Budget 2019: Sensex rallies over 500 pts; Nifty nears 11,000 mark


Team Udayavani, Feb 1, 2019, 7:34 AM IST

Mumbai: The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget.

Overall, market sentiment was bullish even as the government overshot the fiscal deficit target for the current financial year and announced some populist measures, which experts believe will increase fiscal burden on the exchequer.

The 30-share Sensex was trading 506.21 points, or 1.40 per cent, higher at 36,762.90; and the 50-share Nifty inched near the 11,000 mark rallying 143.30 points, or 1.32 per cent, to 10,974.25.

In a major relief to the middle-class, Finance Minister Piyush Goyal Friday proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000.

The proposal will benefit 3 crore middle-class tax payers, Goyal said while unveiling the Budget proposals for 2019-20.

As widely expected, the finance minister announced the Pradhan Mantri Kisan Samman Nidhi for small and marginal farmers, providing Rs 6,000 per year to be transferred directly to farmers’ bank accounts.

Goyal said the fiscal deficit for the current financial year is expected to be 3.4 per cent of GDP. As per the Budget estimate, the fiscal deficit for 2018-19 was pegged at 3.3 per cent.

Consumption-driven stocks rallied the most after the Budget announcement, with BSE auto, consumer durables, FMCG and realty indices soaring up to 4 per cent.

Top gainers in the Sensex pack included Hero MotoCorp, Maruti, M&M, Bajaj Auto, HUL, HCL Tech, Bajaj Finance, ITC, HDFC and L&T, rising up to 7.51 per cent.

Vedanta was the biggest loser on Sensex, cracking over 16 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter on the back of higher expenses and drop in commodity prices.

Other losers included Axis Bank, Yes Bank, ICICI Bank and PowerGrid, falling up to 0.72 per cent.

The rupee, meanwhile, was trading 5 paise lower against US dollar to 71.13.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Salman Khan gets another threat, asked to cough up Rs 5 cr

Rahul Gandhi to attend caste census meeting in Hyderabad today

Udupi: Gas cylinder explosion during party causes extensive damage in apartment

Stay Safe Online: Tips to avoid cyber fraud!

FIR against Sanjay Raut’s brother for remarks against Shiv Sena’s woman leader

Kodagu murder case accused escapes from police in Hyderabad

Karnataka Maritime Board announces plans for Mangaluru Water Metro Project

Related Articles More

New software for fast-tracking project approvals: Karnataka Minister Patil

In-flight passengers can access WiFi services only when allowed, say new rules

SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees

Sensex plunges 942 points to settle at nearly 3-month low; RIL, HDFC Bank biggest drag

Equity investors become poorer by Rs 7.37 lakh crore during morning trade as markets tumble

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Salman Khan gets another threat, asked to cough up Rs 5 cr

Mangaluru: Vishwa Konkani Samaroh to be held on Nov 5 and 6

Canadian cop suspended for attending pro-Khalistan protest outside Hindu temple

Rahul Gandhi to attend caste census meeting in Hyderabad today

Udupi: Gas cylinder explosion during party causes extensive damage in apartment

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.