On a day when market breadth was heavily tilted in favour of declines, few names stood out. Shakti Pump was among the biggest gainers, jumping 20 per cent after the government announced a plan to help farmers set up 35 lakh pumps. Insurance, realty and cigarette stocks took the biggest knock. ITC and Godfrey Philips plunged 7 per cent each thanks to excise hike on tobacco and cigarettes. SBI Life and ICICI Pru Life plunged over 10 per cent as new income-tax laws made insurance buying less attractive. DLF, Prestige Estates and Godrej Properties crashed over 8 per cent each as the Finance Minister did not offer any sops as expected. BSE flagship Sensex slumped 988 points to 39,735 while its NSE counterpart Nifty fell 300 points to 11,661. “The Budget was below par, considering the market had very high expectations from the government. The changes in income-tax rules have come with riders of giving up exemptions which disappointed the market, with the insurance sector taking the biggest hit. The market will now turn focus to Q3 earnings,” said Vinod Nair, Head of Research, Geojit Financial Services. Here is a lowdown of the movers and shakers of Saturday’s session on… Read full this story
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Market Movers: ITC, DLF crash, Shakti Pump jumps 20%; 144 stocks give ‘sell’ signals have 292 words, post on economictimes.indiatimes.com at February 1, 2020. This is cached page on Vietnam Dance. If you want remove this page, please contact us.