INSUBCONTINENT EXCLUSIVE:
NEW DELHI: BSE in a circular on Wednesday said the stock exchange would open for trading on February 1, Saturday, on account of Union Budget
2020.
ETMarkets.com had last week quoted a BSE spokesperson saying that BSE was indeed looking to open for trading on the Budget Day this
time, and a circular would be out regarding the same within a week.
This would be the first time that the market would open on a Saturday
for Budget Day.
In 2015, when then Finance Minister Arun Jaitley presented the Budget on a Saturday, February 28, stock exchanges remained
personal tax rate cuts to boost consumption, easing pain in MSME and housing sectors and policies to attract private and foreign
investments.
This brokerage has Mahanagar Gas and Power Grid Corporation as its pre-Budget picks from the energy sector
It also picked SBI, ICICI Bank and ICICI Prudential Life from BFSI, UltraTech Cement and PNC Infra from infrastructure - building materials,
Sudarshan Chemicals and SRF from specialty chemicals, M-M in automobile, Bata India in consumer discretionary and JSW Steel in metals and
mining sectors, as its pre-Budget picks.
Amar Ambani of YES Securities foresees some relief for personal income in lower tax slabs, with
traction in revenue collection
The biggest relief may come in the form of extending limits on section 80C benefits, with eligible deduction raised to Rs2.0-2.5 lakhs from
It was followed by a 2 per cent drop on the subsequent day, amid some market-unfriendly Budget proposals such as tax on share buybacks and a
hike in minimum public shareholding of listed companies to 35 per cent from 25 per cent.
Earlier that year, the index had risen 0.6 per cent
on February 1 when Acting Finance Minister Piyush Goyal had presented the Interim Budget.
In the last decade, domestic stock indices have
rarely jumped 1 per cent or more on Budget days
In most cases, volatility gauge usually declined following the eventful day.
