Varun Sinha, February 28, 2011
The markets have given thumbs up to the Budget. At 1.44 pm, the Sensex was trading at the day's highest point. The Sensex rose 564 points to 18,265 and the Nifty advanced 163 points to 5,467.
This Budget is seen as a positive as the major taxes have not been increased. The excise duty and service tax has been retained at 10 per cent against expectations of a 2 per cent hike. The FM has also proposed to cut the surcharge on domestic companies from 7.5 per cent to 5 per cent. The only dampener is the hike in MAT from 18 per cent to 18.5 per cent.
All sectoral indices were trading in the green. The auto sector, that had been a laggard since the morning, rebounded to rise 3 per cent. Capital goods stocks rose 3.5 per cent
This Budget is seen as a positive as the major taxes have not been increased. The excise duty and service tax has been retained at 10 per cent against expectations of a 2 per cent hike. The FM has also proposed to cut the surcharge on domestic companies from 7.5 per cent to 5 per cent. The only dampener is the hike in MAT from 18 per cent to 18.5 per cent.
All sectoral indices were trading in the green. The auto sector, that had been a laggard since the morning, rebounded to rise 3 per cent. Capital goods stocks rose 3.5 per cent
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