LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Markets News

After Sensex jumps over 300 pts, expert says 'markets preparing for budget 2019'

Stock markets have witnessed a sharp rally in the second half of the trading session on Tuesday with BSE 30 share index, Sensex jumping 311 points to close at 39,434. While the NSE Nifty 50 ended at 11,796, surging 96 points. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
After Sensex jumps over 300 pts, expert says 'markets preparing for budget 2019'
Written By: Hardik Bansal
Updated: Tue, Jun 25, 2019
06:06 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
FPIs pump in Rs 24,965 crore in February so far FPIs pump in Rs 24,965 crore in February so far
Stock Market Outlook with Anil Singhvi: Market Guru reveals Nifty, Bank Nifty support range, says Monday will be 'make or break trading session'  Stock Market Outlook with Anil Singhvi: Market Guru reveals Nifty, Bank Nifty support range, says Monday will be 'make or break trading session'
Sensex tanks 400 pts; HDFC twins drag Sensex tanks 400 pts; HDFC twins drag
Sensex latest news: BSE index crosses 52,000 for the first time ever Sensex latest news: BSE index crosses 52,000 for the first time ever
Advanced Enzyme, ITC Motherson Sumi, Ashok Leyland to Tourism sector Stocks - here are top Buzzing Stocks today Advanced Enzyme, ITC Motherson Sumi, Ashok Leyland to Tourism sector Stocks - here are top Buzzing Stocks today

Stock markets have witnessed a sharp rally in the second half of the trading session on Tuesday with BSE 30 share index, Sensex jumping 311 points to close at 39,434. While the NSE Nifty 50 ended at 11,796, surging 96 points. The domestic markets had a buying mood today despite negative global cues like US-Iran tensions, gold hitting record highs and late monsoon this fiscal. The buying in the intraday trade was due to short covering by the traders ahead of their short position in the F&O, which is expiring this week and the dip in crude oil prices by around $2 at the WTI. However, the slump in crude oil would help Indian economy keep the fiscal deficit within their targets before budget next week. 

Umesh Mehta, Head of Research, Samco Securities told Zee Business Online, ''Despite negative global cues our market is rising means that Indian markets are preparing for the budget. Value buying is emerging at lower levels and this was visible in today’s trading session. Although the auto sector is howling, stock prices are still showing resilience to move down. Market is expecting a likelihood of sops to be announced in the budget. The tyre sector was a star performer in the auto space with heavyweights such as MRF and Balkrishna registering close to 3% in stock price before closing. Buying was also witnessed in heavyweights such as Reliance Industries which led the oil and gas pack by registering a 2.6% increase. Incidentally, Reliance has found support nearest its 200 ema which is a good sign for Nifty since RIL’s heavy weight in the index, Nifty has higher chances of inching upwards.''

Modi 2.0 govt. will be presenting the budget on 5th of July and experts are expecting few changes on the investment related taxes, allowing investors to invest in security markets. However, the current gains were barely due to the news of southwest monsoon advancement from IMD. Also, the G20 summit which is likely to be held on June 28-29 will be closely monitored, as it is likely to focus on efforts to settle the international crisis and give some indication on progress on US-China trade talks. While the upcoming union budget remains the key near term event in the market and the government efforts to revive the economy will be watched closely by the participants of market. 

Jayant Manglik, President - Retail Distribution, Religare Broking said, ''The equity benchmark indices staged a smart comeback in Tuesday’s session, largely led by news from IMD on advancement of southwest monsoon and some stability in the crude oil prices. Tracking mixed global cues, the Nifty index opened in the red, but soon managed to pull back smartly in the green. The gains accelerated in the second half, as the index ended near the day’s high at 11,796 levels, up 0.8%. The broader markets also ended with healthy gains with BSE Midcap & Smallcap gaining 0.7% & 0.3% respectively.''

Talking about the Tuesday's intraday session; Oil, energy, power and metal sector witnessed a major recovery with capital goods and IT sector on lower side at domestic front. While as far as global markets are concerned, both Asian and European markets traded on a weak note. The Japanese Nikkei 225 index crashed 0.58 per cent, South Korean Kospi went down 0.22 per cent, Hang Seng dipped 1.15 per cent and Shanghai index nosedived 0.87 per cent. However, the markets are expected to show volatile trends before budget 2019 to be announced next week. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
BSE SensexNifty 50Budget 2019Union Budget 2019
RELATED NEWS
FPIs pump in Rs 24,965 crore in February so far FPIs pump in Rs 24,965 crore in February so far
Stock Market Outlook with Anil Singhvi: Market Guru reveals Nifty, Bank Nifty support range, says Monday will be 'make or break trading session'  Stock Market Outlook with Anil Singhvi: Market Guru reveals Nifty, Bank Nifty support range, says Monday will be 'make or break trading session'
Sensex tanks 400 pts; HDFC twins drag Sensex tanks 400 pts; HDFC twins drag
Sensex latest news: BSE index crosses 52,000 for the first time ever Sensex latest news: BSE index crosses 52,000 for the first time ever
Advanced Enzyme, ITC Motherson Sumi, Ashok Leyland to Tourism sector Stocks - here are top Buzzing Stocks today Advanced Enzyme, ITC Motherson Sumi, Ashok Leyland to Tourism sector Stocks - here are top Buzzing Stocks today

LATEST NEWS

Special Picks with Anil Singhvi: Market experts recommend Graphite India and Symphony shares for massive returns

PUBG Mobile 1.3 beta update: APK download link for global version - Check all details here!

Yes Bank Share price: This is what Choice Broking highlights

Salman Khan, Katrina Kaif, Emraan Hashmi attend puja before ''Tiger 3'' goes on floors

Redmi K40, Redmi K40 Pro and Redmi K40 Pro+ launched; Check Price, Specs, availability in India

Gold Price outlook: After record highs of around Rs 56191 and closing the year with 28% gains, here is what has happened now

RailTel IPO listing date: Share price jumps 16% above issue price on market debut

PM Narendra Modi wants banks to come out with innovative products for startups, fintech

SAIL share price: Anand Rathi initiates coverage with BUY recommendation and a target price of Rs 94 per share

RailTel IPO Listing today: Great expectations from share price on debut

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved