The market embraced a slew of market-friendly measures that finance Minister Arun Jaitley announced in his Budget speech with Nifty50 reclaiming its crucial 8,700 mark for the first time since October 25, 2016, while S&P BSE Sensex ended comfortably above its key 28,000 level.
To the relief of investors, Jaitley made no reference to long-term capital gains tax on equities, and also set a comfortable fiscal deficit target of 3.2% for the fiscal year 2017-18.
The Sensex closed the day at 28,141, up 486 points, while Nifty50 settled at 8,716, up 155 points.
In the broader market, the BSE Midcap and BSE Smallcap indices mirrored the gains in the frontline indices to settle 1.7% higher each.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,920 shares rose and 901 shares fell. A total of 111 shares were unchanged.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,920 shares rose and 901 shares fell. A total of 111 shares were unchanged.
“This is an efficient and sensible budget and continues to follow the theme of maintaining fiscal discipline seen in the last two budgets. The focus continues to remain on improving the macros as government has not succumbed to the populist expectations. The fiscal deficit target of 3.2% for FY18 should further reinforce the lower interest rate bias and a positive outlook on the economy(Read More)
No comments:
Post a Comment