Budget 2018: Sensex jumps above 36000, Nifty crosses 11000

03 February, 2018, 01:45 | Author: Elaine Woods
  • Benchmark Sensex slid 136 points in late morning deals following continued selling pressure in key frontline shares of healthCar

As for the government's fiscal deficit goal, Jaitley set a target of 3.3% of the gross domestic product for the year starting in April, more or less in line with market participants' expectations.

The Nifty tanked 256.30 points or 2.33 per cent to end the session at 10,760.60. The Sensex traded in a range of more than 750 points, changing directions multiple times, as investors digested the budget for the fiscal year beginning April. 1. IT was the only sectoral sub-index to clutch strong point.

Small caps also contributed to losses falling 869 points to 17,847 level. The company had posted a consolidated net profit of Rs 976.82 crore in the year-ago quarter. TCS at 0.33% margin, Hindustan Unilever at 0.10%, and Wipro at 0.05%.

Maruti Suzuki India, Reliance Industries, Bharti Airtel, HPCL, Axis Bank, Indiabulls Housing Finance, GAIL, Bajaj Auto, Bajaj Finance and UltraTech Cement fell 4-6 percent in the Nifty pack.

Although the market recovered later in the day, it could not hold on to its gains and closed lower, with BSE Sensex down 58.36 points at 35906.66 and NSE Nifty down 10.80 points at 11016.90.

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PC Jeweller topped the value chart on the BSE with a turnover of Rs. 1,598.55 million.

GMR Infra (15.38% ) and Bombay Dyeing (13.41%) were other major losers on BSE. The impact of poor Union Budget followed by weak Q3 results led to the fall in the markets. "That is likely to be the thought process of institutional buyers too, but it is fair to expect some churning before FY 2019 starts". On the NSE, 135 stocks advanced, 1,716 declined and 31 remained unchanged. 125 stocks were unchanged.

PC Jeweller crashed almost 60 percent in morning following further correction in Vakrangee wherein the company holds some stake, but post the management clarification saying there is no business interest with the IT firm, the stock recovered half of losses to trade lower by 25 percent.

The government's move to bring back long-term capital gains tax on equities and retain securities transaction tax (STT) has raised questions in many quarters.



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