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Indices were back in the green in afternoon trade after Arun Jaitley concluded his Budget 2018 speech, led by ITC, L&T and IndusInd Bank.Domestic benchmark indices recovered from the sharp fall earlier in the session led by a 3% surge in shares of ITC as investors were relieved over no changes to tobacco taxes.
the BSE Sensex was trading at 35,981, up 15 points, while the Nifty50 index was trading at 11,030, up mere three points.
Shares of GVK Power and Infrastructure and GMR Infrastructure rose today as the government said it may allow better airport service providers to levy higher airport fee, leading to hopes of higher revenues.
Shares of paint companies gained today after Finance Minister Arun Jaitley said the government aims to build 5.1 mn rural houses under the affordable housing scheme.
The Union Budget's focus on rural and agricultural economy, likely to boost consumption, helped offset the setback of re-introduction of long-term capital gains tax on equities.
Nifty 50 fell as much as 148.90 points and the Sensex declined 463.28 points after the announcement of a 10% tax on gains on equities exceeding Rs100,000 for a holding period of one year or more.
The reduction in corporate tax for companies with up to Rs2.5 bn turnover is also seen benefiting a number of small cap companies.
Shares of fast-moving consumer goods, automobile and building material companies were leading the gains as the Budget announcements are seen benefitting them the most.
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