Published: Mon, February 05, 2018
Markets | By Noel Gibbs

Equity indices open higher ahead of Budget

Equity indices open higher ahead of Budget

Sentiment also took a hit after the fiscal deficit target for 2017-18 was raised to 3.5 per cent of GDP as against 3.2 per cent earlier.

Stocks slumped to 35,066, while the Nifty50 index closed 2.33 per cent lower at 10,760, posting their biggest daily losses since November 2016.

The MidCap was down by 4.03 per cent, while SmallCap fell 4.65 per cent.

Small caps also contributed to losses falling 869 points to 17,847 level. The majors among them were Bajaj Auto and Bharti Airtel.

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Volatility index India VIX gained 3.31% at 14.4750. The company had posted a consolidated net profit of Rs 976.82 crore in the year-ago quarter. TCS at 0.33% margin, Hindustan Unilever at 0.10%, and Wipro at 0.05%.

Other losers were Axis Bank, Maruti Suzuki, Reliance Industries, Tata Steel, M&M, HDFC Ltd, ICICI Bank, Hero MotoCorp, Kotak Bank, L&T, SBI, Tata Motors, Yes Bank, Adani Ports, IndusInd Bank, NTPC and HDFC Bank, losing up to 4.28%.

PC Jeweller topped the value chart on the BSE with a turnover of Rs. 1,598.55 million.

With the Budget out of the way, the focus turns to RBI's monetary policy to be released later this month. So if you have bought into the India story, certainly this tax incidence should not be a deterrent.

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The BSE market breadth was bearish with 1,454 declines and 1,324 advances. 125 stocks were unchanged.

The gains were led by index heavyweight Larsen & Toubro Ltd, which rose as much as 3.6 percent to an all-time high on strong results for the quarter ended December.

On Wednesday, the benchmark indices closed in the negative territory on the back of negative global cues and heavy selling pressure in healthcare, consumer durables and capital goods stocks. "The move surprised the street as most participants were factoring in a change in definition of long term to two or three years from a year", said Devang Mehta, head of equity advisory, Centrum wealth. "Long-term capital gains tax is a concern, but the bigger worry is the deficit and extra spending by the government", said Nirmal Jain, chairman, IIFL Holdings.

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