Key equity indices hit day's high in mid morning trade as Finance Minister Nirmala Sitharaman began her annual Budget speech at Lok Sabha at 11 am. The Nifty hovered around the crucial 12,000 mark.
At 11:20 IST, the S&P BSE Sensex, was up 117.27 points or 0.29% at 40,840.76. The Nifty 50 index was up 44.35 points or 0.37% at 12,006.45.
The broader market significantly outperformed the benchmark indices. The S&P BSE Mid-Cap index was down up 0.83% while the S&P BSE Small-Cap index was up 0.62%.
The market breadth was negative. On the BSE, 1196 shares rose and 667 shares fell. A total of 96 shares were unchanged. In Nifty 50 index, 32 stocks advanced while 18 stocks declined.
Union Budget 2020:
The themes of this Budget are aspiration, development, compassion. Aspirational India in which all sections of the society seek better standard of living. Economic development for all. Ours shall be a caring society: Caring and compassionate, FM Nirmala Sitharaman said.
"For every member of the schedule caste and schedule tribe, for every woman, for every individual from minority section of the society, this budget aims to give wings to your aspirations," Sitharaman said.
Fundamentals of the economy are strong. Central government's debt has come down to 48.7% in March 2019 from 52.2% in March 2014.
16 lakh new taxpayers were added to the system. An average household now saves about 4% of its monthly spend on account of reduced GST, revealed Sitharaman. GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted Micro, Small & Medium Enterprises (MSME). Consumers have got an annual benefit of 1 lakh crore rupees by GST.
Several steps on formalisation of economy have been taken up. Between 2006-2016 India was able to raise 217 million people out of poverty, said Sitharaman.
Stocks in Spotlight:
Shares of Maruti Suzuki India were trading 2.3% higher at Rs 7070.80. The care major's total sales rose 1.6% to 154,123 units in January 2020 from 151,721 units in January 2019. Maruti Suzuki India's total domestic sales stood at 144,499 in January 2020, up 1.7% from 142,150 units in January 2019. Exports rose 0.6% to 9,624 units in January 2020 from 9,571 units in January 2019.
Shares of Narayana Hrudayalaya were trading 0.93% lower at Rs 374.35. The company's consolidated net profit jumped 147.7% to Rs 31.38 crore in Q3 December 2019 from Rs 12.67 crore in Q3 December 2018. Profit before tax (PBT) stood at Rs 40.26 crore in Q3 December 2019, up 56.8% from Rs 25.67 crore in Q3 December 2018. Net sales rose 7.3% to Rs 785.19 crore in Q3 December 2019 from Rs 732.10 crore in Q3 December 2018. Consolidated EBITDA stood at Rs 108.2 crore as against Rs 81.2 crore in Q3 FY19, translating into a YoY growth of 33.2%.
Shoppers Stops was trading 0.04% higher at Rs 414.15. The frim reported a consolidated net loss of Rs 6.51 crore in Q3 December 2019 compared with net profit of Rs 41.66 crore in Q3 December 2018. Net sales fell marginally by 0.6% to Rs 1,018.99 crore in Q3 December 2019 over Q3 December 2018. Consolidated profit before tax slipped 7.4% to Rs 61.63 crore in Q3 December 2019 as against Rs 66.55 crore in Q3 December 2018. Tax expense, during the quarter, dropped 16% to Rs 25.10 crore as compared to Rs 29.89 crore in corresponding quarter last year. The Q3 results were declared after trading hours yesterday, 31 January 2020.
Global Markets:
In US, stocks tumbled on Friday, with the Dow and S&P 500 index recording their biggest one day falls since August, as fears that Chinese coronavirus epidemic would slow economic growth rattled Wall Street.
The January Chicago purchasing manager index slumped to 42.9, from the previous month's 48.9, an indication of the lingering weakness in manufacturing. This month's consumer sentiment index reading rose to 99.8, slightly above analysts' consensus forecast of 99.1.
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