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Mumbai: Finance Minister Nirmala Sitharaman today announced the NDA government's agriculture, rural development, youth employment oriented Union Budget with the expected hike in capital gains tax and increase in securities transaction tax (STT) on futures and options (F&O). Nifty is up 1278 points and Nifty is up 435 points to welcome the development budget and underpin other positive aspects of the budget. Funds initially traded in a range of Reliance, State Bank, HDFC Bank, Wipro including sell-off in Titan Company, ITC, NTPC, Hindustan Unilever, Mahindra and after a two-way fluctuation of 150 to 200 points following the announcement of increase in capital gains tax and STT fell by a whopping 1277.76 points to 79224.32. It soon recovered from the decline and came into the positive zone and finally closed at 80429.04 with a loss of 73.04 points. On the other hand, the Nifty 50 spot after initially trading with minor fluctuations suddenly fell by 435.05 points to a low of 24074.20. Short covering brought it back to the positive zone and finally closed at 24479.05 with a loss of 30.20 points.
Rapid recovery in Sensex
ITC and Titan contributed the most in the recovery today after the Sensex fell by 1278 points intra-day. Titan Company rose by Rs 215.55 to Rs 3468.15, ITC rose by Rs 25.75 to Rs 492.05, Adani Ports rose by Rs 41.45 to Rs 1508.25, NTPC rose by Rs 8.80 to Rs 382.35, Infosys closed at Rs .26.40 up to Rs 1836.95, HCL Technology rose by Rs 20.25 to Rs 1598.15, Hindustan Unilever quarterly result rose by Rs 32 to Rs 2766.50.
Railway shares fell
There was heavy profit booking in the shares of companies related to railway sector which were overboard for a long time due to no major provisions related to railways in the budget. Aircon International fell Rs 25.50 to Rs 293.50, Rail Vikas Nigam Ltd. Rs 33.25 to Rs 590.70, IRFC Rs 10.40 to Rs 194.15, IRCTC Rs 33.05 to Rs 972.95, Titagra Wagons Rs 34.90 to Rs 1587.
auto stocks fall
There was selling in the shares of automobile companies as well. TI India fell by Rs 107.70 to Rs 4013.35, Apollo Tyres fell by Rs 7.20 to Rs 518.45, Cummins India fell by Rs 37.10 to Rs 3577.10, Bajaj Auto fell by Rs 34.90 to Rs 9378.25, Bosch fell by Rs 54.65 to Rs 34,079.95. In capital goods shares, Mazagon Dock fell by Rs 265.10 to Rs 5061.45, Siemens fell by Rs 227.05 to Rs 6797.20, Larsen & Toubro fell by Rs 113.05 to Rs 3538.40, NBCC fell by Rs 7.55 to Rs 177.30.
Steady decline in dependency
Among other performing stocks, top Sensex gainer fell Rs 25.45 to Rs 2,975.65 due to continued selling by Reliance Industries on a weak quarter. Bajaj Finance fell Rs 150 to Rs 6732.20, State Bank of India fell Rs 14.45 to Rs 863.90, Axis Bank fell Rs 21 to Rs 1262.80, HDFC Bank fell Rs 22.80 to Rs 1618. ICICI Bank fell Rs 13.75 to Rs 1227.80.
Investors' wealth fell by Rs 1.92 lakh crore
On the day of the budget, Sensex, Nifty based stocks were in a lot of turmoil, profit booking was seen in many small, midcap stocks, investors' wealth i.e. the total market capitalization of companies listed on BSE today decreased by Rs 1.92 lakh crore from Rs 446.40 lakh crore.
DII purchases worth Rs 1419 crore
FIIs again sold net shares in cash on Tuesday, making a net sale of shares worth Rs 2975.31 crore. While DII-domestic institutional investors made net purchases of Rs 1418.82 crore in cash today.
