An investor looks at a stock quote screen near the end of the trading day in a brokerage in Shanghai, China. (Photographer: Kevin Lee/Bloomberg News)

Sensex, Nifty Log Second-Worst Post-Budget Session In A Decade

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Closing Bell: Sensex, Nifty Log Second-Worst Post-Budget Session In A Decade

Indian equity benchmarks registered their second-worst single-day fall in over a decade on the first trading session after the Union Budget, after it did not turn out to be favourable to the investors.

The S&P BSE Sensex closed 793 points or 2.01 percent lower at 38,720.57 and the NSE Nifty 50 ended at 11,558.60, down 2.14 percent. These were the worst fall for the benchmark indices on the second day after Budget since Feb 17, 2009. Besides, the 31-share index and the 50-stock gauge clocked their worst fall of the year.

The broader market index represented by the NSE Nifty 500 Index closed 2.73 percent lower.

The budget was ‘not market friendly’ and nothing turned out positive for the investors, Joindre Capital Services’ Research Head Avinash Gorakshakar said.

“The biggest negative has been on the tax on buybacks, which will hit sentiments here bad as companies will now avoid buybacks as it becomes tax unfriendly. Besides, the proposal to raise the minimum public shareholding limit to 35 percent dissapointed investors,” he added.

The market breadth was tilted in favour of sellers. About 1,382 stocks declined and 387 shares advanced on National Stock Exchange.

All the sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Realty Index’s 6.7 percent decline.

Sensex, Nifty Log Second-Worst Post-Budget Session In A Decade

In the currency market, the rupee depreciated 0.32 percent against the dollar to 68.72 as of 3:40 p.m.

The bond market, however, dropped 13 basis points to its 22-month low.

Sensex, Nifty Log Second-Worst Post-Budget Session In A Decade

Also read: It’s A Bond Not Equity Budget, Says Morgan Stanley’s Ridham Desai

Global Markets Update: U.S. Futures, Europe Stocks Struggle

Stocks in Europe edged lower with U.S. equity futures after steep declines in Asia as investors kicked off the busy week in a cautious mood.

  • Futures on the S&P 500 Index decreased 0.2 percent.
  • The Stoxx Europe 600 Index dipped 0.1 percent.
  • The U.K.’s FTSE 100 Index declined 0.1 percent, the lowest in a week.
  • Germany’s DAX Index fell 0.2 percent.
  • The MSCI Asia Pacific Index declined 1.2 percent, the lowest in more than a week on the largest drop in two months.

Catch all the global markets update here.
Source: Bloomberg

Set To Set Level At 11,400, Atul Suri Says

The Nifty is set to level at 11,400, Trader Atul Suri said after the 50-share index’s 250-point drop.

“The confusion on tax provisions post budget has impacted the correction in the markets today,” Suri told BloombergQuint in an interaction.

Fab Four Stocks Of The Day

Yes Bank

  • Stock rose as much as 7.3 percent to Rs 94.60.
  • The lender refuted speculations in a statement today.
  • The bank’s financial position is sound and stable and its liquidity and operating performance continue to be robust, it said.

Jindal Steel

  • Stock rose as much as 2.8 percent to Rs 137.90.
  • The company achieved 17 percent growth YoY in steel and related products production in Q1, exceeding the estimates.

Aavas Financiers

  • Stock rose as much as 2.9 percent to Rs 1,513.75.
  • Trading volume was five times its 20-day average.

Dishman Carbogen Amcis

  • Stock halted its six-day losing streak and rose as much as 3.6 percent to Rs 219.60.
  • Trading volume was double its 20-day average.

NCLT Directs SEBI To Complete Investigation Of Hotel LeelaVenture Within Two Weeks

  • NCLT directs SEBI to complete investigation in the Hotel Leelaventure matter before July 25.
  • NCLT had restrained Leela from proceeding with its transaction with Brookfield till the pendency of SEBI investigation.
  • In its April 25 order, NCLT had directed SEBI to complete investigation by July 8.

Source: NCLT Proceedings

Market Check: Sensex, Nifty Set For Second-Worst Fall In Over A Decade, On First Session After Budget

Indian equity benchmarks are set to clock their worst single-day fall in over a decade on their first trading session after the Union Budget.

The S&P BSE Sensex fell over 800 points or 2.05 percent to 38,705 as of 3 p.m. and the NSE Nifty 50 traded near 11,550, down 2.2 percent. The broader market index represented by the NSE Nifty 500 Index fell 2.3 percent.

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