At 12:15 IST, the S&P BSE Sensex, was down 110.5 points or 0.27% at 40,612.99. The Nifty 50 index was down 27.25 points or 0.3% at 11,926.60.
The broader market traded near the flat line. The S&P BSE Mid-Cap index was down up 0.04% while the S&P BSE Small-Cap index was down 0.11%.
The market breadth was positive. On the BSE, 1007 shares rose and 977 shares fell. A total of 132 shares were unchanged. In Nifty 50 index, 15 stocks advanced while 35 stocks declined.
Union Budget 2020:
FM Nirmala Sitharaman said that the government is committed to the goal of doubling farmers income by 2022. Government will incentivize farmers to go solar. Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan (PM KUSUM) will be expanded to provide 20 lakh farmers in setting up standalone solar pumps. Large solar power capacity to be set up alongside rail tracks, on land owned by Railways. FM announced Rs 20,000 crore for the renewable energy sector.
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FM's action plan to ease India's water problems starts with helping 100 districts. Government has insured 6.11 crore farmers under Pradhan Mantri Fasal Bima Yojna.
"We will encourage balanced use of all fertilizers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers," FM said. Govt will build a seamless national cold supply chain for perishables, Indian Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly. Krishi Udaan will be launched by MoCA on international and national routes.
Food Corporation of India and Warehousing Corporation of India to build warehousing facility on their land, says FM. NABARD Refinancing Scheme to be further expanded, agri credit target for the year 2020-21 has been set at 15 lakh crore rupees. For better marketing and export, supporting states will focus on one product for one district, so that high focus is given at district level for horticulture to gain momentum. Milk processing capacity to be doubled by 2025. Framework for development, management and conservation of marine fishery resources to be put in place. Fish production to be raised to 200 lakh tonnes by 2022-23.
1.7 lakh crore rupees to be provided for transport infrastructure in the coming financial year, FM said. 100 more airports to be developed by 2024 to support the UDAN scheme. Delhi-Mumbai Expressway to be ready in 3 years, FM added.
FM announced Rs 99,300 crore outlay for education sector in 2020-21 and Rs 3,000 crore for skill development. Degree-level full-fledged online education programme to be offered by the top 100 institutions in the country. New Education Policy to be announced soon. External commercial borrowings and FDI to be leveraged to improve the education system. Urban local bodies across the country to provide internships for young engineers for a period of up to one year. A medical college to be attached to a district hospital in PPP mode, viability gap funding to be set up for setting up such medical colleges.
Budget provided an additional Rs 69,000 crore for the health sector. FM proposed to expand Jan Aushadhi Kendras in all districts of country to provide medicines at affordable rates.
FM said that the fundamentals of the economy are strong. Central government's debt has come down to 48.7% in March 2019 from 52.2% in March 2014.
16 lakh new taxpayers were added to the system. An average household now saves about 4% of its monthly spend on account of reduced GST, revealed Sitharaman. GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted Micro, Small & Medium Enterprises (MSME). Consumers have got an annual benefit of 1 lakh crore rupees by GST.
Several steps on formalisation of economy have been taken up. Between 2006-2016 India was able to raise 217 million people out of poverty, said Sitharaman.
Buzzing Segment:
Healthcare stocks were in demand after the Union Budget provided an additional Rs 69,000 crore for the health sector. Dolphin Medical (up 4.26%), NG Industries (up 3.77%), Metropolis (up 3.08%), Shalby (up 2.89%), Apollo Hospital (up 2.06%), Fortis Malar (up 1.86%), Thyrocare (up 1.58%), Dr Lal PathLab (up 1.23%), Indraprastha Medical (up 0.97%), Aster DM Health (up 0.91%), Kovai Medical (up 0.82%) and Fortis Health (up 0.03%) edged higher.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, spurted 0.61% to 17.475. The Nifty February 2020 futures were trading at 11,947, a premium of 7.35 points compared with the spot at 11,939.65.
On the options front, the Nifty option chain for 27 February 2020 expiry showed maximum call open interest (OI) of 19.96 lakh contracts at the 12,500 strike price. Maximum call writing was witnessed at 12,000 strike price, which added 2.98 lakh contracts.
Maximum put OI of 29.79 lakh contracts was seen at 12,000 strike price. Massive put writing was observed at 12,000 strike which added 26.64 lakh contracts. Massive put writing was seen at 11,700 strike price which shed 1.54 lakh contracts.
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