Will Markets Respond Well to Budget 2021 After Losing Almost Rs 10,000 cr Last Week?
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Ahead of Union Budget 201, the market witnessed continuous selling throughout the truncated week ended January 29 amid volatility due to monthly expiry, FII selling, and weak global markets. Meanwhile, market participants also booked profit ahead of the Budget to be presented later in the day.
Last week, BSE Sensex slipped 2,592.77 points or 5.3 percent to end at 46,285.77 and while the Nifty50 fell 737.3 points or 5 percent to finish at 13,634.60 levels.
The BSE Large-cap Index slipped 5 percent dragged by the Piramal Enterprises, Maruti Suzuki India, Tata Motors, and Dr. Reddy’s Laboratories, while Grasim Industries, Axis Bank, Cipla, and Sun Pharmaceutical Industries ended with marginal gains.
No tinkering with the direct taxes, capital gains taxes or security transaction tax, and no announcement of Covid tax on super-rich left bulls untamed at the bourses who managed to entirely reverse previous week s losses and clock the sharpest-ever Budget rally, in absolute terms, on Monday. Besides, Finance Minister Nirmala Sitharaman s focus on disinvestment, increased FDI exposure for the insurance sector, and a cleanup plan for stressed assets were among a few of the other confidence-boosting measures. Overall, the market capitalization of the BSE-listed companies increased by Rs 6.78 trillion to Rs 192.9 trillion on Monday with 2,315 points, or 5 per cent, gain in the S&P BSE Sensex, which closed at 48,601 level. In the intra-day trade, the index zoomed nearly 2,500 points, hitting a high of 48,764.
Daily Market Commentary - Feb 1, 2021 - Bonanza Portfolio
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Mr Vishal Wagh, Research Head
Indian equity benchmarks made a positive start on Monday ahead of Union Budget to be presented by Finance Minister Nirmala Sitharaman later in the day. Markets are trading higher with decent gains in early deals. Buying in Bankex, Oil & Gas and Energy counters are supporting the domestic indices. In the afternoon session, Indian equity benchmarks continued to trade positive, bulls has taken charge on Dalal Street, as investors have given big thumbs up to Budget 2021-22. Both Sensex and Nifty are trading around 48,600 and 14,254 levels.
Market falls 5% on profit booking ahead of Budget 2021
On the sectoral front, Nifty IT, Auto and Energy lost more than 6 percent each and Infra sector lost 5 percent. January 30, 2021 / 09:04 AM IST Market witnessed continuous selling throughout the truncated week ended January 29 amid volatility due to monthly expiry, FII selling and weak global markets. Meanwhile, market participants also booked profit ahead of the Union Budget to be presented on February 1. Last week, BSE Sensex slipped 2,592.77 points or 5.3 percent to end at 46,285.77 and while the Nifty50 fell 737.3 points or 5 percent to finish at 13,634.60 levels. The BSE Large-cap Index slipped 5 percent dragged by the Piramal Enterprises, Maruti Suzuki India, Reliance Industries, Tata Motors and Dr Reddy’s Laboratories, while Grasim Industries, Axis Bank, Cipla and Sun Pharmaceutical Industries ended with marginal gains. (Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Medi
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Almost Rs 10 Lakh Crore Lost Ahead of Budget as Markets Register Continuous Fall
In 2019, Finance Minister Nirmala Sitharaman ditched the colonial legacy of a Budget Briefcase for a Bahi-Khata to carry Union Budget Papers. Photo: PTI
Last week, BSE Sensex slipped 2,592.77 points or 5.3 percent to end at 46,285.77 and while the Nifty50 fell 737.3 points or 5 percent to finish at 13,634.60 levels.
FOLLOW US ON:
The market witnessed continuous selling throughout the truncated week ended January 29 amid volatility due to monthly expiry, FII selling, and weak global markets. Meanwhile, market participants also booked profit ahead of the Union Budget to be presented on February 1.