Money on the markets
A maturing market amid the mayhem
When the finance minister presents the budget, the stock market moves one way or the other.
And like every year this will dominate the news.
Over there and everywhere.
Is that fair? Or convincing?
Some of the analysis will follow a pattern.
If the stock market goes up, the budget may be described as successful because it didn’t “rock the boat”.
If it moves sideways, it may be said the market had already absorbed the good news — the growth figures for instance.
If it moves down — the fiscal deficit may be the reason.
If the finance minister withdraws the stimulus it may not be good (for some) because it may mean more taxes and hence less profit.
The BSE real estate index gained nearly 1 percent on Wednesday even as the overall market ended 30 points lower.
Indiabulls Real Estate led the realty index and posted gains of over 4 percent. Parsvnath ended nearly 3 percent higher.
A railway budget separate from the general budget started in 1924 because the railways then formed more than a third of the budget.
A dedicated budget for railways was called for.
However the pattern of government’s finances has changed and the railways despite the impressive statistics - 63,327-kilometre network, 18 million passengers, two million tons of freight – is less important.
Jubilant Foodworks, which runs the Dominos Pizza outlets in India, made a strong trading debut on Monday, closing more than 50 percent above the issue price of 145 rupees.
Shares in the Indian fast food chain touched a high of 241.95 rupees during trade before closing at 229 rupees.
Realty stocks fared poorly on Tuesday with the sectoral index slipping nearly 2.5 percent in an overall market that dropped nearly 200 points.
Anant Raj Industries ended as the top sectoral loser with losses of over 5 percent. Unitech followed closely with a drop of 4.3 percent. Shares in DLF, India’s top listed realty firm shed 2 percent.