Sensex Goes For a Wild Ride on Budget Day, Ends Lower

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3:35 p.m.: The Sensex ended Budget session’s roller coaster ride in the red. The Sensex which swung in the range of nearly 850 points in trades today ended 152 points lower at 23,002 and Nifty declined 43 points to close below its crucial psychological level of 7,000 at 6,987.

In the intraday deals, the Sensex touched high of 23,343.22 and low of 22,494.61 and the Nifty touched high of 7,094.60 and low of 6,825.80.

From the Nifty-50 basket of stocks, 33 stocks declined while 17 stocks advanced.

ONGC was the top loser, down 10.16 per cent to Rs. 194.10. Maruti Suzuki, Cairn India, BHEL, Infosys, Larsen & Toubro, Axis Bank and Power Grid were also among the losers.

Selling pressure was visible in IT, capital goods, oil & gas and auto stocks. On the other hand, banking, metal and realty stocks witnessed some buying interest.

The overall market breadth was negative as 1,398 stocks declined while 1,085 stocks advanced.

3:25 p.m.: Capital goods and IT indices fell over 2 per cent each. From the capital goods space, BHEL, Kalpatru Power, Mahindra CIE, Larsen & Toubro, Solar Industries and Sterlite Technologies were among the losers.

3:13 p.m.: ONGC was the top loser in the Nifty, the stock fell 9.8 per cent to Rs. 194.90 after the government increased oil industries development cess on domestically produced crude oil to 20 per cent from existing Rs. 4,500 million tonnes. Maruti Suzuki, BHEL, Cairn India, Infosys and Axis Bank were also among the losers, down 3-5 per cent each.

3:05 p.m.: The market breadth is negative as 1,313 stocks decline while 1,053 stocks advance.

2:55 p.m.: The volatile stock markets which recovered in the noon deals were again witnessing selling pressure. The BSE Sensex was down 131 points at 23,023 and Nifty fell 36 points to 6,993.

2:41 p.m.: IDBI Bank shares rallied as much as 16.5 per cent to Rs. 64.80 after the finance minister proposed to cut government’s stake in the bank in the Union Budget 2016.

2:34 p.m.: ITC recovers from intraday lows, jumps 2 per cent to Rs. 297.

2:24 p.m.: The stock markets turned flat. The Sensex was up 12 points at 23,166 and Nifty was up 9 points at 7,039.

2:09 p.m.: From the metal space, Tata Steel was the top gainer, up 3.86 per cent to Rs. 258. Vedanta, JSW Steel, NMDC, SAIL India, Nalco and Jindal Steel were also among the gainers.

1:57 p.m.: The broader markets also showcased a recovery. The BSE mid-cap index was up 0.17 per cent and small-cap index jumped 0.11 per cent. From the small-cap space, Rainbow Papers was the top gainer, up 12 per cent to Rs.32.55. Shakti Pumps, Castex Technologies, Heritage Foods, Kwality Ltd, SE Investments and Opto Circuits were also among the gainers, up 6.-10.5 per cent each.

1:44 p.m.: Gains in benchmark indices are capped due to losses in heavyweights like ITC, Infosys, Maruti Suzuki, Sun Pharma, Wipro and Cipla.

1:34 p.m.: Reliance Industries, ICICI Bank, HDFC Bank, HDFC, State Bank of India, Dr Reddy’s Labs and Lupin were among the top Sensex movers.

1:18 p.m.: Recovery in the market was led by gains in banking, metal, realty oil & gas and healthcare stocks. The BSE Bankex was the top sectoral gainer, up 2.65 per cent.

1:14 p.m.: The Sensex and Nifty showcased a dramatic recovery in afternoon deals after falling over 600 points when finance minister was presenting Budget 2016. The Sensex advanced 61 points to 23,215 and Nifty was up 25 points at 7,055.

1:09 p.m.: Rupee at day’s high, gains 9 paise to trade at 68.53 per dollar against Friday’s close of 68.62.

1:06 p.m.: From the Nifty-50 basket of shares, 30 stocks advance while 20 stocks decline. Vedanta was the top Nifty gainer, up 5.6 per cent to Rs. 75.85. Tata Steel, State Bank of India, ICICI Bank, Bank of Baroda, Reliance Industries and Punjab National Bank were among the gainers, up nearly 2-4.7 per cent each.

12:58 p.m.: Buying was seen in select banking, metal, oil & gas and healthcare stocks.

12:56 p.m.: The stock markets drastically came off the intraday low levels. The Sensex was down 75 points at 23,078 and Nifty slipped 22 points to 7,007.

12:53 p.m.: ITC shares were trading 3.5 per cent lower at Rs.280 after the government proposed to increase excise duty on tobacco products by 10-15 per cent.

12:37 p.m.: The stock markets came off the intraday lows. The Sensex was down 357 points to 22,797 and Nifty declined 123 points to 6,906.

12:28 p.m.: The stock markets extended losses in the noon deals. The Sensex fell as much as 2.85 per cent and Nifty declined 2.9 per cent.

12:22 p.m.: Bank Nifty plunges 1.5 per cent to 13,578; Kotak Mahindra Bank, Federal Bank, Bank of Baroda, Canara Bank, Yes Bank, HDFC Bank and Bank of India were among the top losers, down 1.5-2.8 per cent each.

12:19 p.m.: The stock markets extended losses in the noon deals as finance minister presents a rural focused Budget. The Sensex fell over 300 points to hit low of 22,836 and Nifty declined over 100 points to hit day’s low 6,928.

12:15 p.m.: Selling pressure visible across sectors. The IT stocks were among the worst hit, the BSE IT index was the top sectoral loser, down 1.6 per cent. FMCG, capital goods, realty, oil & gas and banking indices also fell 0.7-0.95 per cent each.

12:11 p.m.: The market breadth negative as 1,310 stocks decline while 817 advance.

12:05 p.m.: Finance minister retains fiscal deficit target at 3.9 per cent of GDP for FY15-16 and at 3.5 per cent for FY16-17. Sensex down 166 points at 22,986 and Nifty falls 57 points to 6,973.

11:57 a.m.: Finance minister provides Rs. 25,000 crore for re-capitalization of PSU banks in Budget 2016, Nifty PSU Bank Index pares initial gains.

11:55 a.m.: New derivative products will be devised in commodity space by Sebi, says Finance Minister.

11:48 a.m.: Finance minister Aun Jaitley says earmarks total of be Rs. 97,000 crore in Budget 2016 for building roads and highways in urban and rural areas. Stocks like Ashoka Buildcon and IRB Infra gain over 1.5 per cent each.

11:40 a.m.: The Sensex extended losses in the late morning deals. The Sensex fell 150 points to 23,004 and Nifty declined 48 points to 6,982.

11:36 a.m.: Finance minister provides Rs. 87,765 crore for rural development in Budget 2016.

11:30 a.m.: The stock markets edge lower. The Sensex declined 14 points to 23,140 and Nifty slipped 9 points to 7,020.

11:25 a.m.: Fertiliser stocks gain as Budget 2016 focuses on improving agriculture output in the country. GSFC was the top gainer in this space, up 2.7 per cent to Rs. 62.20. Deepak Fertilizers, EID Parry, Coromandel International and Rashtriya Chemicals Fertilizers were also up 1.75-2.5 per cent each.

11:20 a.m.: Shares of companies in agriculture sector move higher as finance minister presents a Union Budget which focuses on rural economy. Monsanto India, Rallis India, Aries Agro, Kaveri Seeds and Jain Irrigation Systems rise 2-3.75 per cent each.

11:16 a.m.: The stock markets turned flat after recovering from low levels. The Sensex was up 46 points at 23,200 and Nifty advanced 9 points to 7,038.35.

11.06 a.m.: PSU Banking shares extend gains as Finance Minister Arun Jaitley starts presenting Budget 2016. The NSE’s sub-index for PSU bank advanced over 4 per cent.

11:06 a.m.: The stock markets recovered from the low levels. The Sensex advanced over 50 points to 23,209 and Nifty rose 11 points to 7,041. 

11:04 a.m.: Presenting budget when global economy is in bad shape, says finance minister Arun Jaitley.

11:01 a.m.: Finance minister Arun Jaitley presents Budget 2016. The Sensex slips 48 points to 23,106 and Nifty declines 18 points to 7,012.

10:57 a.m.: Ahead of Budget 2016 announcements, Sensex slips 25 points and Nifty down 10 points.

10:47 a.m.: From the Nifty-50 basket of stocks, 29 were declining while 21 were advancing. GAIL India, BPCL, Hero MotoCorp, Cipla, Wipro, Zee Entertainment and HUL were among the top losers, down 1.5-2.86 per cent each.

10:41 a.m.: BSE IT index  down 0.83 per cent. Infosys, Wipro, TCS and HCL Technologies among the losers.

10:30 a.m.: Stock markets trade on a lacklustre note ahead of Budget 2016 announcements. The Sensex slips 40 points to 23,114 and Nifty declines 16 points to 7,014.

10:23 a.m.: The market breadth marginally negative as 941 stocks decline while 823 were advance.

10:15 a.m.: Shares of irrigations companies like Jain Irrigation, Finolex Industries, Sintex Industries, Kaveri Seeds and Rallis India were among the gainers on hopes that the government will present a rural focused Budget.

10:08 a.m.: After hitting new intraday lows, the stock markets came a bit off intraday low levels and were trading on a listless note. The Sensex was down 39 points at 23,115 and Nifty slipped 14 points to 7,016.

10:02 a.m.: Stock markets extends losses on the back of selling in FMCG, IT, auto and oil & gas stocks. The Sensex fell as much as 88 points to hit low of 23,066.41 and Nifty fell below its crucial psychological level of 7,000. The index declined 30 points to hit low of 6,999.30 ahead of Budget announcements.

9:56 a.m.: PSU Banking shares extend gains. The Nifty PSU Bank index surged 2.72 per cent; State Bank of India was the top gainer form this space, up 3 per cent to Rs. 160.75. Bank of Baroda, Bank of India, Union Bank of India, Syndicate Bank, Allahabad Bank and IDBI Bank were also among the gainers, up 2-2.7 per cent each.

9:45 a.m.: Broader markets broadly were in-line with the benchmark indices. The BSE mid-cap index was down 0.27 per cent and small-cap index slipped 0.11 per cent.

From the mid-cap space, United Breweries was the top loser, down 2.65 per cent at Rs. 780. Bajaj Holdings, Kansai Nerolac, Zee Entertainment, Titan Industries, HPCL, Shriram Transport Finance and Container Corp were also among the losers, down 1.6-2.5 per cent each.

9:39 a.m.: On the sectoral front, selling pressure was visible in select FMCG, consumer durables, auto, IT and oil & gas stocks. While, banking, metal and real estate stocks were witnessing buying interest.

9.35 a.m.: Rupee extends losses, falls 12 paise to hit intraday low of 68.74 against dollar.

9.30 a.m.: PSU banks gain on expectation of capital infusion from government. NSE’s sub-index for PSU banks rose nearly 2 per cent. SBI, Bank of Baroda, PNB gained between 1-2.5 per cent.

9:29 a.m.: From the Nifty-50 basket of stocks, 28 were declining while 22 stocks were advancing.

BPCL, ITC, GAIL India, Bajaj Auto, Hero MotoCorp, Adani Ports, Cipla, Bosch, Idea Cellular and Hindustan Uniliver were among the losers, down 1.14-2 per cent each.

On the other hand, UltraTech Cement advanced over 2 per cent to Rs. 2,828 after UltraTech Cement  on Sunday said it had agreed to buy Jaiprakash Associates Ltd’s cement plants for an enterprise value of Rs. 16,500 crore.

State Bank of India, Hindalco, Dr Reddy’s Labs, Vedanta, ONGC and ICICI Bank were also among the gainers.

9:17 a.m.: The Sensex and Nifty edged lower in opening trades on Monday ahead of budget announcements for financial year 2016-17.

The Sensex slipped as much as 59 points to hit low of 23,095.70 and Nifty declined 24 points to 7,006.

Read: Budget 2016: 10 Big Stocks To Track Today

9:08 a.m.: Sensex advances 84 points to 23,238 and Nifty rises 21 points to 7,050 in the pre-market session.

9:00 a.m.: Rupee opens lower at 68.69 per dollar against Friday’s close of 68.62 ahead of Budget 2016.

8:45 a.m.: Ajay Srivastava, MD of Dimensions Consulting, says people will be disappointed with the budget because there is nothing that the government can bring into the table which will revive the equity markets.

7:35 a.m.: The Sensex and Nifty are likely to open lower in trades on Monday tracking weak global cues. But investors will be focused on Finance Minister Arun Jaitley’s third budget, which would be presented at 11 a.m.

Mr Jaitley faces a tough task of balancing fiscal consolidation and economic revival, while setting more funds for salary hikes of government employees and bank recapitalization. He also needs to increase allocation for the rural sector, under distress on account of back-to-back droughts.

Also Read: Sensex Heads Into Budget With Worst Monthly Performance In 7 Years

Markets will be more interested in the government’s fiscal deficit target, corporate tax reduction roadmap and announcements on capital gains tax, dividend distribution tax and securities transaction tax.

The good thing is expectations are fairly low, given the sharp decline in stock markets ahead of budget. The BSE Sensex is down 7 per cent since January 29, its worst 30-day performance in the month prior to budget since 2009. 

The Nifty futures traded on the Singapore Exchange also known as the SGX Nifty was down 0.5 per cent or 37 points at 7,028 in morning trade. Most of the Asian markets were trading on a sluggish note. 

Read: Budget 2016-17: Arun Jaitley Faces Tough Balancing Act

China’s Shanghai Composite fell 2.78 per cent and Shanghai Shenzhen index slumped 2.26 per cent.  Hong Kong’s Hang Seng index was down 0.64 per cent and Japan’s Nikkei was trading 0.33 per cent higher.