Budget 2019: The gains on Dalal Street were led primarily by buying in auto, FMCG and realty stocks.Domestic stock marketadvances as Union Minister Piyush Goyal presents the interim Budget 2019 amid strong foreign fund inflows.
The SP BSE Sensex surged as much as 296.41 points to touch 36,553.10, while the Nifty50 barometer of the National Stock Exchange rose by 57.1points to hit 10,913.65.
The gains on Dalal Street were led primarily by buying in auto, FMCG and realty stocks.
Heavyweights HDFC, HDFC Bank, Maruti, Larsen Tourbo and Reliance Industries contributed the most to the gainson the Sensex.
Union minister Piyush Goyal is reading out the contents of the Budget 2019 in parliament.
This is the last Interim Budget of the NDA government led by Prime Minister Narendra Modi before the Lok Sabha elections due by May.Find LIVE Budget 2019, updates, latest news, videos, key highlights, reactions, tax and policy changes here.
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Sensex up445.68 points, or 1.23 per cent higher, to trade at 36,702.37.
The Nifty edges higher by 117.35 points, or 1.08% higher to trade at 10,948.30.Sensex up 110.65 points, or 0.31% higher, to trade at 36,367.34.
The Nifty edges higher by 27.20 points, or 0.25% higher to trade at 10,858.15.
"For the first time, the defence Budget has been raised to over Rs 3 lakh crore," said Piyush Goyal.
Defence stocks are trading higher with Larsen Toubro Limited up 0.87 per cent on the NSE.Realty stocks are maintaining their morning gain as Union Minister Piyush Goyal announces projects for the infrastructure space.
Nifty Realty index is up 1.77 per cent.The Nifty FMCG index is 0.92 per cent higher on the NSE.Agriculture stocks jump as interim Budget 2019 focuses on farmers; Nagarjuna Fertilizers trades 5.92 per cent higher on the NSE."The government has made a historic plan called the PM Kishan programme.
Those small farmers who have less than two hectares will get a support of Rs.
6,000," said Piyush Goyal.
"It will be transferred directly to the bank accounts of farmers in three instalments of Rs.
2,000," he added.
The 30-share benchmark index trades 166.66 points or 0.46 per cent higher at 36,423.35, and the Nifty is at 10,874.20, up 43.25 points or 0.40 per cent from the previous close.In hisbudget 2019 speech, meanwhile, Union Minister Piyush Goyal revises the fiscal deficit target for 2018-19 to 3.4 per cent of the GDP, from the previous target of 3.3 per cent.Shares of Jet Airways rise 9.77 per cent on the NSE onreports that the lendershave made progress in involving Etihad to take a higher stake in the company.According to Deepak Jasani, HDFC Securities, advance decline ratio remains positive in markets on anticipation of positive cues from the Budget.
"Real estate, FMCG, media and auto indices are up, suggesting expectation build-up in these sectors while metal index is down following poor numbers from Vedanta the previous evening," he said.
Prominent gainers on the 50-scrip index are Hero MotoCorp, Maruti, Eicher Motors, ZEEL and Bharti Airtel, trading between 2.06 and 3.48 per cent higher.Sensex up 85.54 points, or 0.24% higher, to trade at 36,342.23.
The Nifty edges higher by 30.85 points, or 0.28% higher to trade at 10,861.80.Union minister Piyush Goyal is reading out the contents of the Budget 2019 in parliament.
This is the last Interim Budget of the NDA government led by Prime Minister Narendra Modi before the Lok Sabha elections due by May.The 30-share benchmark index trades 127.61 points or 0.35 per cent higher at 36,384.30, and the Nifty is at 10,873.80, up 42.85 points or 0.40 per cent from the previous close.
Globally, investor caution is also mounting ahead of US jobs data later in the session.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent, though that followed a stellar 7.2 per cent gain in January.Asian shares crept back from four-month highs as a dismal survey on Chinese factory activity dulled optimism about the prospects for a Sino-US deal on tariffs.
The rupee depreciated by 9 paise to 71.17 in early trade on the forex market amid strengthening of the American currency and caution ahead of interim budget.(Read more)Top gainers in the Sensex pack include Maruti, Bharti Airtel, HCL Tech, Hero MotoCorp, Bajaj Finance and Mahindra Mahindrai, rising up to 3.88 per cent.
The 30-share benchmark index trades 154.48 points or 0.43 per cent higher at 36,411.17, and the Nifty is at 10,870.95, up 40.00 points or 0.37 per cent from the previous close.It is classic macroeconomic theory to expect the government to come forward with fiscal stimulus during times of economic weakness, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.A looming election and aggressive opposition only adds to the pressure to deliver a meaningful relief package, he said; adding that, should the Budget disappoint, investors'' attention is likely to revert to concerns centered around slowing growth and elections.
Domestic market, however, will continue to be volatile ahead of the interim budget which will be announced today, traders were quoted as saying in news agency Press Trust of India report.
On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 3,006.41 crore on Thursday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,634.32 crore, provisional data available with NSE showed.
According to Hemang Jani, Head - Advisory at Sharekhan by BNP Paribas, the government might look to boost the rural and agriculture sector ahead of the general election.
"Expect the government to go in for a populist Budget; however, market participants will closely weigh in the risk of a higher fiscal deficit and its impact on the market," he said.
Housing Development Finance Corp Ltd and Infosys Ltd are up 1.16 per cent and 0.86 per cent on the NSE, respectively.
The 10-year benchmark government bond yield is at 7.49 per cent, barely changed from Thursday's close of 7.48 per cent, while the rupee is almost steady at 71.14 to the dollar compared with its previous close of 71.09.
Traders are on the sidelines, awaiting details on the extent to which the government will spend on measures in budget 2019 due later in the day.
The Nifty IT index is up 0.96 per cent.
HCL Tech, Hero MotoCorp, Bharti Airtel, Bajaj Finserv, Mahindra Mahindra and Hindustan Unilever, trading between 1.17 and 2.87 are among the top BSE gainers.Top advancers on the 50-scrip index are Hero MotoCorp, Indiabulls Housing Finance, Bharti Airtel, HCL Tech and Bajaj Finserv, trading between 1.61 and 3.02 per cent higher.The 30-share benchmark index trades 108.82 points or 0.30 per cent higher at 36,365.51, and the Nifty is at 10,857.25, up 26.30 points or 0.24 per cent from the previous close.In the pre-open session, 30-share Sensex trades at 36,311.74, 55.05 points higher.
Yes Bank, Power Grid, Mahindra Mahindra, Bajaj Finance, SBI and NTPC are the major gainers on the BSE.
The SGX Nifty was last seen trading 43.5 points, or 0.4 per cent, higher at 10,898.55 on the Singapore Exchange.MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent after a stellar 7.2 per cent gain in January.