Equities in green ahead of Budget 2018-19, Sensex at 36k

05 February, 2018, 06:38 | Author: Harriet Bell
  • Budget belies market hopes Sensex ends in red

The flagship Sensex crashed 839.91 points, or 2.34% to end the day at 35,066.75 as jittery investors slashed their portfolios.This is its biggest single session fall since August 24, 2015, when it had lost 1,624.51 points.

The sentiment took another jolt after Fitch Ratings on Friday said high debt burden of the government constrained India's rating upgrade.

Finance Minister Arun Jaitley extended the fiscal deficit target for FY18 to 3.5 per cent from 3.2 per cent pegged earlier in Budget 2017.

The BSE Sensex was down by over 500 points at 10:55 am on Friday while NSE was 153 points down at 10,863.

The BSE market breadth was bearish with 498 declines and 139 advance. The BSE Mid-Cap index was down 2.66% while the BSE Small-Cap index was down 3.37%.

But short term capital gains tax continues to be at 15 percent.

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While HCL Technologies, ITC, and Bajaj Auto gained early, stocks of Yes Bank, Axis Bank, SBI, Adani Ports, ICICI Bank, Tata Steel and Kotak Mahindra Bank incurred early losses.

The 30-scrip Sensitive Index (Sensex), was trading 157.21 points or 0.44 per cent higher soon after opening.

Global cues also remain weak, with Asian markets trading broadly lower this morning as USA corporate earnings disappointed and investors looked ahead to the U.S.jobs report due later today for clues on the interest rate outlook.

Among the major reasons, the re-introduction of LTCG hurt investor sentiment most, while the upcoming Reserve Bank of India (RBI)'s monetary policy due next week, where it is expected to hike rates, also caught attention. "European indices like FTSE 100, DAX and CAC 40 were trading in the red", added Jasani. Global markets, too, traded in the red owing to inflation fears and rising USA bond yields.

According to market observers, expectation of sops from the Union Budget, along with positive Asian markets and healthy buying in consumer durables, capital goods and banking stocks, lifted investors' risk-taking appetite.

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