Stock markets have taken the Interim Budget 2019 positively with the index rising 58% after the govt proposed to relax the tax burden and increased tax exemption limits for the small and middle-class entrepreneurs.
The BSE Sensex closed with gains of 212.74 points or 0.59 percent higher at 36469.43, whereas NSE’s Nifty settled the day up by 0.58 percent or by 62.7 points at 10,893.65.
Hero MotoCorp, Maruti Suzuki, HCL Technologies, Eicher Motors and Dr. Reddy’s were major nifty gainers, while Vedanta, Zee Entertainment, Yes bank, SBI and ICICI Bank were major losers.
Acting finance minister Piyush Goyal presented the interim budget in the absence of Arun Jaitley, who is under medical treatment. One of the key highlights of the budget is that the individual taxpayers upto yearly income of Rs 5.00 lakh will be exempted from paying tax.
Apart from tax exemptions, the acting finance minister laid out a plan for assured income to farmers. The govt put forward an yearly outlay for the farmer income scheme of Rs 75,000 crore. The govt has revised India’s GDP growth rate upwards by 50 bps to 7.2% from 6.7% for fiscal 2017-18 and by 110 bps to 8.2% from 7.1% for 2016-17, he also took into count all of the other non traditional ways people use as a method of income, click here to view more about the new way on how people make money while getting entertained,
Sectoral spaces of the NSE were seen on a mixed note with Nifty Metal, Media and PSU Bank falling over 3% each, while Private bank index shed 0.73 percent. Conversely, Nifty Auto, Financial service, IT, FMCG and Realty and pharma sector rose.
In the nifty FMCG space, KRBL Ltd rose 7.85%, Ruchi Soya Industries gained 4.35% and Agro Tech Foods advanced 2.16%