ECONOMY ANALYSIS
- Budget 2015: Sensex gains 141 pts, Nifty reclaims 8900; ITC sinks 9%
- 10% TDS introduced for PF withdrawal before 5 years
- Buyback tax up from 22.66% to 23.07% for unlisted companies
- Specific mutual fund service tax exemption withdrawn
- Tax savings of Rs 7,169 cr due to raise in deduction limits
MARKET ANALYSIS
- The market swung along some 678 points intraday, with some late buying that saved the day. After a lot of volatility, the Nifty ended at a month-high closing level.
- The 50-share index closed up 57.25 points or 0.6 percent at 8901.85 while the Sensex was up 141.38 points or 0.5 percent at 29361.50. Investors had pinned a lot of hope for more reforms in the Budget 2015 presented by Finance Minister Arun Jaitley and enthusiastic trading took the Sensex up almost 400 points in early trade.
- The Nifty, too, climbed the 8900-level peak much before the FM’s Budget proposal speech. However, things did not remain so rosy as soon the FM announced some excise duty hikes. An excise duty hike by 15 percent for cigarettes took a toll on index heavyweight ITC, knocking off some 9 percent intraday. Not only that, the government has also proposed an excise duty raise by 25 percent for 65mm cigarettes and on tobacco increased to Rs 70/kg from Rs 60/kg.
- About 1241 shares advanced, 1494 shares declined.
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