Stock Market Highlights: Nifty ends near 17,800, Sensex gains 695 points in the closing; Bajaj Finserv, IndusInd Bank top gainers
Domestic equity market was seen cheering the Budget presented by Union Finance Minister Nirmala Sitharaman in the Budget 2022-23 as the benchmarks Nifty 50 and the S&P BSE Sensex settled with gains of 1.37% and 1.46% on Tuesday
A day after Budget 2022-23, the domestic equity markets ended higher for the third straight day as the street cheered the Finance Minister Nirmala Sitharaman's budget. The broader Nifty closed just a shade below 17,800, while the Sensex ended with nearly 700 points gain to 17,780 and 59,558.33 respectively.
Banking, financial shares surged amid various announcements related to sectors were made by FM Sitharaman in the Budget 2022-23. Top gainers on benchmark indices were IndusInd Bank, Bajaj Finserv, HCL Tech Bajaj Fianace, HDFC Life, Kotak Bank, Axis Bank, Dr Reddy's Laboratories, HDFC Bank and Wipro. Tech Mahindra, Ultratech Cement, Shree Cement, Nestle India, Britannia, L&T, Maruti and Sun Pharma declined the most.
All broader market and sectoral indices ended in the green as Budget provided the much-needed booster dose to the market which has been trading volatile for the past few weeks.
"The domestic market continued its bull ride, tracking budget cues and positive sentiments from global markets. Most sectors remained green, while banking and finance stocks contributed most to the gain. Global markets added its gain as strong earnings numbers helped investors to digest geopolitical worries, said Vinod Nair, Head of Research at Geojit Financial Services said.
On FY22Q3 results front, HDFC Ltd on Wednesday reported a nearly 13 per cent increase in its consolidated net profit at Rs 5,837 crore for the quarter ended December 2021.
The country's largest mortgage lender had posted a net profit of Rs 5,177 crore in the corresponding period a year ago. "For the quarter ended December 31, 2021, the consolidated profit after tax attributable to the Corporation stood at Rs 5,837 crore as compared to Rs 5,177 crore in the previous year," HDFC said in a release.
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Global cues, FIIs' behavior and OPEC meeting will be crucial: Parth Nyati, Founder, Tradingo
Indian equity markets are continuing their northward journey following a good gain on the budget day, where it was a third straight session when Nifty closed with a gain of more than 200 points. The main problem was weak global cues and they are also looking a little supportive now, while FIIs' selling has come down significantly. If we talk about the F&O data then it was very oversold therefore we are also getting the support of short covering. Technically, Nifty manages to close above all important moving averages that may lead to further strength in the market towards 18300/18600 levels. On the downside, 17650-17500 is an immediate demand zone while budget day's low of 17244 has become a sacrosanct support level. Banknifty has a very strong structure as it manages to close above 39000 resistance level, where 40,000 is an immediate target level while 41000 is the next resistance. On the downside, 38800-38500 will act as an immediate demand zone while 38000 is a major support level. The overall structure and undertone of our market are bullish, however global cues and FIIs' behavior will also be important. Today we have an OPEC meeting that will be important as crude oil prices are continuously rising.Nifty support is placed at 17600 levels, resistance at 18000 levels:Sachin Gupta,AVP, Research, Choice Broking
Technically, the nifty index has been rising consecutively from the last three trading sessions and in the recent candle, it has managed to close above 61.8% Retracement Levels of its prior moves, which suggest a bullish presence in the index. A momentum indicator RSI & Stochastic turned up with positive crossover that supports the bullish strength in the index. On a four hourly chart, the index has closed above 200-SMA, which indicates a positive trend for the coming term. At present, the Index has support at 17600 levels while resistance comes at 18000 levels, crossing above the same can show 18300-18500 levels. On the other hand, Bank nifty has support at 38700 levels while resistance at 40000 levels.
Nifty needs to sustain above 17775-17800 to witness further rally: Rupak De, Senior Technical Analyst at LKP Securities.
"Indian equity remained strong during the last trading session as Nifty moved to its 61.8% retracement level of the previous fall. Going forward, Nifty needs to sustain above 17775-17800 to witness further rally toward 18000 and higher over the short term. On the lower end support seen at 17700, below which the index may consolidate over the near term."
Buzzing stocks- HDFC Ltd, Sun Pharma, Vodafone Idea: HDFC Ltd shares jump 3% post 11% rise in net profit in Q3, Sun Pharma shares trade flat post touching fresh 52-week high after board of the company fixed record date for interim dividend and Vodafone Idea shares surged nearly 10% as brokerage Care Ratings upgraded the share rating to ‘stable’
Nifty, Sensex trade near day's highs: Benchmark indices trade nearly day's high minutes before closing. The broader Nifty50 was trading with 193.60 points or 1.1% gain to 17,770.45 after touching day's high of 17,788.05. Similarly, the 30-share Sensex surged 629.33 points or over 1 per cent to 59,491.90 around 3 pm. The index traded on day's high value of 59,583.15 in the late afternoon
Nifty, Sensex top gainers: Banking and financial shares continue to surge as IndusInd Bank, Bajaj Finserv gain the most. Bajaj Finance, Axis Bank and Kotak Bank to gain up to 3 per cent.
Stocks to buy after budget 2022-23: These 15 stocks from infra and related sectors likley to benefit most with Nirmala Sitharaman's Capex push.
The Budget 2022-23 has pegged India’s economic growth at 9.2%, highest among major economies around the world, with special focus on infrastructure expansion in Financial Year-23. For FY23, Finance Minister Nirmala Sitharaman stepped up capital expenditure sharply by 35.4% to Rs 7.50 lakh crore in 2022-23(2.9% of GDP) against Rs 5.54 lakh crore in the current year. A go ahead to 100 PM GatiShakti cargo terminals, 25,000 Km of highway projects for FY2023 and 400 new generation Vande Bharat trains and similar provisions are likely to help many stocks in the long run.
Full report: Budget 2022: L&T, Ambuja Cement, Gati, Prince Pipes among 15 stocks from infra & allied space set to benefit the most from India's Capex drive
Stocks to Buy: LIC Housing Finance, Piramal Ltd- What makes Sanjiv Bhasin bullish on these two stocks post budget
HDFC Ltd q3 result: Profit before tax rises 16% YoY- The profit before tax for the nine months ended December 31, 2021 stood at ₹ 12,624 crore compared to ₹ 10,891 crore in the corresponding period of the previous year, representing a growth of 16%. After providing for tax of ₹ 2,582 crore (previous year: ₹ 2,044 crore), the profit after tax for the nine months ended December 31, 2021 stood at ₹ 10,042 crore compared to ₹8,847 crore in the corresponding period of the previous year, representing a growth of 14%.
Budget 2022: Experts give 4 out of 5 to Nirmala Sitharaman's budget; see 65,000 on Sensex by December 2022
Union Finance Minister Nirmala Sitharaman delivered her fourth budget for this year, which got a thumbs up from the markets as well as the analyst community.
Most experts, which Zeebiz.com spoke to, gave a rating of 4 out of 5 to Budget 2022 (5 being the best). Indian markets also closed with gains of over 1 per cent on Budget Day but pared some gains towards the close of the day.
Full Report: Budget 2022: Experts give 4 out of 5 to Nirmala Sitharaman's budget; see 65,000 on Sensex by December 2022
Drone technology in focus in Budget 2022-23: Zee Business Managing Editor Anil Singhvi tells why MapmyIndia is an interesting play here.
Tech Mahindra stock strategy post Q3 results: Most global brokerage firms remain mixed on Tech Mahindra post-December quarter results after the Indian multinational information technology services and consulting company reported a 2.2 per cent QoQ rise in the consolidated profit at Rs 1,369 crore for the quarter ended December 31, 2021.
It had posted a profit of Rs 1,339 crore in the previous quarter ended September 30, 2021.
Full report here: Buy, Sell or Hold: What should investors do with Tech Mahindra post Q3 results?
Wheels India posts Rs 20.60 crore PAT for Q3: Automotive wheels major Wheels India Ltd on Wednesday said it had closed the third quarter of FY23 with a net profit of Rs 20.60 crore.
In a statement issued here, the company said it had closed the Q3 ended 31.12.2021 with a net profit of Rs 20.60 crore up from Rs 12 crore logged during the previous year corresponding period. Revenues for Q3 ended December 31, 2021 went up 57 per cent to Rs 1,007.18 crore as compared to Rs 641.74 crore registered in Q3 ended December 31, 2020.
20 Stocks to buy post Budget: L&T, UltraTech Cements, DLF, Bharti Airtel, IRCTC and 15 more
Finance Minister Nirmala Sitharaman delivered a pragmatic growth-oriented Budget 2022 to boost growth in Asia’s third-largest economy.
The highlight of Budget 2022 was increase in the capital expenditure outlay by around 35 per cent to Rs 7.5 lakh crore in the financial year 2022-23, and FY23 effective CAPEX is seen at Rs 10.7 lakh crore. In comparison, the CAPEX target in FY22 was set at Rs 5.5 lakh crore.
Full Report: Budget 2022: L&T, UltraTech Cements, DLF among top 20 stocks to buy post-budget, say Experts
Poonawalla Fincorp shares trade flat despite good q3 numbers: Shares of Poonawalla Fincorp trade flat despite the company saw Consolidated Profit Before Tax going up by 651% YoY to Rs 130 crore. At 11.50, Poonawalla Fincorp shares were trading at Rs 281.00, marginally down by Rs 0.85.
Performance Highlights (Consolidated)
• Assets Under Management remained at ₹ 15,228 crore
• NIM increased by 25 bps YoY to 8.8% in Q3FY22, driven largely by reduction in interest expenses
• Consolidated PBT was up 651% YoY, increasing from ₹ 17 crore in Q3FY21 to ₹ 130 crore in Q3FY22, driven largely by reduction in interest cost and recovery led credit costs
• Collections continued to remain buoyant; above 99% in Dec’21 significant reduction in Credit Costs and improvement in Asset Quality
Chemical stocks to buy post budget- These chemical stocks to benefit post reduction in custom duty on select chemicals
Tata teleservices shares locked in 5% upper circuit: Tata teleservices shares were locked in 5 per cent upper crcuit after gaining by Rs 7.10 to Rs 149.25 per share on the BSE. The telecom shares surged after the company decided against converting its AGR dues into equity.
Gold steady as improved risk appetite counters weaker dollar- Gold prices were steady on Wednesday, hovering close to the$1,800 psychological level, as a weaker dollar and lower U.S. bond yields countered risk appetite spurred by less-hawkish comments from Federal Reserve officials, said a Reuters report.
Spot gold was at $1,798.21 per ounce, as of 0449 GMT. In the previous session, bullion had touched $1,805.43 as investment demand strengthened. [GOL/ETF]
U.S. gold futures were down 0.2% to $1,798.60. "The shift towards a more risk-on approach by investors is probably gold-negative, however, the resultant weakness in the dollar helps gold, and the decrease in U.S. TIPS yields has provided support for gold," said Nicholas Frappell, a global general manager at ABC Bullion.Jefferies on Budget
Budget positive for industry sector
L&T, Siemens, Thermax Top Picks for Industrial Sector
Benefits to L&T from Gatishakti scheme
BEL benefits the most from rising defence capex
Data Center Infra Status Positive for Siemens, ABB
Rupee gains 11 paise to 74.71 against US dollar in early trade: The rupee appreciated 11 paise to 74.71 against the US dollar in the opening trade on Wednesday, supported by positive domestic equities and weak American currency, said a PTI report. At the interbank foreign exchange, the rupee opened at 74.76 against the American dollar, then inched higher to quote 74.71, registering a rise of 11 paise from the last close.
On Tuesday, the domestic unit settled 17 paise lower at 74.82 against the US dollar as caution set in among forex market participants after the government in the budget revised fiscal deficit target upwards for FY22.The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent lower at 96.26.
Goldman Sachs On Budget
Focus on infra in budget positive for L&T, UltraTech
Central government's Capex allocation rises by a record 35.4%
India share market trade 1% higher: Indian share market hit a two-week high led by financial stocks on Wednesday, after the government stepped up spending to fuel growth in the pandemic-hit economy, although disappointing earnings from Tech Mahindra capped gains. Both benchmark indices extended a post-budget rally, with the blue-chip NSE Nifty 50 index up 0.95% at 17,743.45 and the S&P BSE Sensex advanced 0.94% to 59,417.19.
MS On Budget
Budget on slow path to reducing government deficit, debt
Focus on promoting capex-based growth
8.4% growth projected in FY23
Reverse repo rate expected to rise in February
RBI may raise interest rates in April
Bank, financial shares gain post Budget provisions: Bajaj Finserv gained over 3.5 per cent in the early morning trade after the budget allocated Rs.48,000 crore for 80lakh houses to be completed under PM Awas Yojana. IndusInd Bank, Bajaj Finance, Axis Bank were other stocks to gain the most on Wednesday.
CLSA On Budget:
Focus on growth in budget
10-year bond yield estimate increased from 7.25% to 7.5%
Budget strengthens infra, cement, capital goods, ITC
HAL, L&T, Bharat Forge to benefit from focus on defence budget
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Top gainers and losers on Nifty, Sensex
Kotak Bank, Bajaj Finance, Eicher Motors, Bajaj Finserv, ITC, IndusInd Bank, Axis Bank, Powergrid, HDFC Bank were top gainers on Nifty and the Sensex. Tech Mahindra, Britannia, Adani Ports, Tata Steel and Ultratech Cement.
Opening Bell: Nifty above 17,700, Sensex gains nearly 500 points; bank, financial shares in action.
Domestic equity market opened higher on Wednesday, a day after Finance Minister Nirmala Sitharaan presented her 4th budget. Nifty surpassed 17,700, while the Sensex added nearly 500 points in the market open on Wednesday
Sensex jumps 400 points in pre-open: In the pre-open, the Sensex jumped over 400 points to 59,293.44 as 28 shares advanced and two declined on the 30-share Sensex.
Anil Singhvi’s Strategy February 2: Amid positive global markets, domestic institutional investors (DIIs), future & options (F&O), sentiment and neutral foreign institutional investors (FIIs) cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, February 2, 2022.
Full Report: Anil Singhvi’s Strategy February 2: Day support zone on Nifty is 17,425-17,500 & Bank Nifty is 38,050-38,200
Brokerages report on stocks: Tech Mahindra and ITC-WATCH
Google propels record Alphabet revenue, driving shares up 8%: Google parent Alphabet Inc reported record quarterly sales that topped expectations on Tuesday, as its internet advertising business surged on consumers using Google search as they shopped online and advertisers upping their marketing budgets. Alphabet`s shares jumped more than 8% in after-hours trading, also rising on the company`s announcement that it would undertake a 20-to-one stock split. The results were the latest to reinforce that the global trend toward a more digital economy has made Big Tech companies resistant to small-market shocks. While concerns about rising inflation, COVID-19 variants and supply-chain shortages have rattled Wall Street and hurt sales at some businesses, the companies that control key gateways to e-commerce https://www.reuters.com/world/us/us-holiday-sales-endure-supply-chain-om..., hybrid work https://www.reuters.com/business/corporate-america-revamps-back-to-offic... and streaming entertainment have not seen a dip since the early days of the pandemic. Alphabet`s sales jumped 32% to $75.3 billion in the fourth quarter, for a third straight quarterly sales record and topping the average estimate of $72 billion among financial analysts tracked by Refinitiv. Reuters
Stocks to buy today: Zee Business research team has shortlisted 20 stocks from cash, F&O and techno segments for profitable trade on Wednesday.
Ashish Chaturvedi stock picks
CASH STOCK
BUY SUTLEJ TARGET 100 SL 92
FUTURES
BUY AUBANK TARGET 1415 SL 1320
OPTIONS
BUY COAL INDIA 165 CE TARGET 6.60 SL 2.85
TECHNO
BUY KEC INTL TARGET 550 SL 488
FUNDA
BUY THERMAX TARGET 2275 DURATION 2 WEEKS
INVESTMENT PICK
BUY DIXON TECH TARGET 7300 DURATION 12-18 MONTHS
STOCK IN NEWS
BUY INDIAN HOTELS TARGET 230 SL 218
MY CHOICE
BUY SUN PHARMA TARGET 915 SL 880
BUY ACC TARGET 2424 SL 2300
BUY TATA METALIKS TARGET 850 SL 817
MY BEST
BUY KEC INTL TARGET 550 SL 488
Varun Dubey Stock Picks
Cash
Buy VIP Ind Target Rs 625 SL Rs 590
Futures
Sell Eicher Motors Target Rs 2550 SL RS 2670
Options
Buy Bharat Forge 750 CE Target Rs 34 SL RS 24
Tech
Buy Gujarat Fluoro Target Rs 3100 SL RS 2920
Funda
Buy Mahindra Holidays Target Rs 220 SL Rs 205
Buy Laxmi organics Target Rs 473 SL RS 446
My Choice
Buy ITI Target Rs 121 SL RS 114
Buy Schneider electric Target Rs 110 SL RS 103
Buy Gujarat Alkalies Target Rs 730 SL RS 685
Best Pick
Mahindra Holidays
Oil rises after draw in U.S. stocks, eyes on OPEC+ decision
Oil prices rose on Wednesday towards last week`s seven-year highs after data showing a fall in U.S. crude stocks underlined solid demand, but investors remained cautious ahead of an OPEC+ meeting due later in the day, said Reuters. Brent crude climbed 36 cents, or 0.4%, to $89.52 a barrel by 0123 GMT, after easing 10 cents on Tuesday. U.S. West Texas Intermediate crude was up 38 cents, or 0.4%, at $88.58 a barrel, having gained 5 cents the previous day. Tight global supplies and geopolitical tensions in Eastern Europe and the Middle East have boosted oil prices by more than 15% so far this year. On Friday, crude benchmarks hit their highest prices since October 2014, with Brent touching $91.70 and U.S. crude hitting $88.84.
Stocks in Focus on February 2:
Domestic equity markets ended the session with robust gains on Tuesday, February 1, 2022, as investors cheered the Union Budget with its higher capital expenditure on infrastructure. The barometer index, S&P BSE Sensex was up 848.40 points or 1.46% to 58,862.57. The Nifty 50 index advanced 237 points or 1.37% to 17,576.85. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, February 2, 2022. List of such stocks:
Tech Mahindra: The Indian multinational information technology services and consulting company has reported a 2.2% QoQ rise in the consolidated profit at Rs 1,369 crore for the quarter ended December 31, 2021. It had posted a profit of Rs 1,339 crore in the previous quarter ended September 30, 2021. Revenue from operations grew 5.2% QoQ to Rs 11,451 crore in the reported quarter against Rs 10,881 crore posted in the previous quarter.
Global Market Update: SGX Nifty was up 0.5%, while Japanese Nikkei 225 was trading higher by 1.70% even as Chinese Shanghai Composite and Hang Seng Index at the Hong Kong witnessed no trading on Wednesday morning. In the US market on Tuesday, Down Jones settled with 0.78% gain, Nasdaq Composite ended 0.75% higher and the S&P500 gained 0.69% in Yesterday's closing.
5 disappointments from Budget 2022:
Budget 2022 saw the street in large welcoming announcements made by Union Finance Minister Nirmala Sitharaman in her budget speech as FM Sitharaman's fourth budget was seen as growth oriented and non-populist. Though It covered major sectors like Infra, real estate, agriculture, metal, telecom, sugar, logistics, capital goods, EV and green energy segments, experts point out certain disappointments too. Below are the five disappointments from the Union Budget 2022 as listed by market experts
1) No reduction in Gold Duty
Finance Minister Nirmala Sitharaman disappointed gold markets by skipping to reduce custom duty on gold in the Union Budget of 2022-23, says Chirag Mehta, Sr. Fund Manager- alternative Investments, Quantum Mutual Fund. "Custom duty on gold currently stands at 10.75%, which is very high and contributes to price distortions, working against the various gold market initiatives undertaken by the government. Rationalizing the custom duty and minimizing these price distortions have been a long-standing demand of the bullion industry," said Mehta.Full Report here: Budget 2022: Experts list 5 disappointments from FM Nirmala Sitharaman's budget
SGX Nifty signals positive opening for Indian markets
SGX Nifty hinted at a positive opening for the Indian markets. SGX Nifty Futures was trading with gain of 114.50 points or higher by 0.65% to 17,712.00 on the Singaporean Exchange around 7.45am on Tuesday.
Good Morning! Welcome to Zee Business Stock Market Live Coverage
As Finance Minister Nirmala Sitharaman presented her 4th Budget on Tuesday, the equity market will be closely following all hits and misses from the Budget2022-23. Here, we bring you all the live coverage from the market. Watch this space for action in the stock market post budget presentation.
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