The D-Street has taken the Interim Budget 2019 positively, though the earlier gains to the tune of over 1% on both the Sensex and Nifty after the Budget was announced have been shed.
Sensex closed the Budget day with gains of 212.74 points or 0.59% higher at 36469.43, while Nifty ended the day higher by 62.7 points or 0.58% at 10893.65S&P BSE SENSEX
The budget is seen to be not overly populist and the tradition of not announcing major income tax changes has also been broken as the income tax rebate limit has now been increased to individuals with income up to Rs. 5 lakh. The interim budget 2019 is seen to be middle-class friendly, with sops also for the distressed agri-sector. To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi scheme has been approved, Goyal said.
In sync, agri-sector stocks such as the likes of JK Agri Genetics, KRBL (White Organic Agro Agri-Tech (India) and Jain Irrigation Systems gained ground in today's trade.
Stocks from the FMCG space also gathered momentum including KRBL, Ruchi Soya, Agro Tech Foods.
Tax burden on the middle class and the salaried has been further eased with the increase in standard deduction limit to Rs. 50,000 from the Rs. 40,000 earlier.