The Intraday market soars on Budget moves. The Sensex is up
414.75 points or 1.63 percent at 25859.56, and the Nifty is up 123.95 points or
1.63 percent at 7708.95. About 1520 shares have advanced, 1110 shares declined,
and 97 shares are unchanged. Big customs duty relief has been given to imported
coal. Duty on ships imported for breaking attracts lower duty of 2.5 percent.
Bulls are back to Dalal Street post Budget speech. The
Sensex is up 444.86 points or 1.75 percent at 25889.67 and the Nifty is up
135.50 points or 1.79 percent at 7720.50. About 1689 shares have advanced, 987
shares declined, and 82 shares are unchanged. Finance Minister Arun Jaitley’s
maiden Budget is aiming for a 19.7 percent growth in tax collections in FY15,
compared to a 21 percent growth projected in the interim Budget present in
February.
Divestment target for FY15 at a little over Rs
43,000 crore. Not too aggressive a target, but government will still have to
reform PSUs and then hope that market sentiment remains upbeat. Big customs
duty relief has been given to imported coal. Duty on ships imported for
breaking attract lower duty of 2.5 percent.Taxes on cigarettes (11-72 percent),
cigars, unmanufactured tobacco and gutka to go up.
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