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Shares of Yes Bank slipped as much as 2.5 per cent in intra-day trade after the private sector lender announced that its retail Head, Group President Pralay Mondal has resigned.
Defence stocks including L&T, Bharat Electronics, Reliance Naval and Engineering, Bharat Dynamics, were trading higher between 1-2.5 per cent after the Finance Minister allocated Rs 3 lakh crore for the defence this year.
In a relief to direct tax payers, Finance Minister Piyush Goyal announced simplification of direct tax system which is likely to benefit taxpayers. FM said that tax interface has been made simpler and faceless to make life easier. This has resulted in increase in tax collections and return filings.
India's manufacturing sector activity inched up in the month of January, helped by surge in factory orders, a monthly survey said Friday. The Nikkei India Manufacturing Purchasing Managers' Index increased from 53.2 in December to 53.9 in January. This is the 18th straight month that the manufacturing PMI remained above the 50-point mark, signaling improvement in the health of the goods producing sector.
Finance Minister Piyush Goyal: Inflation under UPA government was 10 per cent, but we brought down average inflation to 4.6 per cent. In the month of December inflation stood at 2.1 per cent.
India is back on track, marching towards growth and emerged as the sixth largest economy in the world, says FM Goyal.
Finance Minister Piyush Goyal said that in the last five years we have witnessed a wave of next-generation structural reforms. Fiscal deficit has come down to 3.4 per cent in revised estimate of 2018-19, says FM, adding that current account deficit expected to be 2.5 per cent this year.
FM Goyal said that current account deficit is likely to be 25 per cent of GDP.At 11:00 hours: Finance Minister Piyush Goyal begins Budget speech amid ruckus in the Parliament. He started the budget speech with wishing Jaitley good health and a long life.
The BSE Sensex was at 36392.9, up by 136.21 points or 0.38 per cent, and the NSE Nifty was at 10867.25, up by 36.3 points or by 0.34 per cent.
At 10:30 hours: The BSE Sensex was trading at 36,420.71, up by 164.02 points, or 0.45 per cent, and the NSE Nifty was up 44.25 points, or 0.41 per cent, at 10,875.2.
Shares of Dewan Housing Finance Corporation (DHFL) continued losing streak on Friday and eroded another 9 per cent to hit fresh 52-week low of Rs 119.95 after the housing finance company appointed an independent chartered accountant firm to verify the allegations made by Cobrapost and submit a report in a time bound manner. In the last six trading sessions, the DHFL share price tumbled nearly 50 per cent as investors turned jittery after allegations of Rs 31,000 crore scam.
At 10:15 hours: The Budget presentation is keenly watched by the investors and all eyes will be on Finance Minister Piyush Goyal which may announce tax sops to woo Indian Inc. Experts are of view that higher tax sops may widen India's fiscal deficit which had already breached the target of 3.3 per cent of Gross Domestic Product (GDP) in October last year.
Shares of Jet Airways soared as much as 18 per cent in intra-day trade after the debt laden airline agreed to most of the conditions set by its partner Etihad for offering a lifeline to the domestic carrier, Business Standard reported.
At 10:00 hours: The Indian equity benchmarks Sensex and Nifty extended gain in late morning deals ahead of presentation of the Union Budget 2019 by the Finance Minister Piyush Goyal.
Among the specific stocks, Vedanta tumbled over 18 per cent and touched a 52-week low of Rs 162.05 after it reported a 21 percent year-on-year decline in third quarter consolidated profit at Rs 1,574 crore in December quarter, dented by lower commodity prices and shutdown of copper smelter at Tuticorin.
Finance Minister Piyush Goyal has left the North Block for Parliament with budget briefcase, which contains all important budget documents. Goyal will begin Budget 2019 speech at 11am.
At 9:45 hours: State-owned banks including Bank of India, Oriental Bank of Commerce, Bank of Maharashtra rallied between 4-14 per cent after Reserve Bank of India late Thursday lift the lending curbs on them and allowed these banks to open branches and extend loans freely.
Also Read: Budget 2019: Who managed Indian economy better - Modi or Manmohan?
At 9:30 hours: Markets open higher ahead of Union Budget 2019; Sensex gains 80 points, Nifty crosses 10,850 levels
In line with benchmark indices, the broader markets also witnessed surge in buying, with Midcap and Smallcap indices gaining as much as 0.52 per cent and 0.4 per cent, respectively.
The top gainers of the BSE Sensex pack were Hero MotoCorp Ltd. (Rs. 2705.70, 3.59%), Bharti Airtel Ltd. (Rs. 314.50, 2.39%), HCL Technologies Ltd. (Rs. 1023.10, 1.78%), Tata Motors Ltd. (Rs. 183.70, 1.35%), Bajaj Finance Ltd. (Rs. 2605.05, 1.35%), among others.
However, Vedanta Ltd. (Rs. 161.60,-18.18%), ICICI Bank Ltd. (Rs. 360.15,-1.13%), Oil And Natural Gas Corporation Ltd. (Rs. 140.20,-1.06%), Tata Steel Ltd. (Rs. 471.80,-0.87%), Sun Pharmaceutical Industries Ltd. (Rs. 422.15,-0.81%), were among top losers.
On the sectoral front, auto and capital goods stocks were leading the rally, while metal and bank were among top laggards.
At 8:45 hours: The Indian equity benchmarks Sensex and Nifty are likely to open higher on Friday, tracking firm cues from Asian peers and positive trading across Nifty futures on the Singapore Exchange. Investors remained optimist ahead of the Union Budget amid speculations that there will be good news for markets and common man in terms of tax exemption. For the start-ups and the corporate industry, the government could slash angel tax and corporate tax.
Union Minister Piyush Goyal will present the interim Budget for the fiscal year 2019-20 which happens to be the last budget before the General Elections due between April and May this year.
On Thursday, Indian equities ended at record higher, snapping four day losing streak, as investors piled into recently beaten down banking, auto, IT and FMCG stocks ahead of the Union Budget.
The 30-share Sensex rallied 665.44 points, or 1.87 per cent, to close at 36,256.69. The broader Nifty soared 179.15 points, or 1.68 per cent, to 10,830.95.
All BSE sectoral indices finished in the green, led by IT, energy and banking.
In the Sensex pack, Axis Bank, Tata Motors, Infosys, Kotak Bank, HDFC Bank, RIL, Bajaj Auto, SBI, HUL, Tata Steel, Vedanta, HFDC, TCS, ITC and Sun Pharma were among top gainers.
However, Yes Bank, HCL Tech, Bajaj Finance, ICICI Bank and Coal India ended in negative terrain.
Top traded volumes on NSE Nifty were ICICI Bank Ltd. 85917249.00, YES Bank Ltd. 67794993.00, NTPC Ltd. 36695700.00, Axis Bank Ltd. 35239544.00, Indian Oil Corporation Ltd. 32332758.00.
On NSE, total number of shares traded was 184.54 crore and total turnover stood at Rs. 44,296.82 crore.
On NSE Future and Options, total number of contracts traded in index futures was 586072 with a total turnover of Rs. 40962.64 crore. Along with this total number of contracts traded in stock futures were 2004064 with a total turnover of Rs 115,874.16 crore.
Total numbers of contracts for index options were 28389665 with a total turnover of Rs. 1,713,692.78 crore and total numbers of contracts for stock options were 1,445,940 with a total turnover of Rs. 93,080.49 crore.
As on January 30, the FIIs stood as net buyer in debt market, but turned net seller in equity segment. Gross equity purchased stood at Rs. 6,129.01 crore and gross debt purchased stood at Rs. 1,020.48 crore, while the gross equity sold stood at Rs. 6,405.33 crore and gross debt sold stood at Rs. 946.79 crore. Therefore, the net investment of equity and debt reported were Rs. -276.32 crore and Rs. 73.69.
Overseas, Asian shares were trading higher amid hopes that the leaders from the United States and China could strike a trade deal and as the Federal Reserve assured to be patient with further interest rate hikes after maintaining status quo in its latest policy announcement.
Edited by Chitranjan Kumar
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