It was an action packed extended week which started off with President Pranab Mukherjee's speech marking the beginning to the Budget session of the parliament and culminated with the announcement of the Union Budget 2015 by Finance Minster Arun Jaitley on Saturday.
For the week, both Sensex and Nifty added 0.5-0.8 percent to close at 29,362 and 8,998 levels respectively. Broader markets underperformed the benchmark indices; CNX Midcap and small cap indices slid 0.6-1.4 percent. Among sectoral indices, Bank Nifty, capital goods, infra, power, FMCG and consumer good gained 1.1-4.5 percent.
Top Nifty gainers of the week which rose between 3.6- 9 percent were: Axis Bank, Kotak Mah Bank, NTPC, L&T, ICICI Bank, IndusInd Bank, UltraTech, ACC. ITC, Tata Steel, BHEL and Zee Ent were among the major losers, shedding 3.4-8.8 percent.
Among midcaps, Rolta, ABG Shipyard, HOEC, Unitech surged 12-43 percent while Kalindee Rail, Texrail and Pipavav Defence lost 10-17 percent.
The week began on a somber note on account of a sell-off on Monday as investors were wary of key economic events such as Railway Budget, economic survey and the Union Budget and February series F&O expiry.
First high point of the week was Railways Minister Suresh Prabhu's maiden railway budget which was hailed by the industry as a pragmatic. Prabhu is targeting an investment of Rs 8.5 lakh crore over the next five years.
After the Rail Budget, Chief Economic Adviser Arvind Subramaniam on Friday projected that India will grow FY16 GDP growth between 8.1-8.5 percent while presenting Economic Survey 2014-15. The Survey sees India on the cusp of double-digit growth rate.
The street remained divided over the Union budget 2015 presented on Saturday by Finance Minister Arun Jaitley, his first full year Budget. A poll conducted by CNBC-TV18 showed that 9 out of 12 industry leaders gave a rating of 7 or above out of 10 to Budget 2015.
A reduction in corporate tax rate to 25 percent from 30 percent over the next four years, a new bankruptcy clause safety net for poor in the form of insurance and emphasis on infrastructure spend were some of the highlights of the Budget.
Deferral of General Anti-Avoidance Rules (GAAR) by two years gave much relief to foreign investors when market started to turn green on Saturday after the knee-jerk negative reaction to Budget proposals. GAAR was earlier purposed to kick-start from April 1, 2015.
Adrian Mowat of JPMorgan feels there is a lot in this Budget the people will like and as Modi was highlighting it is about giving us clarity over the next four years. Ramesh Damani, Member, BSE also agrees that it may not be a big bang Budget, but it seems like a big bold Budget. "I would give the Finance Minister high marks for restructuring the corporate tax rates doing away with the wealth tax," he said in an interview to CNBC-TV18.
The excise duty on cigarettes was hiked by 15 percent which sent heavyweight ITC, tumbling by 9 percent on Saturday. The government has also proposed an excise duty rise by 25 percent for 65mm cigarettes and on tobacco increased to Rs 70/kg from Rs 60/kg.
Excise duty on footwear in the price range of Rs 500 – 1,000 was reduced from 12% to 6%. Liberty shoes, Bata India and Relaxo footwear stocks surged 2-5 percent on the bourses on Saturday.
During the week, foreigners bought stocks worth Rs 6698.53 crore in the local market while Domestic institutional investors were net sellers of stocks worth Rs 1182.95.
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