Sensex tanks 2.5%, down 839 pts, Nifty ends below 10,800 on Budget woes

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1:00 PM

Mid-cap, Small-cap indices plunge over 3% as investors book gains

 

Mid-and small-cap indices lost ground on Friday, as investors booked profit in stocks of these two segments amid the Budget 2018 proposal to levy 10% long term capital gains (LTCG) tax on sale of equity investments. That apart, analysts also attribute the fall – especially in these two market segments – to the sharp run-up seen over the past one year.

 

The S&P BSE Midcap and S&P BSE Small-cap indices lost up to 5% on BSE in intra-day trade on Friday. By comparison, the S&P BSE Sensex slipped 1.5% intra-day to 35,380 levels.

 

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12:45 PM

Budget 2018 Impact on Market: Most traded stocks outside NSE Nifty

 

Finance Minister Arun Jaitley on Thursday presented Union Budget 2018-19 in Parliament. This was his fifth and the Narendra Modi government’s last full Budget before heading into the 2019 general elections. After the Budget announcement the stocks of some companies listed on Indian bourses saw high trading volumes.

 

This EY analysis looks at the most traded non-Nifty stocks and lists which of the Budget announcements might have triggered the activity in each of those stocks.

 

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12:29 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,334.75	-571.91	-1.59
S&P BSE SENSEX 50	11,325.42	-167.51	-1.46
S&P BSE SENSEX Next 50	35,002.55	-663.47	-1.86
S&P BSE 100	11,226.84	-173.19	-1.52
S&P BSE Bharat 22 Index	3,786.68	-57.18	-1.49

12:14 PM

Did Facebook, Budget 2018 just drive Bitcoin to a two-month low?

 

Bitcoin, the world's largest cryptocurrency, declined 9% on Thursday to its lowest level since late November.

 

This slump in the poster child of cryptocurrencies can be attributed to recent Facebook ban on cryptocurrency adverts and a growing regulatory backlash expressed by India in its Budget 2018-19, presented on Thursday by Finance Minister Arun Jaitley.

 

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12:00 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).

Finance Minister Arun Jaitley has kept the short-term capital gains tax rate and holding tenure unchanged at 15% in Union Budget 2018-19.

 

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11:44 AM

2,706 BSE-listed companies to gain from cut in corporate tax rate

 

Over 2,700 companies listed on the Bombay Stock Exchange (BSE) are likely to gain from the proposed cut in corporate tax rate to 25% proposed by Budget 2018 from the existing 30%.

A quick check based on the full financial year net sales reported by companies for the financial year 2016 – 17 (FY17) suggests that there are 2,706 listed companies on the BSE that have reported consolidated net sales less than Rs 250 crore, or Rs 2.5 billion, for the full financial year where this tax benefit has been extended, ACE Equity data show.

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11:30 AM

Interview of the day

 

Best days of mid-cap and small-cap segments are over: Samir Arora

 

As expected, Budget 2018 has reintroduced long term capital gains tax (LTCG) on sale of equity shares, which SAMIR ARORA, founder and fund manager, Helios Capital believes is the real negative in among the proposals announced. Indian markets will underperform global markets for the next few months, he adds. READ FULL INTERVIEW HERE

11:17 AM

LIC Housing, Corporation Bank among 29 stocks that hit 52-week low

 

LIC Housing Finance, Cummins India, DCM Shriram Industries, Indo Count Industries, Vivimed Labs and Wim Plast were among 29 stocks from the S&P BSE500 and S&P BSE Smallcap index hitting their respective 52-week lows after the these indices falls more than 1% on Friday.

 

Shares of five public sector banks such as Allahabad Bank, Bank of Maharashtra, Corporation Bank, Punjab & Sind Bank and United Bank of India too hit 52-week lows on BSE. READ MORE

11:01 AM

Market Check

S&P BSE Sensex	35,426.97		-1.34%
Nifty 50	10,857.90		-1.44%
S&P BSE 200	4,726.34		-1.66%
Nifty 500	9,480.80		-2.13%
S&P BSE Mid-Cap	16,769.62		-2.90%
S&P BSE Small-Cap	17,985.15		-3.91%

 

10:55 AM

Bajaj Auto hits new high on strong January sales

 

Bajaj Auto hit a new high of Rs 3,473, up 2% on BSE in early morning trade, after the company reported healthy sales growth for January, with total sales jumping 46% at 353,147 units over the previous year. It had sold total 241,917 units in the same month last year.

 

The company’s overall motorcycles sales jump 36% year on year (YoY) at 288,936 units. READ MORE

 

10:39 AM

PC Jeweller slips to the lowest level in 9 months

10:36 AM

BSE Smallcap down over 5%, PC Jewellers tanks 50%

10:35 AM

FM Arun Jaitley first interaction with India Inc post budget

 

FM Arun Jaitley: A committee is looking at NPAs in SMEs, there will be a separate set of regulations

10:34 AM

Broader markets tumble, BSE Midcap down 4%

10:30 AM

FM Arun Jaitley first interaction with India Inc post budget

 

FM Arun Jaitley: No point in merging NPA-laden Public Sector Banks until their financial health is restored