budget speech said that technology will be the biggest driver in improving the quality of education.

 

TCS (up 1.27%), HCL Technologies (up 0.6%), Persistent Systems (up 0.06%) and Tech Mahindra (up 0.03%) edged higher. Infosys (down 1.42%), Wipro (down 0.13%) and Oracle Financial Services Software (down 0.06%) edged lower. READ MORE

1:53 PM

PM Modi on Budget 2018: From food processing to fibre optics, roads to shipping, youth to senior citizen, rural India to Ayushmaan Bharat, Digital India to Start Up India, this budget strengthens hopes and aspirations of crores of Indians

1:51 PM

PM Modi on Budget 2018: This budget has devoted attention to all sectors, ranging from agriculture to infrastructure

1:50 PM

PM Modi on Budget 2018: This budget has devoted attention to all sectors, ranging from agriculture to infrastructure

1:50 PM

PM Modi on Budget 2018: I congratulate Finance Minister Arun Jaitley for the decision regarding MSP. I am sure it will help farmers tremendously

1:46 PM

SpiceJet surges as government proposes Udan expansion

 

SpiceJet has surged 15% to Rs 142 on BSE in intra-day trade after Finance  Minister Arun Jaitley said the low-cost air connectivity scheme, UDAN (Ude Desh ka Aam Nagrik), will connect 56 unserved airports and 31 unserved helipads.

 

“In the last three years, the domestic air passenger traffic grew at 18% per annum and our airline companies placed orders for more than 900 aircrafts. Regional connectivity scheme of UDAN initiated by the Government last year shall connect 56 unserved airports and 31 unserved helipads across the country. Operations have already started at 16 such airports,” Jaitely said today, as he announced a Budget 2018-19. READ MORE

1:37 PM

PM on Budget 2018

Budget is development friendly & had addressed concerns of the poor & middle-class

1:27 PM

1:18 PM

Finance Scretary to ET NOW

 

• LTCG will be addition to STT
• Total income from STT is only Rs 9000 cr
• LTCG tax is too small for anyone to be disappointed
• No decision taken by govt on Budget year

1:17 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,056.46	+91.44	+0.25
S&P BSE SENSEX 50	11,530.29	+23.41	+0.20
S&P BSE SENSEX Next 50	35,700.30	-113.32	-0.32
S&P BSE 100	11,433.05	+13.98	+0.12
S&P BSE Bharat 22 Index	3,870.13	+25.90	+0.67

1:16 PM

Rajiv Kumar to ET Now

 

Commend FM for not taking path of fiscal fundamentalism

 

Need to see transformation of the Indian economy in areas like agri, health