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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News February 1, 2022
Sensex Turns Volatile Post Budget Announcements, Nifty Near 17,450; Realty & Auto Stocks in Focus Tue, 1 Feb 01:30 pm
Share markets in India have erased most of their early gains and are presently trading on a volatile note.
Benchmark indices succumbed to profit booking in the afternoon session and swung between gains and losses.
In early trade today, the BSE Sensex leaped 800 points and extended gains as the session progressed.
However, a sell-off in automobile and energy stocks led to indices erasing all the gains. Broader markets too, slipped in the negative territory.
Presently, the
The BSE Midcap index is up 0.2%, while the BSE Smallcap index is trading on a flat note.
Pharma major Sun Pharma is among the top gainers today, up over 5% post reporting December quarter results.
SBI, Maruti, and M&M on the other hand are among the top losers, down around 2% each.
Real estate stocks, which were trading higher, cut gains tracking Finance Minister's Nirmala Sitharaman Budget speech.
In a boost to affordable housing, FM announced Rs 480 bn towards the Affordable Housing Scheme (PMAY). Besides, Rs 600 bn was allocated under the Har Ghar Nal program.
There were several measures aimed at boosting growth amid rising inflation and continuing Covid uncertainties.
Here are some highlights from the Budget 2022 speech:
- Capex target expanded by 35.4% - from Rs 5.54 lakh crore to Rs 7.50 lakh crore. Fiscal 2023's effective capex seen at Rs 10.7 lakh crore.
- ECLGS cover expanded by Rs 50,000 to Rs 5 lakh crore.
- Top focus of the budget this year are: PM Gati Shakti, Inclusive Development, Productivity Enhancement, Sunrise Opportunities, Energy Transition, Climate Action, Financing of investment.
- Productivity-linked incentive (PLI) schemes in 14 sectors have received excellent response; received investment intentions worth Rs 30 lakh crore.
- Govt to provide one-time window to correct omissions in ITRs filed, updated returns to be filed within 2 years.
- National highway network to be expanded by 25,000 kms during fiscal 2023.
- Rs 480 bn is allotted for PM Awas Yojana.
- Rs 60 bn program to rate MSMEs to be rolled out over 5 years.
In his latest video, Brijesh Bhatia discusses stocks to watch out during the Union Budget, in his latest video for Fast Profits Daily.
More details to follow in the upcoming commentary.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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