Indices snap 8-day rally; Sensex slips 236 pts post FM's stimulus measures

All that happened in the markets today

4:11 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial services

"Market was hesitant to raise its optimism further as profit booking was triggered across the banking sector post the announcement of the stimulus. The market was waiting for the package, Atmanirbhar Bharat 3.0 was announced today which was good enough and nicely factored in the rising market. FM’s new measures will have a positive impact on developers and home buyers due to tax reliefs and will ensure demand for housing which is on a strong recovery stage. Subsidy announcement of Rs 65,000 crore for fertilisers is likely to help rural and agricultural sectors. Expansion of Production Linked Incentive (PLI) scheme to additional 10 sectors will boost domestic manufacturing, in the long-term."

3:43 PM

SECTOR WATCH | Nifty Bank slips 2%

3:42 PM

MARKET AT CLOSE | Losers and gainers on the BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex slipped 236 points, or 0.54 per cent to 43,357 levels while NSE's Nifty ended at 12,691, down 58 points, or 0.46 per cent. 

3:23 PM

MARKET CHECK

3:14 PM

BROKERAGE VIEW | Prabhudas Lilladher on LIC Housing Finance

RATING: HOLD | TARGET PRICE: Rs 316 

While NIMs stood steady this quarter, the same do not stand sustainable for FY21 as balance transfer cases to rise in light of high competitive intensities. We believe FY23 should witness revival (loan growth 15%+, NIMs 2%+ and NPAs 2.5%; current estimate 3.5%). As macro tailwinds signal beginning of bottoming out of painful home finance cycle, we upgrade LICHF to HOLD and tweak valuation multiple to 0.9x PABV Sep’22 estimates arriving at price target of Rs 316 (earlier Rs 282).

2:59 PM

Realty shares rebound after FM announces measures to boost sector

The government announced relaxations in income tax rules to allow sale of primary residential units of up to Rs 2 crore value below the circle rate. Till now, only 10 per cent difference between the circle rate and the agreement value was allowed. To boost residential real estate sector, the Finance Minister said the differential has now been increased to 20 per cent for period up to June 30, 2021 for only primary sale of residential units of value up to Rs 2 crore. READ MORE  

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2:50 PM

Sensex Heatmap at this hour

2:50 PM

Top losers on the BSE at this hour

2:38 PM

NEWS ALERT :: 15% of the GDP given as stimulus to date, says FM Sitharaman

>> 9% by the govt, remaining by RBI.

>> Stimulus announced so far is worth Rs 29.9 trillion

2:37 PM

NEWS ALERT :: Measures announced today are worth Rs 2.65 trillion, says FM Nirmala Sitharaman

2:35 PM

Markets slip again

2:33 PM

NEWS ALERT :: Govt to set aside Rs 900 cr for Covid-19 vaccine R&D

>> This will be given to the Biotech Dept 

2:32 PM

NEWS ALERT :: Govt outlays Rs 10,200 crore for capital and infra spends as additional budget spends, says FM

2:28 PM

NEWS ALERT :: Rs 3,000 crore to be given to EXIM bank to promote exports through lines of credit under IDEAS scheme, says FM

2:24 PM

NEWS ALERT :: Govt to spend additional Rs 10,000 cr on PM Gareeb Kalyan Rozgar Yogana

>> Has already spent Rs 37,543 crore

2:20 PM

NEWS ALERT :: Govt to spend Rs 65,000 cr on subsidies for fertilisers

2:17 PM

SECTOR WATCH:: Nifty Realty index rises to day's high

2:15 PM

NEWS ALERT :: Govt to provide Rs 6,000 crore of equity to NIIF

>> By 2025, they will have to fund projects worth Rs 1,10,000 crore

2:13 PM

NEWS ALERT :: Differential allowed between agreement value and circle rate has been increased from 10% to 20% till June 30, 2021.

>> This is for residential units worth up to Rs 2 crore 

2:09 PM

NEWS ALERT | Govt cuts performance security on contracts to 3% from 5% for ongoing PSU projects, says FM

>> Relax norms for govt contracts until December 31, 2021; 

>> Waive requirement of earnest money deposit for govt tenders

2:06 PM

Hudco turns positive on expansion of PM Awaz Yojana

2:02 PM

NEWS ALERT :: Govt expands PM Awas Yojana (Urban)

>> Rs 18,000 crore to be provided over and above the Budget announcement to help 1.2 million houses be grounded and 1.8 million houses be completed

1:58 PM

MARKET CHECK :: Sensex off lows

1:55 PM

NEWS ALERT :: Govt launches credit guarantee support for 26 stressed sectors

ECLGS 2.0 (Credit guarantee scheme for stressed sectors): Companies in 26 stressed sectors and healthcare sector with credit outstanding between Rs 50 crore and Rs 500 crore as of Feb 2020 to benefit... tenure to be 5 years, including a 1-year moratorium

1:47 PM

NEWS ALERT :: Govt extends Emergency Credit Line Guarantee Scheme till March 31, 2021

1:42 PM

NEWS ALERT :: Atmanirbhar Bharat Rozgar Yojana scheme will be operational for period from Oct 1, 2020 to June 2021

>> To avail of benefits under this scheme, the organisations with fewer than 50 employees will have to hire two employees, and those with more than 50 employees will have to hire 5 or more

>> For establishments with up to 1,000 employees, the Union govt will bear the employer and employee component of PF for the next two years (applies only to employees with wages up to Rs 15,000) 

>> These establishments would be about 95% of all beneficiaries in the organised sector

 

>> For establishments with more than 1,000 employees, the Union govt will bear the employee component of PF for the next two years

1:40 PM

NEWS ALERT | Aatmanirbhar Bharat Rozgar Yojana will incentivise creation of new jobs, says FM

1:35 PM

NEWS ALERT :: Govt announces Atmanirbhar Bharat Rozgar Yojana

>> Aatmanirbhar Bharat Rozgar Yojana, any EPFO-registered employer who takes on new employees or hires those who lost jobs between March 1 and September 30 will be given some benefits

>> The scheme will be effective from October 1, 2020, and cover two years.

>> New employees at EPFO-registered firms to get benefits on monthly wage less than Rs 15,000

1:33 PM

NEWS ALERT :: Govt to announce 12 measures under Atmanirbhar Bharat 3.0, says FM Sitharaman