The stock markets have delivered a verdict against Narendra Modi's …
The stock markets have delivered a verdict against Narendra Modi’s big budget – Quartz
Not excited.(Reuters/Danish Siddiqui)
SHAREWritten byMadhura Karnik
February 28, 2015
This post has been updated after the markets closed.
After a volatile day of trading, the Indian stock markets closed 0.43% higher than the previous close. The improvement in the market sentiment only surfaced towards the end, when investors erased losses.
The Sensex index closed at 29,361.5 points on Feb.28.
ShareTap image to zoomFor the major part of the trading session, it looked like the Narendra Modi government’s decision to keep stock markets open on Saturday, Feb. 28, had backfired.At 11 am, as Jaitley began the speech, India’s benchmark Sensex index was trading around 218 points higher from its previous close of 29,220.12 points.What followed as Jaitley spoke about cutting corporate taxes, abolishing the wealth tax and deferring the general anti-avoidance rule (GAAR) by two years, was seesaw trading.The benchmark index shot up as the corporate tax cut to 25% over the next four years was announced, but quickly erased the gains as Jaitley concluded his speech.Investors were betting on big-bang reforms in the power and infrastructure sectors, clarity on the goods and services tax and incentives to boost the state of manufacturing the country. At 1:20 pm, the Sensex was trading at 28,991 points, 228.9 points lower that its previous close. Market trading for the day ended at 3:30 pm.Here is how the markets have reacted on the last 10 budget days.ShareTap image to zoomHistorical market movement on Budget Day This article is a part of Quartz India. For more, follow this link.Share this:
5 hours ago
Shareholder Activism 2.0
A hedge funder is using an obscure new law to mess with drug companies
4 hours ago
PLUGGED IN
McDonald’s is going to play SXSW this year
1 hour ago
blast off
Photos of the huge volcanic eruption in Chile that caused mass evacuations today
34 minutes ago
Alternate Reality
Barclays is doing pretty well—if you ignore the billions in legal fees
3 hours ago
non-nuke nuisance
Iran’s biggest threat to the world isn’t the one Netanyahu will describe today
5 hours ago
mythbusters
Why you shouldn’t buy the worst house in the best neighborhood
4 hours ago
Parched
India is already facing a water crisis—and it is only going to get worse
5 hours ago
3 hours ago
Dear Mr. Presidents
A Cuban-American’s hope for US-Cuba relations clouded by past mistakes
4 hours ago
No place like home
110 convicted sex offenders live in harmony in this small Florida town
4 hours ago
America’s bloodiest day (since the Civil War) that no one talks about
4 hours ago
5 hours ago
A beef ban in Mumbai makes it even harder to order a decent steak
5 hours ago
The best shows at Milan Fashion Week were all about youth
7 hours ago
Kiwis are turning vigilante against “dangerous” foreign drivers
5 hours ago
China is shutting Hollywood out of its biggest movie-going holiday
6 hours ago
Grade deflation
American university students give teachers with Asian last names lower ratings
5 hours ago
It’s not just the Delhi bus rapist—even India’s college students believe women invite rape
8 hours ago
Mosque and state
ISIL is growing and this is why
March 2, 2015
Happy 30th birthday to the first HIV blood test, and the countless lives it has saved
March 2, 2015
LIKE SO
Google is trying to build a phone service to show phone companies how to run a phone service
March 2, 2015
Sticker shock
This year, cash-strapped Russians will spend half their money on food alone
March 2, 2015
Payback
PayPal is now officially a thorn in Apple’s side
March 2, 2015
Powered by WordPress.com VIP
This website uses technologies not supported by this browser. For the best experience please upgrade your browser. Learn more »
We’re currently experiencing technical problems and working with reduced functionality. We should be back in full shortly. Follow us on Twitter for further updates »
Your browser doesn’t support Javascript or has it disabled. QZ.com works best with Javascript enabled.
More:
The stock markets have delivered a verdict against Narendra Modi's …