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Indian Budget - its impact on stock markets

The Indian stock markets reacted sharply as the Finance Minister is presenting his speech. Here are some highlights of the market reactions

Increased spending for the Education sector will boost paper sector
Heath sector gets boost
Jain Projects to benefit due to increase irrigation allocation
Agriculture Loan waiver has negatively impacted public sector bank stocks. State Bank of India and its subsidiaries are down. Even stocks of private banks including ICICI Bank and HDFC Bank that had few exposure through agricultural loans is taking some heat
Textile sector gets maintained importance
Setting up of National T&D Fund to help power sector companies
Income Tax Slabs changed. Positive for individuals
Corporate Tax and Surcharge Rates not changed – no impact to corporates
STT not touched. Short Term Capital Gains increased to 15% - Negative for Short Term Investors

Add commentFebruary 29th, 2008

Indian stock markets open in red ahead of Indian Union Budget

A big day for the stock markets. The Indian Finance Minister will be presenting his Budget speech shortly. Meanwhile the Indian stock markets opened marginally in the red. Fertilizers, Seeds and Paper stocks are in the green considering the budget will give some thrust to agriculture.

Minister of Finance Chidambaram and Minister of State for Finance entered into the Parliament just few minutes ago. The Finance Minister will be presenting the Indian Union Budget at about 11:00 AM

Banking stocks are in the red. Bank Nifty is down 1.28% CNX IT is marginally up at 0.09%

Auto, Bank, Consumer Durables, Health Care, IT, Metal, Oil & Gas, Power sectoral indices on the BSE are in the red. Consumer Goods, FMCG, PSU and Realty sectoral indices are in the green. Chambal Fertilizers, RCF, Zuari, Aries Agro, Kaveri Seeds and Tamilnadu Newsprint are buzzing with over 3-4% upside just few minutes after openeing.

Add commentFebruary 29th, 2008