Benchmarks were trading near the day's low. Trading was volatile on account of ongoing Union Budget presentation. At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 12.7 points or 0.03% at 39,910.71. The Nifty 50 index was down 12.05 points or 0.1% at 11,934.05.
The S&P BSE Mid-Cap index was down 0.01%. The S&P BSE Small-Cap index was down 0.04%.
The market breadth was negative. On the BSE, 997 shares rose and 1004 shares fell. A total of 113 shares were unchanged.
Presenting her maiden budget in Lok Sabha, Finance Minister Nirmala Sitharman said the first term of PM Narendra Modi led NDA govt stood out as a performing government. Between 2014-2019 he provided a rejuvenated centre-state dynamics, cooperative federalism, GST council and strident commitment to fiscal discipline.
Sitharaman further said it took India over 55 years to reach $1 trillion dollar economy, but the country in just 5 years, added $1 trillion. The Indian economy will grow to become a $3 trillion economy in the current year itself. It is now the sixth largest in the world. Five years ago it was at the 11th position, she added. She further said that $5 trillion economy target was eminently achievable.
Schemes such as 'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide, improving the country's transport infrastructure.
National transport card for universal travel which can be used on various modes of transport (road, railways etc). Rail and metro project for 300 km have been approved. The government plans to create MRO (manufacturing, repair and operate) industry.
Finance minister proposed several reform measures to promote rental housing. A modern tenancy law will be finalized and given to the states.
Railway infrastructure would need an investment of Rs 50 lakh crore between 2018 and 2030. PPP to be used to unleash faster development and the delivery of passenger freight services.
The government will work to make a platform for listing social enterprises and voluntary organisations to raise capital as equity, debt or units like mutual fund, Sitharaman said.
On the equity front, metal stocks declined. Vedanta (down 2.1%), Hindalco Industries (down 1.33%), NMDC (down 1.25%), National Aluminium Company (down 0.69%), Hindustan Zinc (down 0.5%), Jindal Steel & Power (down 0.35%), Tata Steel (down 0.25%) and Steel Authority of India (down 0.1%) declined. Hindustan Copper (up 0.37%) edged higher.
Pharma Stocks were mixed. Piramal Enterprises (up 0.91%), Alkem Laboratories (up 0.51%), Dr Reddy's Laboratories (up 0.37%), Aurobindo Pharma (up 0.36%), Glenmark Pharmaceuticals (up 0.31%) and IPCA Laboratories (up 0.29%) edged higher. Sun Pharmaceuticals Industries (down 1.17%), Divi's Laboratories (down 0.88%), Wockhardt (down 0.87%), Cadila Healthcare (down 0.42%), Lupin (down 0.38%), GlaxoSmithKline Pharmaceuticals (down 0.24%) and Cipla (down 0.24%) edged lower.
Overseas, Asian stocks were trading mixed on Friday ahead of a closely watched U.S. payroll report. U.S. markets were closed overnight for a public holiday.
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