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Markets rally ahead of Budget FY23; Sensex nears 58,800, Nifty 50 around 17,550; Banks outperform; HDFC twins, IndusInd, ICICI Bank, Axis Bank, Kotak shine

1 Feb 2022 , 09:49 AM

Indian markets were broadly on a bull run in the opening bell of Tuesday ahead of the country’s Union Budget 2022-23 announcements later. Sensex neared to 58,800-level, while Nifty 50 stretched its gain to near 17,550 in the early deals.

A broad-based buying was witnessed with banking stocks outperforming counterparts and leading the rally. Also, technology stocks rallied ahead of Tech Mahindra Q3 earnings and amid a global bullish tone in the sector. However, auto and oil & gas stocks witnessed lacklustre demand.

The domestic equities also rose to track positive global cues with India’s budget outcome and Australia’s rate decision stealing the limelight. Notably, indices in mainland China, Hong Kong, South Korea and Singapore markets are closed due to holidays.

At around 09.49 am, Sensex was trading at 58,748.55 up by 734.38 points or 1.27%. The index has touched an intraday high of 58,772.82.

Nifty 50 performed at 17,538.20 up by 198.35 points or 1.14%. The benchmark has touched an intraday high of 17,549.30.

In terms of sectoral indices, on BSE, the Bankex index soared by 770 points, while the IT and Capital Goods index jumped nearly 330 points and 355 points respectively.

Bulls on Sensex were – IndusInd Bank, Sun Pharma, ICICI Bank, Axis Bank, HDFC, L&T, Infosys, Kotak Bank, Ultratech Cement and HDFC Bank surging between 1.5-3%.

Bears on Sensex were Dr Reddy’s, Bharti Airtel and Power Grid down marginally.

Companies that are set to announce their Q3 today are – Tech Mahindra, Adani Ports and Special Economic Zone, Cholamandalam Investment and Finance Company, Elecon Engineering, Gujarat Ambuja Exports, IFB Industries, Indian Hotels, Indoco Remedies, Jubilant Ingrevia, Kansai Nerolac Paints, Laxmi Organic Industries, Mangalore Chemicals & Fertilizers, Procter & Gamble Hygiene & Health Care, Poonawalla Fincorp, Sona BLW Precision Forgings, Triveni Turbine, TTK Prestige, and VIP Industries.

Auto and metal stocks will be in focus due to their monthly sales and production data. Notably, all sectors will be in focus as India Inc hopes for a demand boost and relief for pandemic hit sectors during this Budget 2022-23.

It is expected that the government will announce reforms for boosting consumption, infrastructure projects, tax reliefs for Covid-stressed sectors.

Finance Minister Nirmala Sitharaman will present her fourth Budget for the country later today. The Union Budget of India contains a list of financial proposals and estimates and is generally referred to as the ‘Annual Financial Statement’ under Article 112 of the Constitution of India. As the name states, the country’s budget is prepared for a respective financial year which involves estimates of earnings from revenues and estimated expenditures of the government.

Related Tags

  • Asian markets
  • Axis Bank share price
  • BSE live
  • bse sensex
  • Budget 2022
  • Budget expectations
  • Budget recommendations
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