Ahead of the Union Budget 2018, Finance Minister Arun Jaitley has already made his stand clear that the agriculture sector will be the top priority for the government. The thrust of PM Narendra Modi's government is would be to ensure that the gains reach the farmers/ rural sector and the growth is visible even in the farm sector, he had mentioned at an event. He is expected to step up funding of rural programmes such as (Mahatma Gandhi National Rural Employment Guarantee Act) MGNREGA, rural housing and crop insurance.
Even a day before the budget, the markets (both Sensex and Nifty) fell marginally, though not significantly. Sensex fell 69 points to 35,965 points while Nifty fell 22 points, or 0.20% to 11,028 points
Most sectoral indices had fallen a day before. Basic materials fell 0.66%, consumer discretionary goods index declined 1.06%, healthcare index fell by 1.62%, IT index fell a little over 1%, capital goods index fell by 1.12%, and metal index plunged by 1.25%.
Sensex had hit its lifetime intraday high at 36,444 points while the NSE's Nifty had hit its lifetime high of 11,171.55 the same day. The NSE sectoral indices also fell a day before the budget. Barring bank and financial services indices, all other sectoral indices have fallen. Nifty FMCG fell by 1.4%, Nifty pharma declined by 1.87%, and Nifty metal index declined by 1.22%.
The biggest losers of Sensex were Tata Steel, Dr Reddy's Coal India and Hindustan Unilever. The major gainers however were Kotak Mahindra Bank and Reliance Industries. However, some are saying that the decline might offer some buying opportunities when the scrips are already over-priced
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