Equity indices open higher ahead of Budget

Share

After the budget was tabled by the FM Jaitley, Nifty was also reported to be falling at 10,968 points.

During the week, Nifty index hit a fresh all-time high of 11,171.55 and Sensex touched all-time high of 36,443.98. "Long-term capital gains tax is a concern, but the bigger worry is the deficit and extra spending by the government", said Nirmal Jain, chairman, IIFL Holdings. "The bond markets will continue to be very anxious unless there is a statement in the central bank's upcoming monetary policy (on February 7) that rate hikes are not imminent", said Abheek Barua, chief economist at HDFC Bank. While the Sensex dipped by 886.38 points to 35,026.40, Nifty declined by 241 points to 10,775.90. Nifty's intra-day short came at 10,826.50, nearly 300 points less earlier closing mark.

The broader market depicted weakness.

On BSE, 2,368 shares fell and 279 shares rose.

All 30 Sensex components except TCS (0.34%), HUL (0.10%) and Wipro (0.05%) closed in the red. Dr Reddy's Laboratories (up 0.16%), Cipla (up 0.40%), Sun Pharmaceutical Industries (up 0.61%), Aurobindo Pharma (up 0.73%) and Glenmark Pharmaceuticals (up 1.10%), edged higher.

Black unemployment jumped in January up from record low
Black unemployment has never been equal to or lower than white unemployment in any month since the BLS began tracking it. Trump lashed out at Jay-Z using his favorite new statistic after he criticized Trump in an interview with CNN .

Ahead of the Union Budget 2018-19 presentation by Finance Minister Arun Jaitley in Parliament, the key Indian equity indices on Thursday traded with appreciable gains.

Investors will have to pay 10 per cent tax on distributed income from equity-oriented mutual funds, as per the Budget proposals announced yesterday.

"Clearly, the government did not follow the glide path (for fiscal consolidation) ..." Major Asian markets have closed on a mixed note. A rising gilt yield puts pressure on banks to hike their lending and deposit rates.

Global markets were also trading in the negative after most of the USA stock indices fell due to political crisis and growth concerns. Separately, the Institute for Supply Management said its manufacturing index in January slipped to 59.1% from 59.3% in December.

Share