Nifty below 11,000, Sensex falls over 300 points, day after budget

sensex downBenchmark indices tumbled early trade on Friday as investors were dissatisfied with the Union Budget 2018-19. The BSE Sensex fell over 300 points, while the NSE Nifty 50 traded below 11,000 in the opening. Investors are liable to pay 10 percent tax on profits more Rs 1.00 lakh made from share sale or equity mutual fund units held for over one year.

The BSE Sensex was trading at 35,329, down 577 points, while the Nifty50 index was trading at 10,833, down 183 points in the later deals.

Financial sector and Banking stocks traded lower. Canara Bank, Kotak Mahindra Bank, IndusInd Bank, ICICI Bank, Axis Bank, State Bank of India and HDFC Bank were down at a tune of 3 to 1 percent, while IT stocks were trading higher with TCS Ltd, Infosys, HCL Technologies, Wipro adding 1.2 to 0.5 percent.

Cigarette Company’s stocks rose after the govt kept the cess on cigarettes unchanged. ITC Ltd gained 2 percent and VST Industries Ltd 3 % in the morning hours.

Across sectors, Nifty PSU Banks Index was down 2 percent while, Nifty IT and Nifty FMCG were trading higher by 0.5% and 0.7%, respectively.

Shares of Ashok Leyland Limited gained 2% after the company’s Q3 net profit was above expectation, while Bajaj Auto stock rose 1% after its sales rose 3,53,147 units in January.

11 Oct Stock Market News, Nifty above 10,050, Sensex extends up

stock market up Indian Shares opened on Wednesday, on positive note. Sensex opened at 31,975, and later crossed to 32,000-mark tracking positive domestic cues such as the GST regime and positive earnings expectations. Nifty also opened above 10,000 levels in the later morning hours.

Rise in the Sensex was particularly boosted by Axis Bank, Bharti Airtel, Reliance Industries and Mahindra and Mahindra which rose by more than 1 percent each. Maruti Suzuki, Coal India, Lupin and Kotak Mahindra bank were fallen by more than 0.5 percent each.

The Nifty advanced stocks includes Bharti Airtel, GAIL India and Reliance leading the gains, above 2% each. 16 stocks registered declines with Indiabulls Housing Finance, Maruti Suzuki and Lupin losing more than 0.7% on the Nifty, in the morning hours. Dena Bank shares surged above 3% to Rs 31.50 after the bank announced that it had launched a qualified institutional placement of shares to raise up to Rs 1,800 crore from institutional investors.

The rupee opened higher at 65.24 per USD. The dollar index was trading at 93.32, up 0.03% from its last close of 93.29.