Rediff explains why the system, not the Budget, is the problem.
In the 15 Union Budget presentation days of the Narendra Modi government since it came to power in 2014, the BSE benchmark Sensex has ended in negative territory eight times.
Bharat Electronics, Power Grid, NTPC and HDFC Bank were among the other major gainers. However, Infosys, Tata Steel, Eternal and Tech Mahindra were among the laggards.
Union Finance Minister Nirmala Sitharaman is well-known for donning saris that speak as powerfully as her budget speech. Each Budget Day, she selects a drape that pays tribute to India's amazing textile heritage and the mastery of its artisans.
Bharat Electronics, Reliance Industries, Mahindra & Mahindra, Larsen & Toubro, InterGlobe Aviation, ICICI Bank and UltraTech Cement were among the other major gainers. Axis Bank, Infosys, Tata Consultancy Services, Trent and Titan were the laggards.
Finance Minister Nirmala Sitharaman will present the general budget in Parliament on February 1. The Budget session of Parliament begins on January 28 with President Droupadi Murmu addressing both houses.
The Budget session of Parliament will be held from January 28 to April 2, featuring the President's address, the Economic Survey, and the presentation of the general Budget.
Stock markets will remain open for trading on February 1, Saturday, when Finance Minister Nirmala Sitharaman presents the Union Budget, bourses BSE and NSE said on Monday. Stock markets are generally closed on Saturdays and Sundays, except for special circumstances.
Success in this space demands more than luck, it requires sharp analysis, disciplined execution, and understanding market movers.
Union Finance Minister Nirmala Sitharaman is often known for making statements with her sarees on Budget Day. Each year, she wears a saree that represents India's rich textile heritage and traditional craftsmanship, and this year was no different. This year, Sitharaman chose to wear a beautiful off white saree with intricate golden work, paired with a red blouse and a shawl while carrying her trademark 'bahi-khata', a tablet wrapped in a red-coloured cloth with a golden-coloured national emblem embossed on it.
Market reaction to the Union Budget was overall neutral. The income tax "gift" wasn't enough to move the needle. There was some apparent rationalisation of Customs duty structure as well as cuts on import duties of some key components for the telecom and IT industry and duty cuts on vehicle imports. Other proposals related to development of agriculture and rural economy and renewables seem to be generally positive.
Netizens broke out into a meme fest as they welcomed Nirmala Sitharaman's tax break.
From the 30-share blue-chip pack, ITC Hotels, IndusInd Bank, Mahindra & Mahindra, Sun Pharma, UltraTech Cement and NTPC were among the biggest gainers. Titan, Kotak Mahindra Bank, Nestle, Asian Paints, HCL Tech and ICICI Bank were among the laggards.
Gold prices hit a fresh record high of Rs 84,900 per 10 grams in the national capital on Friday, driven by robust domestic demand and strong global cues, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity continued its ascent for the third straight session, jumping by Rs 1,100 to hit a new peak of Rs 84,900 per 10 grams.
'The incentives to switch to the new tax regime... are viewed as a negative due to potential loss of customers who buy policies for saving tax.' 'The tax-saving value proposition for the sector reduces.'
Sitharaman, India's first full-time woman Finance Minister, broke away from the colonial tradition of carrying a Budget briefcase in July 2019, opting instead for a traditional 'bahi-khata', to carry the Union Budget papers.
'I am optimistic about the Budget because of the fiscal discipline the government has committed to.'
'The finance minister has done as much as she can when you look into the fiscal constraints she had.'
Past data shows that in 20 Budget sessions, the market has ended with gains only on eight occasions.
February 01, 2020, was the benchmark's biggest drop since October 24, 2008.
Rediff.com's Shailajanand Mishra discovers that the Sensex has fallen 12 times on the 20 Budget Days since this century began.
Ahead of their proposed tractor parade on Republic Day, protesting farmer Unions Monday announced they will march towards Parliament from different locations on February 1 when the annual Union Budget is scheduled to be presented.
With the tablet carefully kept inside a red cover with a golden-coloured national emblem embossed on it instead of the briefcase, Parliament will be her next destination after the call on President Droupadi Murmu at Rashtrapati Bhawan.
The generation of quality jobs and skill development should be the focal point, cutting across ministries and departments, asserts Nivedita Mookerji.
India's stock exchanges are considering trading on February 28, the federal Budget day, which falls on a Saturday.
It was the worst Budget day today for Dalal Street with the Bombay Stock Exchange index Sensex plunging over 850 points - the biggest fall on any Budget day - on concerns of widening fiscal deficit.
Mutual funds subscriptions and redemptions will not be permitted on February 1 because all the fund houses in their scheme information documents have declared Saturday and Sunday as "non-business day".
The day, being a Saturday, may add to trading volumes and volatility
The stock market historically exhibits volatility on Budget day.
Among the Sensex firms, Larsen & Toubro, UltraTech Cement, JSW Steel, Titan, Bajaj Finance, Wipro, Tech Mahindra and Nestle were the major laggards. Maruti, Power Grid, Axis Bank, State Bank of India, NTPC, HDFC Bank, ITC and IndusInd Bank were the gainers.
Sitharaman, India's first full-time woman finance minister, had in July 2019 ditched the colonial legacy of a Budget briefcase for the traditional 'bahi-khata' to carry Union Budget papers.
The decision has been taken following requests made in this regard by market participants as Budget contains several market-moving announcements.
'The first duty of the government is to learn lessons from a bad experience and course correct. It's a pity that the government is making policy without looking at evidence and differentiating between immediate and urgent.'
For growth in export, continuous gain in productivity is essential.
Investors in exchange-traded funds can trade on bourses.
From the 30-share pack, 24 companies fell, with Yes Bank emerging as the top loser, dropping 8.36 per cent, followed by NTPC, M&M and Vedanta.
One thing is clear from watching MPs on the Lok Sabha's biggest day: the only thing that unites them is the words "outlay was doubled".
Finance Minister Nirmala Sitharaman on Wednesday again took a digital tablet wrapped in a traditional 'bahi-khata' style pouch as she headed for Parliament to present Union Budget 2023-24 in a paperless format just like the previous two years. She posed for the traditional 'briefcase' picture outside her office along with her team of officials before heading to meet the President. She, however, was holding a tablet instead of a briefcase to present the Budget in a digital format.
Stock market investors are expecting a balanced Budget with a focus on job creation, increased spending on infrastructure, reigning in the deficit, and bringing the economy back on track, experts said on Wednesday. Stock markets have been subdued in the run-up to the Union Budget with BSE's benchmark Sensex is almost flat so far this month. Even the corporate earning season failed to excite the markets, while some indices like IT and bankex have seen some positive movements.
'Indian families' needs and expectations have gone through a revolution across economic demographics.' 'As this latest Modi-Sitharaman Budget demonstrated, politicians have understood this change. They are responding to it,' points out Shekhar Gupta.
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