INSUBCONTINENT EXCLUSIVE:
On a day when market breadth was heavily tilted in favour of declines, few names stood out
Shakti Pump was among the biggest gainers, jumping 20 per cent after the government announced a plan to help farmers set up 35 lakh
pumps.
Insurance, realty and cigarette stocks took the biggest knock
ITC and Godfrey Philips plunged 7 per cent each thanks to excise hike on tobacco and cigarettes
SBI Life and ICICI Pru Life plunged over 10 per cent as new income-tax laws made insurance buying less attractive.
DLF, Prestige Estates and
Godrej Properties crashed over 8 per cent each as the Finance Minister did not offer any sops as expected.
BSE flagship Sensex slumped 988
expectations from the government
The changes in income-tax rules have come with riders of giving up exemptions which disappointed the market, with the insurance sector
The market will now turn focus to Q3 earnings," said Vinod Nair, Head of Research, Geojit Financial Services
3.54 lakh crore as total market capitalisation of BSE-listed firms came down to Rs 152.97 lakh crore from Rs 156.50 lakh crore on
Friday.
Sensex below 40k after 65 sessionsSensex closed below the psychologically important 40,000 mark after 65 sessions
It was on October 29, 2019, that Sensex had closed below that mark at 39,831 last time.
Insurance stocks plungeShares of insurance companies
plunged up to 11 per cent after new income-tax cuts announced in the Budget made it conditional on giving up tax exemptions, including those
ICICI Prudential Life Insurance fell 10.93 per cent to Rs 455 while SBI Life tanked 10 per cent to Rs 894.
BPCL EoI soonThe expression of
interest (EoI) for the sale of government stake in Bharat Petroleum (BPCL) will be out shortly, the Disinvestment Secretary said on Saturday
Shares of the company closed 3.10 per cent lower at Rs 442.85.
Cigarette makers hitCigarette stocks declined up to 7 per cent after the
government proposed to hike excise duty on cigarettes and other tobacco products
Godfrey Phillips slipped 6.82 per cent at Rs 1,129, ITC 6.97 per cent to Rs 218.85, VST Industries 5.4 per cent to Rs 4,213 and NTC
announcement that it was working on a policy to enable the private sector to build data centre parks throughout the country
Nifty IT index rose 0.81 per cent to 16,275 thanks to gains in TCS (4.25 per cent), Tech Mahindra (1.31 per cent) and Tata Elxsi (0.82 per
cent).
G
ovt to divest stake in IDBI BankShares of IDBI Bank jumped over 10.03 per cent to Rs 37.30 after Finance Minister Nirmala
Sitharaman said in her Budget speech that the government was looking to divest remaining stake in the lender
The government held 47.11 per cent in the bank at the end of December quarter.
Escorts sales upEscorts said its agri machinery segment
registered 1.2 per cent rise in tractor sales at 6,063 units in January
Shares of the company dipped 3.74 per cent to Rs 773.95.
Shakti Pumps gains 20%Shares of irrigation equipment markers jumped after the
Finance Minister Nirmala Sitharaman in her Budget speech on Saturday proposed to help 35 lakh farmers set up water pumps
Shakti Pumps was the biggest gainer among them, up 20 per cent to Rs 292.55.
Maruti Suzuki sales upMaruti Suzuki India (MSI) on Saturday
reported a 1.6 per cent increase in sales at 1,54,123 units in January
However, the stock closed 1.53 per cent lower at Rs 6,806
IHC adds 24 hotels in FY20Tata group hospitality arm Indian Hotels Company (IHCL) has added 24 properties to its portfolio through
management contracts this financial year and will continue to scout for larger properties, including iconic assets going ahead, a top
Shares of the company drifted 2.78 per cent lower to Rs 138.10.
Who moved my Sensex?HDFC was the biggest drag on Sensex, bleeding 231 points
while ITC, ICICI Bank and HDFC Bank shed 370 points together
Among other major losers were L-T, Reliance Industries, SBI and Axis Bank.
Most active stocksSBI was the most active stock on NSE in terms
It was followed by RIL, IRCTC, L-T and Maruti Suzuki
In terms of volume of transactions, Vodafone Idea topped the charts, followed by YES Bank, SBI, Tata Motors and ITC
They include ICICI Pru Life, Bombay Dyeing, Dish TV, Equitas Holdings, Adani Enterprises, HUDCP, SBI Life Insurance, BPCL, Biocon and
Welspun Specialty, among others.