Sensex ends lower, Nifty below 11050 as investors await Budget
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Photo: Shutterstock
The Sensex and Nifty ended lower on Tuesday, tracking Asian peers, as investors booked profits in recent outperformers such as index heavyweight HDFC Bank Ltd, while caution prevailed ahead of the federal budget, due later this week.
Asian stocks retreated from record highs after a selloff in Apple shares knocked Wall Street lower, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.5%.
Indian markets have been on a record-hitting run in recent weeks, boosted by a better-than-expected corporate earnings, government measures such as a cut in the goods and services tax for certain goods and a positive economic growth forecast.
Investors would also take cues from the federal budget, to be presented by Finance Minister Arun Jaitley on Thursday, as the government aims to woo back rural voters and small businesses ahead of state elections.
4:27 PM
COMMENT
Volatility could remain high in the next few trading sessions considering key events like the US Fed policy meet and Union Budget at home. The government is expected to present a balanced budget being its last full budget before general elections; however any negative surprise on the fiscal deficit target could dampen investor sentiments. Thus, we advise to remain selective in stocks and avoid over leveraging for the near term
(Source: Jayant Manglik, President, Religare Broking)
Volatility could remain high in the next few trading sessions considering key events like the US Fed policy meet and Union Budget at home. The government is expected to present a balanced budget being its last full budget before general elections; however any negative surprise on the fiscal deficit target could dampen investor sentiments. Thus, we advise to remain selective in stocks and avoid over leveraging for the near term
(Source: Jayant Manglik, President, Religare Broking)
3:42 PM
Sectoral Trend
3:35 PM
Top Sensex gainers and losers
3:33 PM
Market at close
The Sensex and Nifty edged lower on Tuesday, tracking Asian peers, as investors booked profits in recent outperformers such as index heavyweight HDFC Bank Ltd, while caution prevailed ahead of the federal budget, due later this week.
The S&P BSE Sensex ended at 36,033, down 249 points while the broader Nifty50 index settled at 11,049, up 80 points
3:21 PM
Factbox: Expectations for India's 2018/19 budget
India's government will unveil its budget for the 2018/19 fiscal year on Thursday, with investors expecting increased investment in key areas such as agriculture, and a slew of incentives for businesses.
Handicapped by the chaotic roll out of a goods and service tax (GST) last year and a shock, overnight move to take high value banknotes out of circulation in late 2016, India's economy is expected to post growth of 6.75 percent in the 2017/18 fiscal year ending in March, which would be the slowest in three years. READ MORE
3:10 PM
SIPs: Investors better off with monthly investments as it's easy to track
As investor are increasingly looking at systematic investment plan (SIP) to invest in mutual funds, a few distributors and fund houses have started offering variants of SIP. LIC Mutual fund has started a daily SIP option with a minimum investment amount of Rs 300 a day.
HDFC Securities is offering the same for HDFC Mutual Fund at Rs 500 a day. SIP helps investors to make the most of market volatility by averaging the cost of investments and removing the need to time the market. READ MORE
3:01 PM
Indian Oil gains 5% on 1:1 bonus, interim dividend of Rs 19 per share
Indian Oil Corporation (IOCL) gained 5% to Rs 419 on BSE in intra-day deal after the company’s board recommended bonus shares in the ratio of 1:1 i.e. one equity share for one exiting equity share held.
The board also declared an interim dividend of Rs 19 per equity share on face value of Rs 10. It fixed February 9, 2018 as the ‘record date’ for the purpose of ascertaining the eligibility of shareholders for payment of interim dividend.
The state-owned oil marketing company has reported nearly doubled standalone net profit at Rs 78.83 billion for the quarter ended December 2017 (Q3FY18). READ MORE
2:45 PM
No tax relief, spending spree due in last budget before elections: Poll
India is expected to unveil only modest stimulus at this week's budget, a Reuters poll of analysts showed, despite it being the last before the next election, with government spending likely limited by longer-term efforts to trim the fiscal deficit.
The latest Reuters poll shows the government is expected to delay the timeframe for hitting that target by another year, for the third year in a row, due to setbacks in the economic outlook.
The median forecast from over 40 economists polled Jan 24-29 was for India's government to borrow 3.2% of gross domestic product (GDP) in fiscal 2018-19. READ MORE
2:31 PM
Market Check
| S&P BSE Sensex | 36,059.11 | -0.62% | |
| Nifty 50 | 11,048.20 | -0.74% | |
| S&P BSE 200 | 4,832.99 | -0.66% | |
| Nifty 500 | 9,745.60 | -0.75% | |
| S&P BSE Mid-Cap | 17,554.11 | -0.88% | |
| S&P BSE Small-Cap | 18,915.35 | -1.12% | |
2:15 PM
Two-wheeler major TVS Motor Q3 net up 16% to Rs 1.55 bn on strong sales
TVS Motor's Profit After Tax (PAT) rose 16.3 per cent to Rs 1.55 billion (Rs 155 crore) in the quarter ended December 2017, from Rs 1.33 billion (Rs 133 crore) in the corresponding quarter a year ago.
The company reported a revenue growth of 23.5 per cent for the quarter under review. Revenue excluding excise duty and GST grew to Rs 36.85 billion (Rs 3,685 crore) in the quarter ended December 2017 from Rs 29.84 billion in the year-ago quarter. READ MORE
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First Published: Jan 30 2018 | 3:30 PM IST