Sensex Ends Day in Green, Takeaways from Interim Budget, and Top Stocks in Action

Mon, 4 Feb Pre-Open

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On Monday, share markets in India opened on a positive note and ended the day in green after an volatile day of trading.

The BSE Sensex closed higher by 213 points to end the day at 36,469. While the broader NSE Nifty ended up by 63 points, to end the day at 10,894 points.

Among BSE sectoral indices, auto stocks rose the most by 2.7%, followed by realty stocks at 1.3%. Hero Moto Corp and Maruti Suzuki were among the top gainers.

Top Stocks in Action Today

Jet Airways price will be in focus amid reports that the Naresh Goyal-controlled airline has agreed with most of the conditions set by its partner Etihad for offering a lifeline to the debt-laden domestic carrier.

As per the news, the stake of Naresh Goyal may fall below 20% from 51% post the fresh share issuance, while that of Etihad may go above 40% from 24% as it infuses money equity.

Hero MotoCorp share price is likely to be in focus today as the company has reported a 4.5% fall in its net profit in Q3FY19.

Profit declined to Rs 7.7 billion compared with Rs 8.1 billion in the corresponding period a year ago.

Revenue from operations climbed 7.5% to Rs 78.6 billion. The company sold 1.8 million two-wheelers last quarter, an increase of around 5% over 1.7 million units sold in the year ago period.

Takeaways from the Interim Budget 2019

Presenting the budget, Finance Minister Piyush Goyal on Friday said that the NDA government has removed the 'policy paralysis' plaguing the country.

He said India is back on track and the country is heading towards growth a prosperity.

From announcing full tax rebate on annual income upto Rs 5 lakh to announcing various benefits for farm sector, the budget was geared towards populism.

Here are the key highlights Finance Minister Piyush Goyal announced in interim Budget 2019.

In regard to agriculture, the government announced assured income of Rs 6,000 per year for small and marginal farmers. The government is to allocate Rs 750 billion for the scheme.

For the rural sector, it announced budgetary allocation of Rs 190 billion for construction of rural roads under Gram Sadak yojana in the year 2019-20. The government will be allocating Rs 600 billion for a MNREGA scheme.

For the rail sector, the government has set railway capex for FY20 at record Rs 1.6 lakh crore.

For defence sector, the government increased defence budget to over Rs 3 lakh crore and said that it will provide additional funds for defence, if needed. It also disbursed Rs 350 billion under OROP scheme in the last few years.

On the employment front, the government announced new social security coverage scheme for unorganised sector workers. It also assured monthly pension of Rs 3,000 rupees per month, with contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age. There was also a scheme announced to benefit 10 crore workers in unorganized sector, which, the government claimed, may become the world's biggest pension scheme for unorganized sector in five years.

Regarding taxation, the government raised income tax exemption limit to Rs 500,000. It also announced the benefit of rollover of capital tax gains which is increased from one residential house to two houses which is for capital gains up to Rs 20 million and can be exercised once in a lifetime. It also announced that Income Tax returns will be processed within 24 hours and returns will be paid immediately in next 2 years.

Speaking of the economy at whole, Finance Minister said that average monthly tax collection stood at Rs 971 billion per month so far this year. Gross market borrowing was seen at Rs 7.04 lakh crore in FY20.

Fiscal deficit for FY19 is seen at 3.4% of gross domestic product (GDP) and that for FY20 and FY21 is estimated at 3.4% of GDP and 3% of GDP, respectively.

Indian stock markets took cues from the above announcements and went on to trade on a strong note throughout the budget day.

But what does this Budget mean for the Indian stock markets from a long-term point of view?

Tanushree Banerjee answers this in Friday's edition of The 5 Minute WrapUp, Here's a snippet of what she wrote...

• From the market's point of view, this was as good as it gets. There was no major disruptive announcement. The minor slip up in the fiscal deficit target was largely expected and the market brushed it aside.
  
  The market will probably now take cues from global markets which are rallying after the US Fed's dovish stance on interest rates.
  
  All things considered, the short-term looks good for the market.
  
  That said, I strongly believe this Budget should not be the yardstick by which you chart your investment portfolio.
  
  What matters are the big long-term trends that will greatly support India's growth story.
  
  These trends will go a long way in powering the Sensex to 100,000.
  
  I was not surprised the Finance Minister spoke about some of the 50 irreversible trends I've identified - road construction, tourism, Jan Dhan, Aadhar, RERA, startups, increased tax collections...and more.

So, it is not short-term events like the Budget that will decide India's future. Rather the 50 irreversible trends will drive a historic transformation that what Tanushree calls the Rebirth of India.

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