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| Markets cheered the Union Budget presented by Mr. Pranab Mukherjee and closed higher by about 1%. Sensex gained 175 point to close at 16429 while Nifty ended at 4922, up 62 points. BSE Mid-cap and Small-cap indices gained 1.5% and 1.1% respectively. The budget pegged the fiscal deficit at 5.5%, 4.8% and 4.1% for FY11, FY12 and FY13 respectively. Government's net borrowing from market for FY11 was pegged at Rs. 3.45 lakh cr. Mr. Mukherjee expressed confidence of rolling out Direct Tax Code and Goods and Services Tax (GST) by April 2011. In a positive surprise, he revised the income tax slabs which will result in substantial tax saving for the salaried class. A deduction up to Rs. 20000 for investment in long-term infrastructure bonds was also announced which will be in addition to Rs. 1 lakh allowed under section 80c. On the flip side, Minimum Alternate Tax for corporate was hiked from 15% to 18%. The surcharge however was reduced from 10% to 7.5%. Central excise duty was raised from 8% to 10% while service tax was kept unchanged at 10%. In response to the hike in excise duty, the oil marketing companies announce hike in Petrol and Diesel prices by around Rs. 2.67/litre 2.58/litre respectively from midnight. GDP for the quarter ending December grew by 6% versus 7.9% in the previous quarter. |
| BSE Auto index surged 4.7%, becoming the top gainer among the sectoral indices, followed by Metal index that gained 2.6%. FMCG index lost the most, shedding 2.2% followed by IT index, down 0.3%. Reliance Capital and Tata Motors surged 7.8% and 7.2% respectively, becoming the top gainers among the Nifty stocks while ITC and Tata Power lost the most, shedding 5.7% and 4.4% respectively. BSE advance-decline ratio stood at 2:1. |
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