Share Market LIVE: Equity benchmark indices ended 2.6% lower tracking a massive selloff across sectors on Union Budget Day, with Sensex tumbling over 1,000 points and Nifty slipping below the 11,650 mark. BSE 30-share S&P Sensex ended 987points lower at 39,735 and NSE 50-share index Nifty50 ended 318 points lower at 11,643. Analysts said market fell into the bearish territoty today as investors were anticipated better measures being proposed at the budget, to revive country's economy. During the session end of Budget, Sensex crashed 793 points lower and fell below 40K at 39,930 and NSE 50-share index Nifty50 fell 247 points lower to the day's low of 11,717.45. Investors are advised to trade with stop loss amid budget market volatility today. Investors are focusing on the developments of Union Budget 2020, with high expectations of further stimulus to the domestic economy. Moreover, market participants said investors also awaited December quarter earnings scheduled to be released today. Overseas, investors concerned over the impact of on world economies by the rapidly-spreading coronavirus, and hoped for China containing the coronavirus. The World Health Organization (WHO) has declared the China coronavirus a global emergency, that has killed over 200 people globally due to the epidemic.
FULL COVERAGE: Union Budget 2020
Here's a look at the live updates of the market action on BSE and NSE today:
3: 55 PM
Equity benchmark indices ended 2.6% lower tracking a massive selloff across sectors on Union Budget Day, with Sensex tumbling over 1,000 points and Nifty slipping below the 11,650 mark. Analysts said market fell into the bearish territoty today as investors were anticipated better measures being proposed at the budget, to revive country's economy. BSE 30-share S&P Sensex ended 987points lower at 39,735 and NSE 50-share index Nifty50 ended 318 points lower at 11,643.
3: 25 PM
In terms of sector, except IT, all the other indices were declining on a continous basis. While realty index declined over 7.5%, media shares fell over 4.4%. Over 4% decline was recorded in metal, PSU Bank and financial services. #% decline was seen in banking and auto shares, and FMCG and pharma fell over 1%.
Market declines 2.5%
3: 18 PM
Market benchmarks Sensex and Nifty have fallen over 2.55% on Saturday, post the Budegt announcement by FM Nirmala Sitharaman. Sensex has crashed 1050 points lower to the day's low of 39,655 and NSE 50-share index Nifty50 fell 328 points lower to the day's low of 11,639.
Quote post Budget speech
3: 11 PM
Vinod Nair, Head of Research at Geojit Financial Services said,"The budget is below the par considering that the market had very high expectations from the government with support to the economy and more spending which is lacking in the details. Adding flexibility to fiscal deficit of FY20 is positive but extending the same to FY21 would have provided more confidence to the market. In a normal scenario this budget would have been considered as good providing tax benefit to the common man, corporates and focus on farmers' incomes, but the situation required more."
3: 00 PM
Market benchmark Sensex plunged over 900 points in afternoon session on Saturday after the Union Budget projected widening of fiscal deficit for the current financial year.
Losers and gainers
2: 45 PM
Top losers in the Sensex pack included L&T, Tata Steel, ONGC, PowerGrid, IndusInd Bank and SBI. On the other hand, HUL, Bajaj Finance, Nestle, TCS and UltraTech Cement were trading higher.Market Update
2: 30 PM
Non-tweaking of LTCG tax or no relief from LTCG tax led to a crash in Sensex and Nifty today.
Sensex crashes to 39K, Nifty slips 250 points to day low
2: 04 PM
Equity market benchmark Sensex and Nifty crashed over 1% each, with heavy investors selloff in financial services, metal and realty sector indices as annoucements by Finance Minister Nirmala Sitharaman in her 2020 budget speech failed to cheer investors. During the session end of Budget, Sensex crashed 793 points lower and fell below 40K at 39,930 and NSE 50-share index Nifty50 fell 247 points lower to the day's low of 11,717.45. Following the announcements, BSE 30-share S&P Sensex traded 447 points lower at 40,275 and NSE 50-share index Nifty50 traded 147 points lower at 11,814.
During the session end of Budget, Sensex crashed 793 points lower and fell below 40K at 39,930 and NSE 50-share index Nifty50 fell 247 points lower to the day's low of 11,717.45
All secors in red
1: 55 PM
In terms of sector, all the indices fell in the red, with a whopping 5.7% fall registered in Realty shares, followed by 3% decline in Financial Services and media. Nifty CPSE, metal, commodities, PSU and private banking fell over 2%
OMCS decline in trade
1: 45 PM
Shares of oil marketing companies were trading lower today after the FM in her 2020 Budget speech proposed measures relative to green energy. Indian Oil, ONGC shares touched 52-week low today, while OIl India shares fell to its yearly low.
LIC IPO to come soon
1: 35 PM
Finance Minister Nirmala Sitharaman on Saturday said insurance behemoth LIC will be listed as part of the government disinvestment initiative. She further said that the listing brings in more financial discipline among the entities.
The government proposes to sell a part of its holding in LIC through initial public offer, she said while unveiling Budget 2020-21.
Currently, the government owns the entire 100 per cent stake in Life Insurance Corporation of India (LIC).Market declines 1%
1: 30 PM
Equity market benchmark Sensex and Nifty crashed over 1% each, with heavy investors selloff in financial services, metal and realty sector indices. Finance Minister Nirmala Sitharaman has announced varuious measures in her 2020 budget speech in Lok Sabha. Following the announcements, BSE 30-share S&P Sensex has crashed 481 points lower at 40,242 and NSE 50-share index Nifty50 traded 150 points higher at 11,817.
Plan to hike FPI limit in corporate bonds to 15% from 9%
1: 15 PMThe government plans to increase investment limit of foreign portfolio investors (FPI) in corporate bonds from 9 per cent to 15 per cent, Finance Minister Nirmala Sitharaman said on Saturday. In her second Budget presentation, the finance minister said certain government securities will be open for foreign investors.
She also proposed debt-exchange traded funds comprising mainly government securities, while stating that Rs 22,000 crore has already provided as support to infrastructure project pipeline.
IDBI Bank shares rise 17% on FM's announcements
12: 55 PM
Shares of IDBI Bank rose 17% after the FM announce in her budget speech that the government will be selling stake in the lender to private retail investor. Government currently hols 46.6% shareholding in the private lender.
Following the privatisation news, shares of IDBi Bank climbed 17% intraday to the high of Rs 39.80, as agains the last closing price of Rs 33.90. IDBI stock price trades higher than 100 and 200 day moving averages but lower than 5, 20 and 50 day moving averages.
Chemical stocks take beating
12: 45 PM
Shares of Chambal fertilizer declined nearly 5% in trade today, coupled with other stocks from chemical industry such as GSFC that fell 4%, EID Parry down 3%, Fertilizers & Chemicals Travancore fell 10%, Gujarat Narmada Valley Fertilizers & Chemicals and Rashtriya Chemicals & Fertilizers was down 4%, while National Fertilizers fell 3%.
Sectors turn red
On the sectoral front, except Auto, Consumption and FMCG, all the other indices traded in red, with media, meatl and CPSE declining 1.& % each.
Solar stocks rise
12: 22 PM
FM Nirmala Sitharaman said the government is setting up large solar panel capacity alongside the railway tracks on land owned by railways, a proposal is under consideration. She added that PM KUSUM will be expanded to provide 2 million farmers in setting up standalone solar pumps. Following the announcement, shares of Solar companies such as Adani Green Energy, SUZLON ENERGY traded 2% higher, while Solar Industries was trading at its yearly high, rising 3% on BSE.
Market down 0.2%
12: 10 PM
Market benchmarks Sensex an Nifty fell 0.2% each amid the on going budget speech.Sensex trades at 40,645 and Nifty is at 11,933.
IRCTC at new high
12: 09 PM
Shares of IRCTC rose 120 points or 10% to a new all time high of Rs 1,332 today after the FM sad, "To 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."
Insurance sector annoucement by FM
12: 05 PM
Nirmala Sitharaman mentions insurance protection, digital penetration, affordable housing, and Ayushman Bharat as key reforms of the government. These announcements are positive for insurance sectors and NBFC.
Real estate stocks in focus
12: 05 PM
Real estate: As per HDFC securities report, stocks to rally on Budget day from this industry include Mahindra Life Space, Brigade, DLF, Godrej Properties, Kolte Patil and Dilip Buildcon.
Pankaj Pandey, Head- Research at ICICI Securities, said commercial portfolios are likely to continue outperformance aided by their robust price structure. Suggesting top picks in the sector, he recommended stocks of JK Lakshmi Cement, Nesco, Brigade, KNR Construction to extend rallies and PNC Infra, Sagar Cement to offer favourable risk-reward setup.
Karvi brokerage house said scrips of Sunteck Realty, Sobha, Prestige Estates, Godrej Properties are likely to gain from the initiatives towards boosting the residential housing market.
Infra stocks likely to trade higher
Infrastructure: Market veterans are betting upon the provided an outline of Rs 100-lakh-crore National Infrastructure Pipeline (NIP) by the government last year, which can help the industry-specific stocks like L&T, NTPC, UltraTech Cement, PNC Infra, Sagar Cement, JK Lakshmi, KNR Constructions, Nesco, Brigade, Adani Ports, Siemens, Concor, Bharat Electronics, Honeywell Automation, Gujarat Gas, Solar Industries, KEC, Timken, APL Apollo, Birla Corp, BEML and KNR Construction among others, as per industry analysts.
ICICI Direct Research suggested outperformer stocks like JK Lakshmi, KNR Constructions, Nesco, Brigade as the industry outperformers and quoted PNC Infra and Sagar Cement as bargain buys in its latest report.
India Vix at 17.62
11: 55 AM
Market volatility has increased amid the ongoing budget to 17.62, up 0.26 points or 1.51% against its previous close, suggesting high volume of trades, causing volatility in the domestic equity market.
11: 50 AM
In terms of sector, auto, financial service, FMCG, pharma, PSU banking and realty were trading in the green. On the other hand, IT, media, metal and bank traded in the red.
Market reacts to Budget Speech
11: 40 AM
Sensex and Nifty have fallen to flat trade with increased volatility in the market, amid the ongoing budget. Stocks of IRCTC, Larsen and Toubro, Reliance Industries, State Bank of India, Tata Motors are trading with high turnover today, amid the ongoing budget. Where shares of IRCTC tarded higher, L&T, SBI, RIL and Tata Motors were trading lower. Sensex trades 30 points higher at 40,755 and Nifty flat at 11,971.
11: 20 AM
FM added that Central government's debt has come down to 48.7% in March 2019 from 52.2% in March 2014. As per the FM, the budget has three themes this year-- aspirational India, economic development and ours shall be a caring society. Budget2020 is to boost the income of people and enhance their purchasing power, she added.
Market rises further with the beginning of Budget speech
11: 18 AM
Market benchmark Sensex, Nifty recovered from early losses to trade flat with positive bias on Saturday. Finance Minister Nirmala Sitharaman has started her budget speech in Lok Sabha and said that fundamentals of Indian economy are very strong. BSE 30-share S&P Sensex has gained 150 points higher at 40,871 and NSE 50-share index Nifty50 traded 37points higher at 11,999.
FM starts Budget Speech
Finance Minister Nirmala Sitharaman has started her budget speech in Lok Sabha and said that fundamentals of Indian economy are very strong. She added that the Average household now saves 4 pc in monthly expense after rollout of GST
Talking on GST, she said GST has resulted in Rs 1 lakh crore gains to consumers, removed inspector raj and helped transport sector. GST has resulted in efficiency gains in the transport and logistics sector. It has benefitted Micro, Small & Medium Enterprises(MSME).
Shares in Auto industry in focus
11: 00 AM
Auto: As per industry experts, steps towards increasing consumption could be a matter of focus in the upcoming budget as relief packages to ease the burden on stressed sectors such as auto, will indirectly aid in demand for discretionary and non-discretionary products. A host of consumption-linked stocks of the industry like M&M, TVS Motors, Bajaj Auto will benefit from such announcements, traders said.
"Stocks like Exide, Hero MotoCorp and Ashok Leyland offer a favourable risk-reward while Balkrishna Industries is likely to outperform," said Pankaj Pandey Head - Research Pankaj, ICICI Direct Research Desk, ICICI Securities Limited. While the auto index extended its breather for the third month, it remains in a base formation near 2015 lows, he added.
Indices trade higher
10: 55 AM
Market has gained further ground ahead of budget, that is set to be tabled in the parliament at 11 am today. BSE 30-share S&P Sensex traded 90 points higher at 40,813 and NSE 50-share index Nifty50 ended 23 points higher at 11,985.
10: 50 AM
India's financial markets expect Finance Minister Nirmala Sitharaman to announce key measures for boost investment and stimulate growth in today's Budget speech. Given the environment of slow growth, declining consumption and weak investment, Indian stock markets performed relatively well in 2019.
10: 25 AM
Chinese envoy has announced today 218 confirmed coronavirus patients in China have been recovered, discharged from hospitals.
10: 20 AM
According to analysts, investors are cautious ahead of the Union Budget as all eyes will be on how centre is going to bring growth as any increase in spending would result in widening of fiscal deficit.
Negative cues from global markets amid concerns over China's coronavirus outbreak continued to weigh on investor sentiment here, traders said.
Gainers and losers today
10: 20 AM
HUL, UltraTech Cement, Maruti and Asian Paints were trading with gains. On the other hand, Tech Mahindra, PowerGrid, Tata Steel, NTPC, Kotak Bank and HCL Tech were among the top laggards.
FII and DII action on Friday
10: 10 AM
On a net basis, foreign institutional investors sold equities worth Rs 4,179.12 crore, while domestic institutional investors purchased shares worth Rs 3,816.44 crore on Friday, data available with stock exchanges showed.
9: 50 AM
Market indices Sensex, Nifty have recovered from losses to trade flat with positive bias, ahead of announcement of the Budget 2020. Sensex traded flat at 40,725 and Nifty was flat at 11,962. Market is likely to trade volatile ahead of the budget, traders said.
Global market today
9: 40 AM
US stocks tumbled with the Dow and S&P 500 index recording their biggest one day falls since August, after US airlines cancelled all flight as to China. Meanwhile, European stocks closed lower after coronavirus cases were confirmed in UK. UK is also set to leave EU today.
9: 25 AM
Domestic equity indices Sensex and Nifty have opened on a bearish note on Saturday, tracking bearish trend from overseas, ahead of Budget 2020, that will be tabled in the Parliament by Finance Minister Nirmala Sitharaman today at 11 AM. BSE 30-share S&P Sensex traded 130 points lower to 40,590 and NSE 50-share index Nifty50 traded 23 points lower at 11,399.
Global market today
9: 15 AM
Overseas, investors concerned over the impact of on world economies by the rapidly-spreading coronavirus, and hoped for China containing the coronavirus. The World Health Organization (WHO) has declared the China coronavirus a global emergency, that has killed over 200 people globally due to the epidemic.
Budget to be presented today
9: 00 AM
Union Finance Minister Nirmala Sitharaman will announce her second budget speech today amid concerns over India's sagging economic growth. Economic growth declined to a five-year low of 4.5 per cent in Q2 of FY20.
India's real GDP growth would weaken further in Q3 of the financial year due to slow economic activity in the first two months of the second half, as per economists. The last time India witnessed a GDP growth of less than 5 per cent was in the fourth quarter of FY13 when it grew at 4.3 per cent.
Stocks in news
8: 55 AM
Vedanta, HUL, Tech Mahindra,Mahindra Holidays, Amara Raja, Karur Vysya Bank are the top stocks that are likely to be in focus in Saturday's trading session based on latest developments.
8: 45 AM
Shares of Vedanta, HUL, Jubilant Life Sciences, Tech Mahindra, Coromandel International, Birlasoft will be in focus as the companies posted their Q3 earnings yesterday, post market session.
8: 40 AM
Relaxo Footwears, Mahindra Holidays & Resorts, Amara Raja Batteries, Lumax Industries, Karur Vysya Bank, Apollo Micro Systems, Sobha, Ind Bank Housing, Chambal Fertilisers & Chemicals among others will be releasing their Q3 results today.
8: 30 AMOn Friday, after a volatile trade, equity indices Sensex and Nifty closed bearish on Friday, amid muted trend overseas, on back of heavy selling pressure in metal and IT scrips. BSE 30-share S&P Sensex closed 190 points lower to 40,723 and NSE 50-share index Nifty50 ended 73 points lower at 11,962.