Budget 2018 Live Updates, Agri Stocks trade higher

Budget 2018Mid-Noon Hours Update: In Union Budget 2018, FM Arun Jaitley focuses to enhance govt’s commitment to the benefit of farmers, and achieves the goal of doubling farmer income by the year 2022.

  • Fiscal deficit for 2017-18 is revised at Rs 5.95 lakh crore.
  • Govt offers Rs 5.00 lakh medical cover per annum to 10 crore families.
  • The government doesn’t consider Crypto-currency as legal tender
  • Higher credit off-take from the banking sector.
  • Sebi will mull over mandating large corporates to meet 25 percent of debt needs from the market.
  • The RBI will push companies to access bond markets for fund-raising.
    FM allocated of Rs 11,000 cr, for Mumbai rail network & Rs 17,000 cr for Bengaluru Metro Network.
    Ahmadabad- Mumbai Bullet train project and regional air connectivity initiatives are being considered.
  • Finance Minister said that the govt will complete constructing 9,000 kilo meter of national highways by the end of 2019 fiscal. Railways Capital expenditures for 2019 fiscal will be at Rs 1.48 lakh crore
  • The FM further proposed to twofold allocation for food processing sector to Rs. 1400 crore from Rs 715 crore. State of the art facilities will be established in 42 mega food parks
  • Finance Minister said, Agri market and infrastructure fund of Rs 2,000 crore will be set up to reinforce the market connectivity.
  • The Finance minister also announced various steps to generate higher income, produce more from same land, and realize higher price, and measures focussed on farm and non-farm income.
    FM says, India’s economy is now seventh largest in the world and we hope to grow at 7.2% to 7.5% in second half.

Sensex trades higher, Nifty reclaims 11,100 ahead of Budget-2018

budget 2018Indian share markets opened higher on Thursday as Finance Minister Arun Jaitley present the last full-year Budget before the Lok Sabha poll in 2019. The market expects the govt to continue following the path of fiscal consolidation and investors are also hoping changes in the direct tax formation including income tax. 

The BSE Sensex was trading at 36,166, up 201 points, while the NSE Nifty50 index was trading at 11,079, up 52 points.

Shares of Vedanta fell over 2% to Rs 333.35 on NSE in early hours after the Company reported 1.8 percent rise in consolidated net profit to Rs 2,173 crore.

Shares of L&T, Mahindra & Mahindra, HCL Tech, TCS, IndusInd Bank, Bajaj-Auto, Hero MotoCorp, were the major gainers on NSE Nifty today with L&T emerging as the leader after stellar Q3 results posted on Wednesday.

Fertilizer stocks were trading higher in view of budget as the sector expects higher allocation to fertilizer makers. Shares of FACT rose 2%, Chambal Fertilizers, GSFC rose 1 percent each, among others.

Nifty Pharma Index declined with Cipla, Lupin, Cadila, Divi’s Lab by 1 percent each.
Meantime, The Indian rupee weakened against USD ahead of Budget announcement. The domestic currency opened at 63.70/dollar, and was trading at 63.68, down 0.13 percneet from its last close of 63.59.

Union Budget 2018 watch on Stock Market point of view

Budget 2018The Union budget-2018 which will be presented by the Finance Minister Arun Jaitley on 1st February 2018 is expected to be a significant one, as it is the last full-blown budget of Modi govt, before the 2019 Lok Sabha polls. Ahead of the Budget-2018, India’s Economic Survey, the ministry’s view on annual economic expansion of the country, will be presented today, 29 January, 2018 in both houses of Parliament.

There has been a huge amount of hopefulness since the Narendra Modi-led BJP government was come into power. Visibly, the market impetus has been enormously strong. While looking on the budget on the share market perspectives, the Nifty and Sensex on a roll and it seems there is no gap likely to the rally. The indices have emerged a long way during the last two years by the Modi government’s policy measures along with FDI inflows and macro-economic developments.

Share markets are on a constant bull run with Sensex gained nearly 1700 points since the beginning of 2018. The key factor behind the Sensex growth is the hopes from the union budget.
After the Union Budget on February 1, 2016, presented by FM Arun Jaitley, the Sensex has gained nearly 13,000 points, with a gain of 56. The Nifty has also gained about 4,000 points or 57% from 6,976 during the period. The indices which have registered record gains this year will feature Narendra Modi government’s last full year Budget on February 1.

In this budget 2018-19, investors look forward to changes in the direct tax makeup including income tax. Infrastructure sector is also expected to be on focus by the budget. Several economists are advising the govt to slash corporate tax rates so as make the Indian industries better than others on a global level.

Market analysts are of view that there is rich liquidity in the market in the midst of limited availability of stocks which may lead to a correction in key benchmark indices in the near future.