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Stock to Buy: Patanjali Foods Limited’s shares jumped 3 per cent on the NSE on Monday, riding on strong <a href="https://www.zeebiz.com/companies/news-q3-results-2023-vedanta-net-drops-41-patanjali-foods-pat-up-15-aditya-birla-sun-life-amc-profit-falls-11-highlights-219203">Q3 numbers</a> posted by the company last week. This was after a spate of corrections witnessed by Patanjali Foods share. The stock fell by over 24 per cent between 24 January and 3 February.

Today the stock ended at Rs 938.90, up by Rs 27 from the Friday closing price. &nbsp;

[[{"fid":"225681","view_mode":"default","type":"media","link_text":null,"attributes":{"height":277,"width":646,"class":"media-element file-default"}}]]Source: NSE

Patanjali Foods:&nbsp;Q3 Results 2023

In the backdrop of better sales, this fast moving consumer goods company has posted a 15 per cent growth in its net profit to Rs 269.18 crore for the December quarter. Total income rose by 26 per cent to Rs 7,963.75 crore during the quarter ended December 31, as compared to Rs 6,301.19 crore in the corresponding period of the previous year.

Patanjali Foods, which is mainly into edible oil business, reported a net profit&nbsp;of Rs 234.07 crore in the year-ago period, according to a regulatory filing.

During the April-December period of this fiscal, in the nine-month period ended December 31, 2022, net profit increased to Rs 622.73 crore from Rs 571.87 crore a year ago, said Patanjali Foods, which is part of Baba Ramdev-led Patanjali Ayurved.

Total income rose to Rs 23,858.50 crore in the first nine months of this fiscal year from Rs 17,608.18 crore in the previous year.

The company is positive on the business outlook while expressing confidence over improvement in margins.

The company gained on improvement in edible oil prices. Its food business accounts for 20 per cent of the overall business.

Over the next 5 years, the company has a target of taking it to 50 per cent. In FY24, the company hopes to earn Rs 6,000 crore from its food business with profit margins between 15 and 18 per cent.

Patanjali Foods also expects its margins to improve in the edible oil segment. It is targeting between 3-5 per cent in FY24.

The company has shown strong momentum in its international business as well.

Patanjali Foods&nbsp;Share History

Patanjali Foods shares have outperformed Nifty50 by over 10 per cent in the 1-year period. It has given returns of 11.7 per cent during this period as against 1.2 per cent returned by the broader market index, according to data sourced from Trendlyne.

At 17.6, the RSI (Relative Strength Index) for this counter indicates that the stock is in highly oversold territory. A number below 20 suggests that the stock is oversold, while it is overbought at levels above 70. Another momentum indicator MFI is at 27.8. A number below 30 indicates that the stock is in oversold zone.

The Patanjali stock has been relatively volatile and has traded with a 1-year Beta of 1.2. It is trading at a Price-to-Book value of 6.96 which is below the industry median, Trendlyne data says.

Buy: Patanajali Foods | Upside: 17%

Notwithstanding the current weakness, one can expect a further pullback in Patanjali Foods share price, technical analyst Nilesh Jain said. The scrip&nbsp;has corrected significantly over 5-6 trading sessions and is now available at opportune levels for investors to make an entry with trading and positional buying perspective, he said.

Intraday Chart

[[{"fid":"225683","view_mode":"default","type":"media","link_text":null,"attributes":{"height":321,"width":901,"class":"media-element file-default"}}]]

Patanajali Foods Shares Target Price:&nbsp;

Jain, who is Assistant Vice President - Lead Derivative and Technical Research at Centrum Broking, recommends a 'Buy'. The stock is expected to hit levels of Rs 1,000 in the near term. Over a positional term, it has a potential upside up to Rs 1,100, Jain further said.

He puts the stop loss at Rs 890.

[[{"fid":"225693","view_mode":"default","type":"media","link_text":null,"attributes":{"height":478,"width":850,"class":"media-element file-default"}}]]

Inputs from Nupur Jainkunia

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

Patanjali Foods shares have outperformed Nifty50 by over 10 per cent in the 1-year period. It has given returns of 11.7 per cent during this period as against 1.2 per cent returned by the broader market index according to data sourced from Trendlyne


Patanjali Foods shares looking at 17 per cent upside after spate of corrections: Analyst — Check target price

Indian frontline indices S&amp;P BSE Sensex and NSE Nifty 50&nbsp;traded lackluster&nbsp;on Monday and ended with declines. While Sensex close at 60,506.90, down by 334.98 points or 0.55&nbsp;per cent, the broader market Nifty50 settled at&nbsp;17,764.60, down by 90 points or 0.50 per cent. The banking gauge Nifty Bank finished at&nbsp;41,374.65, lower by 125.05 points or -0.3 per cent.

The ebbing in market sentiments was on strong non-farm payroll data reported in the US. Almost 517,000 jobs were added in January far ahead of the street's expectations of 193,000 jobs. This has led to a renewed fear that Federal Reserve will unlikley&nbsp;contemplate on rate pause. Moreover,&nbsp;ISM services PMI unexpectedly surged to 55.2 in January sharply above estimates of 50.5, PTI reported. Unemployment rate declined to 3.4 per cent in January compared to forecast of 3.6 per cent.

In the 50-stock Nifty50, 16 stocks advanced. The top gainers were Adani Ports, Indusind Bank, BPCL, Apollo Hospitals and Hero MotoCorp while the top losers were Divi's Laboratories, JSW Steel, Hindalco Industries, Tata Steel and Infosys.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Infosys, Reliance Industries and ICICI Bank accounted for a mojor share of loss in the benchmark indices&nbsp;owing to the weight they carry.&nbsp;&nbsp;

Selling pressure was seen in most indices with profit booking more prominent in Nifty IT (-0.61 per cent), NIfty Metal (-2.20 per cent) and Nifty Financial Services (-0.41 per cent). The sectors which were on top were Nifty FMCG (+0.56 per cent), Nifty Media (+0.78 per cent) and Nifty Realty (+0.52 per cent).&nbsp;

[[{"fid":"225611","view_mode":"default","type":"media","link_text":null,"attributes":{"height":438,"width":582,"class":"media-element file-default"}}]]Source: NSE

[[{"fid":"225613","view_mode":"default","type":"media","link_text":null,"attributes":{"height":434,"width":581,"class":"media-element file-default"}}]]Source: NSE

India VIX, a a measure of volatility in Nifty was up 2.01 per cent at 14.69.

There was stock-specific action in broader markets. The Nifty Mid Cap 100 closed at 30,670.65, higher by&nbsp;292.55 points or 0.96 per cent. In the 100-share index, 61 advanced. The top gainers were Vodafone Idea, Zydus Lifesciences, Mahindra &amp; Mahindra Finance&nbsp;while the top losers were Adani Wilmar, LIC Housing Finance and Jindal Steel. In the Nifty Small Cap 100 index, 55 stocks gained, 44 declined while 1 remained unchanged. The index closed at 9,466.40, up by 50.85 points or 0.54 per cent.

Out of 3,791 stocks that traded on the BSE, advances were seen in&nbsp;1,900 while declines in&nbsp;1,695;&nbsp;196 remained unchanged.&nbsp;

Rupee Vs Dollar

The rupee fell by 65 paise to close at 82.73 (provisional) against the US currency on Monday, weighed down by gains in the greenback in the overtseas markets and a muted trend in domestic equities. Sustained foreign fund outflows and firm crude oil prices further dented investor sentiments, forex traders said and PTI reported.

At the interbank foreign exchange market, the rupee opened at 82.35 against the greenback, and fell to an intra-day low of 82.76. It finally settled at 82.73 (provisional), down 65 paise over its previous close. In the previous session on Friday, the rupee settled at 82.08 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.24 per cent higher at 103.16, on robust economic data from the US, which raised expectations of a hawkish Federal Reserve.&nbsp;

"Dollar gained on robust economic data from the US raising expectations of hawkish Federal Reserve," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas said.&nbsp;"We expect the rupee to trade with a negative bias as the rebound in Dollar may further weaken the domestic currency. Weak domestic equities and FII outflows may also put downside pressure on Rupee," Choudhary said.

Global oil benchmark Brent crude futures advanced 0.45 per cent to USD 80.30 per barrel.

"Rupee opened weaker by about 60 paise due to higher&nbsp; dollar&nbsp; index and&nbsp; lower Asian currencies. Oil and Gold remained on the down side as dollar index rose further to 103.20," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said.&nbsp;

"Rupee&nbsp; looks a bit vulnerable as oil companies continue with their buying but have a feeling that USD should get sold off at this level as rupee has not gained at lower dollar index. Market now awaits for the MPC meeting which is currently underway and decision will be announced&nbsp; on 8th February. Range for tomorrow&nbsp; 82.30 to 82.90," Bhansali said.

Expert Take

"The Nifty opened on a negative note on February 06 &amp; moved lower in the beginning of the session. However, the key hourly moving averages offered support on the downside &amp; restricted further downside. Consequently, the index traded in a sideways manner as the day progressed &amp; ultimately formed an Inside bar on the daily chart. Going ahead, 17700 &amp; 17870 are key support &amp; resistance respectively. The index has a potential to stretch towards the 18000 mark as long as it stays above 17700." --&nbsp;Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

In the 50-stock Nifty50, 16 stocks advanced. The top gainers were Adani Ports, Indusind Bank, BPCL,&nbsp;Apollo Hospitals and Hero MotoCorp while the top losers were Divi's Laboratories, JSW Steel,Hindalco Industries, Tata Steel and Infosys.


Sensex ends 330 points down, Monday blues for Nifty too as metals, IT take hit

Government on Friday allowed Vodafone Idea to&nbsp;convert latter's AGR interest dues into equity, the company informed in its filing to the exchanges. In an order passed by the Ministry of Communications, the telecom company has been directed&nbsp;to convert the NPV of the interest related to deferment of spectrum auction instalments and AGR Dues into equity shares. The company will issue 1613,31,84,899 equity shares with a face value of Rs 10 per share&nbsp;to the Government of India.&nbsp;&nbsp;to be issued to the Government of India. 

&nbsp;The total amount to be converted into equity shares is Rs&nbsp;16,133 crore.&nbsp;&nbsp;&nbsp;

"The Company will take all necessary actions forthwith to undertake the aforesaid issuance," the exchange filing said.

Vodafone Idea shares today ended at Rs&nbsp;7 on the NSE and were up by Rs 0.20 or 2.94 per cent.&nbsp;

Earlier, VIL had said that with conversion of dues into equity, the government will get around 35 per cent stake in the company, PTI report said.

&nbsp;

&nbsp;

The company will issue&nbsp;1613,31,84,899&nbsp;equity shares with a face value of Rs 10 per share&nbsp;to the Government of India.&nbsp;&nbsp;to be issued to the Government of India


Government nod to Vodafone Idea to convert Rs 16,133 crore spectrum, AGR interest dues into equity 

Closing Bell: Indian frontline indices S&amp;P&nbsp;BSE Sensex and Nifty50 traded with authority on Friday, particularly Nifty50 which has been at the receiving end of the Adani Group saga. Sensex ended at 60,841.88, up by&nbsp;909.64 points or 1.52 per cent, the broader market Nifty50 closed at 17,854.05, higher by 243.65 points or 1.38 per cent. Banking gauge, Nifty Bank closed at&nbsp;41,499.70, higher by&nbsp;830.40 points or 2.04 per cent.&nbsp;

&nbsp;In the 50-stock Nifty50, 36 stocks advanced. The top gainers were Adani Ports, Titan, Bajaj Finance, Bajaj Finserv and HDFC Bank while the top losers were, Divi's Laboratories, Adani Enterprises, BPCL, Tata Consumer Products and Hindalco Industries.&nbsp;

India VIX, a ameasure of volatility in Nifty was down over 8 per cent from the Thursday closing at 14.40.&nbsp;

[[{"fid":"225260","view_mode":"default","type":"media","link_text":null,"attributes":{"height":435,"width":584,"class":"media-element file-default"}}]]Source: NSE

[[{"fid":"225262","view_mode":"default","type":"media","link_text":null,"attributes":{"height":434,"width":583,"class":"media-element file-default"}}]]&nbsp;Source: NSE

Strength was lended to the markets by banking and financial services stocks.&nbsp;

Out of 15 Nifty Sectoral indices, 9 finished with gains. Nifty PSU Banks (+3.07 per cent), Nifty Financial Services&nbsp;(+2.36 per cent) and Nifty Bank&nbsp;(+2.04 per cent) were clear winners in the pack.

Contrary to benchmark indices, broader markets were mired by some selling pressure with stock spicific action. Nifty Mid Cap 100 closed 54 points oo 0.18 per cent lower at&nbsp;30,378.10. In the 10-share index, 44 stocks advanced, 55 decined and 1 remained unchanged. The top gainers were Mahindra &amp; Mahindra Finance, Dalmia Bharat and Canara Bank while the top losers were Crompton Greaces, Adani Wilmar and Dr Lal Path Labs.

Nifty Mid Cap 100 ended at 9,415.55, down by 32.75 points or&nbsp;0.35 per cent. 36 stocks advanced, 62 declined while 2 remained unchanged. The top gainers were Firstsource Solutions, MCX and Elgi Equipments while worst performers were Hindustan Copper, Metropolis Healthcare and Renuka Sugars.&nbsp;&nbsp;

The rupee opened flat and later weakened to 82.29 as FPIs kept buying dollars for the outflows amidst various news coming out of the Adani Group, Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors said. The range for tomorrow is 81.70 to 82.40, he said.&nbsp;

Expert Take

"The Nifty, in the week gone by, had breached its 40 WEMA on an intraweek basis; however received support near the lower end of the downward sloping channel &amp; the 200 DMA &amp; recovered thereon. The recovery picked up momentum on February 03 as the index surpassed the hurdle zone of 17650-17700. Consequently, the Nifty is approaching to climb above the 20 DMA &amp; can test the level of 18000 on the higher side. On the other hand, the near term support is placed at 17700 with the major support near 17350." --&nbsp;Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

"The markets were already in the grip of a sharp intra-day volatility over the past week or so and hence the recovery was highly anticipated. While&nbsp; banking and auto stocks led the upsurge, weakness in energy, oil &amp; gas and power stocks show the pain continues in the broader market. Also, overnight recovery in the US markets and the US Fed indicating that interest rate hike could be moderate going ahead bolstered the market sentiment. Technically, for Nifty traders, the immediate hurdle would be the 20-day SMA (Simple Moving Average) or 17950. As long as the index is trading above 17700, the pullback formation is likely to continue above which it could move up to 18000. On further upside the index could move up to 18150. On the flip side, below 17700 the weak sentiment is likely to accelerate and below the same the index could retest the level of 17500-17400." -- Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities Ltd

In the 50-stock Nifty50, 36 stocks advanced. The top gainers were Adani Ports, Titan, Bajaj Finance, Bajaj Finserv and HDFC Bank while the top losers were, Divis Laboratories, Adani Enterprises, BPCL, Tata Consumer Products and Hindalco Industries.&nbsp;


Closing Bell: Sensex surges 900 points, Nifty over 240 points as banks take control of D-Street 

Stock Markets on Friday, 2 February: Rout in Adani Group stocks created havoc on <a href="http://zeebiz.com/market-news/news-closing-bell-nifty-ends-flat-on-adani-enterprises-woes-sensex-advances-by-200-points-on-itc-infosys-surge-220329">Dalal Street</a> on Thursday, yet again. While S&amp;P BSE Sensex appears less affected, it is NSE Nifty50 which is bearing the maximum brunt. On Thursday, broader Market Nifty settled at 17,610.40, down by nearly 6 points or 0.03 per cent pulled down by Adani Enterprises stock that fell a whopping 27 per cent.

Domestic markets traded today traded under the influence of Budget 2023 announcements and US Federal Reserve FOMC outcome – two back-to-back events that were held on Wednesday.

When markets reopen on Friday, benchmark indices Sensex and Nifty will take cues from a host of local and global triggers. Zee Business has collated 10 factors that could determine movement today.

1) US Markets: Frontline indices on Wall Street were trading mixed. While Dow 30 was down by 180.15 points or 0.53 per cent at 33,912.80, S&amp;P 500 was trading at 4,158.45, up by 39.24 points or 0.95 per cent. Nasdaq Composite surged by 274 points or 2.33 points at 12,091.20. Dow Futures at the time of filing the story were trading at 33,924.50, lower by 168.50 points 0.49 per cent. Meanwhile, Singapore-based SGX Nifty, an early indicator of movement in Nifty50 was trading at 17,646, up by 7 points or 0.04 per cent.

[[{"fid":"225119","view_mode":"default","type":"media","link_text":null,"attributes":{"height":276,"width":316,"class":"media-element file-default"}}]]&nbsp;Source: Comex

Indian markets will take cues from the Thursday closing of benchmark indices on Wall Street and movement of Dow futures and SGX Nifty futures on Friday.

2) Rupee Vs Dollar: The rupee fell 40 paise to close below the 82 per US dollar mark on Thursday, weighed down by foreign fund outflows and corporate dollar demand. At the interbank foreign exchange market, the rupee opened at 81.81 against the greenback, and touched an intra-day high of 81.71 and a low of 82.20. It finally settled at 82.20 (provisional), down 40 paise over its previous close. On Wednesday, the rupee had appreciated 8 paise to close at 81.80 against the dollar after Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.12 per cent lower at 101.10, after the US Fed hiked the interest rate along expected lines by 25 basis points to 4.50-4.75 per cent.

[[{"fid":"225120","view_mode":"default","type":"media","link_text":null,"attributes":{"height":274,"width":299,"class":"media-element file-default"}}]]&nbsp;Source: Comex

3) Q3 Results: Several listed companies announced their December quarter results on Thursday. Among them were Birla Soft, <a href="http://zeebiz.com/companies/news-redington-q3-results-company-records-standalone-q3-net-at-rs-14138-crore-220371">Redington</a>, <a href="http://zeebiz.com/companies/news-tata-consumer-products-q3-results-net-profit-jumps-256-to-rs-364-crore-220361">Tata Consumer Products</a>, <a href="http://zeebiz.com/companies/news-dabur-q3-results-2023-inflationary-pressure-dents-profit-despite-higher-revenues-consol-pat-drops-54-yoy-to-rs-3043-crore-220350">Dabur India</a>, Bajaj Electricals, Titan and others.

Many companies will declare their quarterly earnings on Friday. Aarti Industries, Bank of Baroda, BCG, BRPL, Indigo, Intellect Design Arena, JK Tyre, Jubilant Pharmova, <a href="http://zeebiz.com/market-news/video-gallery-q3-results-how-will-be-the-results-of-birlasoft-in-q3-watch-details-here-220356">Birla Soft</a>, Mahindra &amp; Mahindra and others. In the Nifty50 pack <a href="http://zeebiz.com/market-news/video-gallery-q3-results-how-will-be-the-results-of-itc-in-q3-how-will-be-the-growth-of-fmcg-segment-220355">ITC</a> will announce its results.

4) Stocks in News: Expect stock specific action in companies based on news. Likhitha Infrastructure gets order worth Rs 1.3 billion; HDFC Life Insurance says it is analyzing impact of budget on insurance; Adani Enterprises; Engineers India, which has received the order from Ministry of Housing and Urban Affairs. Investors must watch out for Adani Group shares as well.

5) Bulk Deals: Half a dozen companies witnessed bulk deal action today. The companies are Akash Infra-Projects Ltd, GTL Limited, Marshall Machines Ltd, Mold-Tek Technologies Ltd, Sah Polymers Limited and Sapphire Foods.

6) FII / DII Action: Foreign institutional investors were net sellers of Indian equities at Rs 3065.35 crore while domestic institutional investors were net buyers at Rs 2371.36 crore.

7) Stocks in Ban: Securities in ban for trade on 3 February, 2023 are Adani Ports and Ambuja Cements.

8) Anil Singhvi Strategy on Nifty, Bank Nifty: Zee Business Managing Editor said that Nifty50 will find support at 17,400-17,500 while resistance at 17,727-17,800. As for Bank Nifty, support is seen at 40,150-40,300 while resistance is seen at 41,000-41,200.

<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/BazaarAajAurKal?src=hash&amp;ref_src=twsrc%5Etfw">#BazaarAajAurKal</a> में देखिए आज के शेयर बाजार का लेखा-जोखा और कल के बाजार का अनुमान <a href="https://twitter.com/rainaswati?ref_src=twsrc%5Etfw">@rainaswati</a> | <a href="https://twitter.com/AnilSinghvi_?ref_src=twsrc%5Etfw">@AnilSinghvi_</a> <a href="https://t.co/JIuO93DqYE">https://t.co/JIuO93DqYE</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1621146243983618048?ref_src=twsrc%5Etfw">February 2, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

9) Commodity Markets: Dollar movement is key to how commodities trade on Friday. Bullion, crude oil and metals will take hints from the Dollar Index strength or weakness. Commodity expert Anuj Gupta of IIFL Securities recommends a <a href="http://zeebiz.com/markets/commodities/news-gold-price-today-mcx-rate-outlook-is-rs-60000-on-cards-up-over-6-this-year-mcx-gold-futures-have-20-upside-fed-220372">buy in bullion</a>, He sees Gold futures hitting levels of Rs 60,000 per 10 gram while Silver futures testing RS 74,000 per kg by March.

[[{"fid":"225124","view_mode":"default","type":"media","link_text":null,"attributes":{"height":538,"width":865,"class":"media-element file-default"}}]]Source: MCX

Expert Take &nbsp;&nbsp;&nbsp;&nbsp;

"The bears continued to be at the helm and the Nifty witnessed a gap-down opening on Thursday, February&nbsp; 2, 2023, where prices formed an intraday low at 17,445.95 in the first 5 mins candle. Prices protected their initial intraday low and traded sideways with above-average volatility throughout the day.

Prices on the daily chart are continuously showing an effort to close above their 200 EMA which is placed at 17,550 levels. From the past five days Nifty is hovering within the range of 17,900 – 17,400 levels. Any breakout or breakdown above or below the mentioned levels will trigger the next directional move in the benchmark index.

The immediate sentiment is likely to remain weak as long as Nifty remains below its 9 EMA which is placed at 17758 levels." -- Rohan Patil, Technical Analyst at SAMCO Securities

"The rout in Adani group stocks continued to play havoc as benchmark indices gyrated sharply intra-day before recouping lost ground on buying in IT and banking stocks. However, power, energy, oil &amp; gas, and utility stocks were plundered as investors continued to exit in view of dampening sentiment. More than external factors, investors' sentiments have been hurt by the domestic mood. Technically, the Nifty hovered between 17450 to 17650 range and also formed an inside body candle on daily charts which indicates the continuation of a range bound activity in the near future. However, a pullback rally is possible if the index trades above 17500. Above the same, it could move up to 17700-17750. On the flip side, a fresh selloff is possible only after the dismissal of 17500 and below the same the index could retest the level of 17380-17350." --&nbsp;Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd

"The Nifty witnessed swings in both the directions on February 02 &amp; ultimately posted a minor negative close. Despite multiple attempts, the index couldn’t sustain in the positive territory. The hourly chart shows that the 20 HMA acted as a cap on the higher side, whereas the hourly lower Bollinger Band offered support to the index. Thus 17650 – 17450 is the tight range within the overall short term range of 17350-18000. The bulls can get some relief if the index crosses 17650-17700 area on the higher side." -- Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas 
&nbsp;

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

Anil Singhvi Strategy on Nifty, Bank Nifty:&nbsp;Zee Business Managing Editor said that Nifty50 will find support at 17,400-17,500 while resistance at 17,727-17,800. As for Bank Nifty, support is seen at 40,150-40,300 while resistance is seen at 41,000-41,200


Stock Market on Friday: Watch out for these 10 triggers that could impact movement in Sensex, Nifty

Gold Price Today: MCX Gold futures made a new lifetime high of Rs 58,847 on Thursday and are set to test levels of Rs 60,000 per 10 gram by March according to commodity and currency expert Anuj Gupta. While, the yellow metal futures have gained nearly 6.27 per cent in January, they are likely to gain another 20 per cent in the next one month, Gupta opines.

Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said that US Federal Reserve’s commentary on inflation and economy was one of uncertainty and that could increase the appeal for bullion over the positional term period.

On Wednesday, the US Central Bank Chair Jerome Powell said that Fed will do what it takes to bring down inflation to 2 per cent target. While ruling out any possibility of rate cut, Powell was non-committal on the time of rate pause.

Fed increased the <a href="https://www.zeebiz.com/markets/global-markets/live-updates-fomc-meeting-2023-fed-jerome-powell-us-markets-dow-jones-nasdaq-wall-street-dollar-index-219438">policy rate by 25bps</a> on taking it to the range of 4.50-4.75. The quantum of hike has come down in the last two policies. In December Monetary Policy it was 50bps.

The strength in Gold, this year, has been on account of weakness in Dollar Index (DXY) which is just over 101 against a basket of six major currencies. The gold price movement is inversely related to the movement in DXY. &nbsp;

Internationally, Gold price could hit USD 2,000, Gupta said.

Meanwhile, Silver futures have appreciated by 4.17 per cent during this period. Silver futures are expected to test levels of Rs 74,000 per kg by March, Gupta said. Price target on CME is USD 26, he further said. &nbsp;

Intraday Trading Strategy

Gupta recommends a buy on April Gold Futures at Rs 58,500 with a stop loss of Rs 58,000 and price target of Rs 59,300. As for Silver futures, buying is suggested at a price of Rs 71,000 with a stop loss of Rs 70,000 and target of Rs 73,000.

April Gold futures were trading at Rs 58,711 around 7 pm, up by Rs 826 or 1.43 per cent while March Silver futures were trading at Rs 72,169, up by Rs 2328 or 3.33 per cent from the Wednesday closing price.

[[{"fid":"225096","view_mode":"default","type":"media","link_text":null,"attributes":{"height":439,"width":438,"class":"media-element file-default"}}]]Source: MCX

<a href="http://zeebiz.com/market-news/news-closing-bell-nifty-ends-flat-on-adani-enterprises-woes-sensex-advances-by-200-points-on-itc-infosys-surge-220329">Also Read: Nifty ends flat on Adani Enterprises woes; Sensex advances by 200 points on ITC, Infosys surge</a>

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

MCX Gold futures made a new lifetime high of Rs 58,847 on Thursday and are set to test levels of Rs 60,000 per 10 gram by March according to commodity and currency expert Anuj Gupta


Gold Price Outlook: Is Rs 60,000 on cards? Up over 6% this year, MCX gold futures have 20% upside

Q3 Results 2023: Dabur India Limited today reported a 5.4 per cent drop in consolidated net profit for the quarter ended 31 December 2022. &nbsp;Profit After Tax (PAT) for the reporting quarter stood at of Rs 476 crore as against Rs 503.30 crore posted by the company in the year ago period. The dent was on the back of inflationary pressure which was more pronounced in the rural parts of the country.

The 3-year PAT CAGR stood at 6 per cent, the company said in its filing to the exchanges.

The result was announced during market hours. The Dabur shares ended at Rs 555 on the NSE and were down by Rs 7 or 1.24 per cent from the Wednesday closing price. &nbsp;&nbsp;&nbsp;

The fast moving consumer goods company reported a 3.4 per cent growth in consolidated revenue for the Quarter ended December 31, 2022, breaching the Rs 3,000-crore mark notwithstanding highly challenging cost and operating environment, the company said in its exchange filing. In constant currency &nbsp;terms, the consolidated revenue was up 5.7 per cent.

“Dabur lndia Ltd braved the inflationary pressures, significant moderation in industry growth and dip in overall consumer sentiments to deliver a competitive growth of 3.4 per cent in Consolidated Revenue for the third quarter of 2022-23 at Rs 3,043 crore,” the exchange filing said. The international business reported 4 per cent growth in constant, the filing said further.

"The impact of inflationary pressures was more pronounced in the rural markets as marked downtrading and shift to more affordable and smaller packs led to rural growth lagging urban markets for the second quarter in a row for Dabur,” Chief Executive Officer Mohit Malhotra said.

He was hopeful of demand slump in rural having bottomed out and company seeing some green shoots of revival in demand in the hinterland.

Other Highlights

1) Dabur's Home care business ended the quarter with an 18.2 per cent growth.

2) The Ayurvedic OTC business grew by 16.8 per cent in Q3

3) Digestives category reported a 11.2 per cent growth.

4) Dabur's Food &amp; Beverages business reported a 6.4 per cent growth during the quarter, while the Toothpaste business, led by steady demand for the flagship Dabur Red paste, ended the quarter with a 3.2 per cent growth.

5) Dabur posted market share gains across the portfolio, led by a 250bps improvement in Juices &amp; Nectars market share.

6) Dabur reported a 70bps market share gain in Hair Oils to touch the highest-ever 16.2 per cent.

7) Dabur's share in the Chyawanprash category improved by 30bps.

8) Dabur also reported a 40bps increase in Shampoo market share.

9) lnternational business reported a growth of 14 per cent in Constant Currency terms, with a 3-Year CAGR of 14.1 per cent.

Earlier today, Indian frontline indices <a href="http://Closing Bell: Nifty ends flat on Adani Enterprises woes; Sensex advances by 200 points on ITC, Infosys surge">S&amp;P BSE Sensex and NSE Nifty50</a> traded in a range on Thursday. Moving in a 780 points range, Sensex, settled at&nbsp;59,932.24, up 224.16 points or 0.38 per cent. The index gained on surge witnessed in ITC and Infosys stocks. Meanwhile, broader market Nifty50 which traded within 200 points, closed at 17,610.40, down by&nbsp;5.90 per cent 0.03 per cent. Banking gauge Nifty Bank finished 156 points or 0.39 per cent higher at 40,669.30.

India VIX, a measure of volatility in Nifty closed 6.24 per cent lower at&nbsp;15.73.

The result was announced during market hours. The Dabur shares ended at Rs 555 on the NSE and were down by Rs 7 or 1.24 per cent from the Wednesday closing price


Dabur Q3 Results 2023: Inflationary pressure dents profit despite higher revenues;  Consol PAT drops 5.4% YOY to Rs 3,043 crore

Closing Bell: Indian frontline indices S&amp;P BSE Sensex and NSE Nifty50 traded in a range on Thursday. Moving in a 780 points range, Sensex, settled at&nbsp;59,932.24, up 224.16 points or 0.38 per cent. The index gained on surge witnessed in ITC and Infosys stocks. Meanwhile, broader market Nifty50 which traded within 200 points, closed at 17,610.40, down by&nbsp;5.90 per cent 0.03 per cent. Banking gauge Nifty Bank finished 156 points or 0.39 per cent higher at 40,669.30.

India VIX, a measure of volatility in Nifty closed 6.24 per cent lower at&nbsp;15.73.&nbsp;

In the 50-stock Nifty50, 20 stocks advanced. The top gainers were Britannia Industries, ITC, Indusind Bank, Hindustan Unilever and Infosys while the top losers were Adani Enterprises, Adani Ports, UPL, HDFC Life and Eicher Motors.&nbsp;

[[{"fid":"225023","view_mode":"default","type":"media","link_text":null,"attributes":{"height":432,"width":588,"class":"media-element file-default"}}]]Source: NSE&nbsp;

[[{"fid":"225024","view_mode":"default","type":"media","link_text":null,"attributes":{"height":433,"width":582,"class":"media-element file-default"}}]]Source: NSE&nbsp;

Out of 15 Nifty sectoral indices, 8 ended in the green. The top performing indices were Nifty FMCG (+2.28 per cent), Nifty IT (+1.83 per cent) and Nifty Private Bank (+0.68 per cent). The biggest laggards were Nifty Oil &amp; Gas (-1.97 per cent), Nifty Metal (-4.35 per cent) and Nifty Healthcare Index (-0.45).

There was stock specific action in broader markets. Nifty Mid Cap 100 closed at&nbsp;30,433, down 46.35 points or 0.15 per cent. In the 100-stock index, 60 stocks advanced. The top gainers were Clean Science and Technology, IDFC First Bank and PB Fintech while top losers were Whirlpool, Jindal Steel and Patanjali Foods. Nifty Small Cap 100 closed at 9,448.30, up by 55.55 points or 0.59 per cent. 55 stocks advanced, 44 declined and 1 remained unchanged. KPIT Technologies, Welspun India and Can Fin Homes shares advanced while Birla Soft, Sapphire and NBCC retreated.

The rupee fell 40 paise to close below the 82 per US dollar mark on Thursday, weighed down by foreign fund outflows and corporate dollar demand. At the interbank foreign exchange market, the rupee opened at 81.81 against the greenback, and touched an intra-day high of 81.71 and a low of 82.20. It finally settled at 82.20 (provisional), down 40 paise over its previous close. On Wednesday, the rupee had appreciated 8 paise to close at 81.80 against the dollar after Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.12 per cent lower at 101.10, after the US Fed hiked the interest rate along expected lines by 25 basis points to 4.50-4.75 per cent. PTI

Global oil benchmark Brent crude futures declined 0.14 per cent to USD 82.72 per barrel.

"The Indian rupee became the worst performer among Asian currencies amid foreign fund outflows and corporate dollar demand from hedgers. The weakness in the regional currencies and higher precious metal prices also weighed on the rupee," said Dilip Parmar, Research Analyst, HDFC Securities.

Parmar further said "spot USD-INR has crossed 82.10, the 50-day simple moving average, paving the way for 82.50 and 82.96 while on the downside 81.80 becomes the strong support."&nbsp;

"The rout in Adani group stocks continued to play havoc as benchmark indices gyrated sharply intra-day before recouping lost ground on buying in IT and banking stocks. However, power, energy, oil &amp; gas, and utility stocks were plundered as investors continued to exit in view of dampening sentiment," Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd said.

More than external factors, investors' sentiments have been hurt by the domestic mood, he said.

"Technically, the Nifty hovered between 17450 to 17650 range and also formed an inside body candle on daily charts which indicates the continuation of a range bound activity in the near future. However, a pullback rally is possible if the index trades above 17500. Above the same, it could move up to 17700-17750. On the flip side, a fresh selloff is possible only after the dismissal of 17500 and below the same the index could retest the level of 17380-17350," Chouhan said.&nbsp;

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

Moving in a 780 points range, Sensex, settled at&nbsp;59,932.24, up 224.16 points or 0.38%. The index gained on surge witnessed in ITC and Infosys stocks. Meanwhile, broader market Nifty50 closed at&nbsp;17,610.40, down by&nbsp;5.90 points per cent 0.03%


Closing Bell: Nifty ends flat on Adani Enterprises woes; Sensex advances by 200 points on ITC, Infosys surge

Stock Markets on Thursday, 2 February 2023: Indian frontline indices <a href="http://zeebiz.com/market-news/news-closing-bell-roller-coaster-ride-for-sensex-nifty-on-budget-2023-day-adani-group-stocks-lead-debacle-220022">S&amp;P BSE Sensex and NSE Nifty50</a> did a major somersault on Wednesday tanking from day’s highs. The markets started on a positive note and gained momentum as the Finance Minister delivered her last full Budget 2023 speech of Narendra Modi 2.0 government. The fall was even dramatic as Sensex managed to end with 160 points lead over the previous close. The 30-stock index traded in a 2,000-point range during the session. As for broader market Nifty50, the trading range was 620 and the 50-share index closed 45 points lower.

When markets reopen on Thursday, they will take cues from a host of local and global triggers. We have collated 10 factors that could determine who ends on top – Bulls or Bears.

1) US Fed’s FOMC Outcome: While a 25bps interest rate hike is expected, Fed Chair Jerome Powell’s commentary on inflation, US GDP and hint on the point of pivot will dictate how US stock market trade on Wednesday. Today’s closing of its frontline indices Dow 30, S&amp;P 500 and Nasdaq Composite will be an important indicator for domestic markets.

At the time of filing of the story, Dow 30 was trading at&nbsp;33,859.30, down by 226.72 points or 0.67 per cent while&nbsp;S&amp;P 500 was trading at 4,066.98, lower by 9.62 points or 0.24 per cent. Nasdaq Composite was trading at&nbsp;11,567.90, down&nbsp;by 16.63 points or 0.14 per cent.

[[{"fid":"224854","view_mode":"default","type":"media","link_text":null,"attributes":{"height":277,"width":308,"class":"media-element file-default"}}]]&nbsp;Source: Comex

The domestic markets will also take cues from movement in Dow Futures and SGX Nifty futures which are an early indicator of movement in Nifty50.

2) <a href="https://www.zeebiz.com/union-budget/live-updates-union-budget-2023-live-updates-fm-nirmala-sitharaman-speech-income-tax-slab-80c-ltcg-provident-fund-rail-budget-pm-modi-kisan-samman-nidhi-corporate-wealth-tax-education-women-219699">Budget 2023</a>: A popular opinion from industry about this budget was one of positive and probably the best from Finance Minister Nirmala Sitharaman, so far. Today’s correction rode on massive selling in Adani Group stocks. It is to be seen how markets open tomorrow open based on budget related announcements. The government has made key announcements related to capex, <a href="http://zeebiz.com/union-budget/news-budget-2023-66-jump-in-allocation-for-pm-awas-yojana-to-rs-79000-crore-industry-states-hits-and-misses-220095">real estate</a>, <a href="http://zeebiz.com/market-news/news-budget-2023-industry-lauds-viability-gap-funding-custom-duty-exemption-a-positive-for-electric-vehicle-says-industry-machinery-220019">electric vehicles</a>, <a href="http://zeebiz.com/union-budget/news-budget-2023-govt-targets-5-mt-of-green-hydrogen-production-by-2030-fm-nirmala-sitharaman-says-219920">green energy</a>, <a href="http://zeebiz.com/union-budget/news-budget-2023-government-raises-agriculture-credit-target-to-rs-20-lakh-crore-8-takeaways-220001">agriculture</a>, Indian Railways and much more. We could see stock and sector specific action.

“This is a growth-oriented budget, one of the best in years, with a focus on both infrastructure and job creation, while reducing income tax for pretty much everyone, and lots of money to states. The fiscal deficit has been reduced from 6.4% to 5.9% of GDP, with a clear path to reach 4.5% in the next three years. The focus on infrastructure, as seen in the rising capex outlay from Rs7.5lakh crore to Rs10 lakh crore, combined with PM Gati Shakti and this Government's ability to execute, would be visible through roads, railways, ports and airports and would translate into demand for basic materials like cement and steel on one hand, and consumption goods from all sections of the society, jobs on the other.&nbsp;The Budget would support growth and the Indian consumption story, keep us in good stead, given global headwinds in China and developed markets, and until the rest of the world eases." --&nbsp;&nbsp;Ashish Kumar Chauhan, MD&amp; CEO, NSE

3) Q3 Results: Several listed companies announced their December quarter earnings today including Jubilant Foodworks, <a href="http://zeebiz.com/companies/news-q3-results-2023-jubilant-foodworks-ashok-leyland-tata-chemicals-mahindra-logistics-announce-quarterly-earnings-nse-share-price-dominos-220173">Ashok&nbsp;Leyland, Mahindra Logistics,&nbsp;Tata Chemical</a>s and Raymond.&nbsp;<a href="https://www.zeebiz.com/market-news/news-britannia-q3-results-share-price-profit-revenue-margin-fmcg-stock-marie-little-hearts-bon-bon-biscuit-sales-220116">Britannia Industries</a> beat street's estimates, reported 2.5 times increase in net profit.

Many listed companies will declare their October-December quarter earnings on Thursday. Among them were 3i Infotech, Aegis Logistics, Apollo Tyre, Bajaj Electricals, Berger Paints, Birla Soft, Coromandel, Dabur India, Godrej Properties, HDFC and others.

4) Stocks in Ban: Securities in Ban for trade on 2 February 2023 is Ambuja Cements.

5) FII /DII Action: Buying returned for foreign institutional investors as they were net buyers at Rs 1,785 crore while domestic institutional investors were net sellers of Indian equities at Rs 529.47 crore.

6) Bulk Deals: Over a dozen companies bulk deal action on Wednesday. Among them were Nureaca, AKG Exim, Chaman Metallics, Jet Freight Logistics and others. Investors must keep an eye on these stocks.

7) Stocks in News: Tata Steel buys 2.7 million shares in subsidiary Tata Steel Utilities and Infrastructure; Sameer Goel ceases to be Coromandel MD; Hero MotoCorp January sales better than street’s estimates; Ujjivan Small Finance Bank getting RBI nod for amalgamation with Ujjivan Financial Services with the bank;&nbsp;<a href="http://zeebiz.com/market-news/news-adani-enterprises-calls-off-fully-subscribed-fpo-money-to-be-returned-to-investors-220180">Adani Enterprises calls off fully subscribed FPO</a>; money to be returned to investors 
&nbsp;

8) Rupee Vs Dollar:&nbsp;The rupee pared initial gains and settled 2 paise lower at 81.90 (provisional) against the US dollar on Wednesday after Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24. Forex traders said investors stayed on the sidelines, as they are waiting for the outcome of the US Federal Reserve meeting later in the evening. At the interbank foreign exchange market, the rupee opened at 81.76 against the greenback and finally settled at 81.90, down 2 paise over its previous close. During the session, the rupee touched an intraday high of 81.68 and a low of 82.03 against the American currency.

On Tuesday, the rupee depreciated by 36 paise to close at a three-week low of 81.88 against the US dollar after the Economic Survey 2022-23 said the domestic unit may remain under pressure on account of plateauing of exports and subsequent widening of the current account deficit. PTI

“Rupee was volatile as the budget which was a growth oriented one with Capex going up to 10 lakh crores and an Increase of 33 per cent in the same and had something for everyone was fully digested as FPI sold stocks and bought USD&nbsp; despite the fact that Asian currencies&nbsp; were all up and the dollar index was down below 102,” Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said. The range for tomorrow is at 81.70 to 82.20, he said.

9) Commodity LIVE: April Gold futures were trading at Rs&nbsp;57,890 per 10 gram on MCX, up by Rs 700 or 1.22 per cent at the time of filing the story. Meanwhile, February Silver futures were trading at Rs&nbsp;69,958 up by Rs&nbsp;1,129 or 1.64 per cent. February crude oil 6,423 futures were trading at Rs 6,542 per bbl and were down by Rs 40 or 0.62 per cent. Prices in key commodities will hinge on how Dollar moves against major currencies on Thursday, once the Fed announcements are made.

[[{"fid":"224850","view_mode":"default","type":"media","link_text":null,"attributes":{"height":545,"width":869,"class":"media-element file-default"}}]]Source: MCX&nbsp;

10) Expert Take

"Markets witnessed a roller coaster ride on the Union Budget day but eventually settled with a marginal cut. The bulls were in control in the first half but the tone reversed completely as the session progressed. Consequently, the Nifty index settled at 17,616.30; down by 0.26%. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein FMCG and IT showed tremendous resilience.

Markets will react to the outcome of the US Fed meeting in early trade on Thursday. Besides, the overhang of the Union budget and scheduled weekly expiry would further add to the choppiness. A decisive close below the 17550 zone in Nifty would strengthen the bears. We thus reiterate our negative view and suggest limiting trades until we see some stability." -- Ajit Mishra, VP - Technical Research, Religare Broking Ltd. --&nbsp;Ajit Mishra, VP - Technical Research, Religare Broking Ltd

The Budget is expected to boost the consumption space with increase in income tax rebate and decrease in surcharge rate under the new tax regime.&nbsp;Increased Infrastructure capex outlay will ramp up the virtuous cycle of employment generation and investments, attracting interest in this space from large global investors looking at stable yields especially SWFs, pension funds and insurance companies.&nbsp;Special attention given to net zero objectives and 'green growth' as well as custom duty reliefs will make the green energy space attractive for large institutional investors. Additionally, manufacturing and capital goods themes are expected to perform well in the coming years, which will lead to higher capex plans, thus eventually making companies in the space fundraise through both equity as well as debt routes." --&nbsp;Gaurav Sood, Managing Director and Head, Equity Capital Markets, Avendus Capital&nbsp;

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

US Fed’s FOMC Outcome:&nbsp;While a 25bps interest rate hike is expected, Fed Chair Jerome Powell’s commentary on inflation, US GDP and hint on the point of pivot will dictate how US stock market trade on Wednesday; Indian markets to take cues from their US peers


Fed meeting outcome, Budget 2023 impact, weekly expiry among 10 factors that may determine Sensex, Nifty movement on Thursday

The government has increased budget allocation for the PM Awas Yojana by 66 per cent to Rs 79,000 crore from Rs 48,000 crore in the previous budget. &nbsp;The government’s flagship scheme was launched in 2015 with an imperative to provide affordable housing to all.

The increase in budget outlay will aid companies which have exposure in the affordable housing segment in tier 2/3 cities, Aditya Parakh, Co-founder of Propcatalyst said. Propcatalyst is a tech-enabled real estate investment platform. He said that realty has shown growth in the past few years and real&nbsp;estate&nbsp;companies are penetrating deeper into tier 2 and tier 3 cities which have high demand.

Echoeing similar sentiments Sudhir Pai, CEO Magicbricks said that the Union Budget 2023 is a bonanza for affordable housing and provides the much-needed impetus towards the vision of ‘Housing for all’.

He said that 2022 saw a year-on-year increase in residential demand in cities like Bhubaneswar (12%), Coimbatore (27%), Jaipur (5%), and Nagpur (66%), amongst others, and this initiative will further elevate the livability index and appeal of these cities.

“The Union Budget has provided indirect boost to the&nbsp;real&nbsp;estate&nbsp;sector with enhanced capital expenditure and gift to the salaried class by providing increased disposable income at hand with the higher tax rebate,” Ramani Sastri - Chairman &amp; MD, Sterling Developers said.

The PM Awas Yojana hike is great news in the affordable housing market and this increase in allocation will help the government achieve its goal of providing affordable housing to all and contribute to the overall growth and development of the country, he added

Reduction in compliance and relaxation of regulatory provisions is a welcome move from ease of doing business perspective and will aid the growth of the&nbsp;real&nbsp;estate&nbsp;sector.

The enhanced focus on digitalisation too which will create more jobs and propel demand for residential&nbsp;real&nbsp;estate&nbsp;across the country.

While the budget has addressed some key issues, there are currently several grey areas when it comes to schemes, taxation, funding and others where the government should provide a helping hand going forward, Sastri lamented.

It is imperative for the government to pay special attention to the&nbsp;real&nbsp;estate&nbsp;sector and have provisions for its well-being in the near future, he added.&nbsp;

The budget did not have any specific measures for the coworking sector to enable its higher growth trajectory – be it lower TDS, special tax incentive, boost to start ups etc to enable us to provide the real estate solutions at economical rates and help in better flow of working capital, Manas Mehrotra, Founder, 315Work Avenue said.

From a real estate industry point of view, the budget has been disappointing. The minister had announced&nbsp; SEZ Amendment Act last year, to allow domestic companies to be able to operate in IT SEZ’s which was missing this year, Sanjay Dutt, MD &amp; CEO, Tata&nbsp;Realty and Infrastructure Limited said. The sector was taken aback by the capital gains set off on investment in residential homes under Section 54, which is now capped to RS 10 crore which is done to remove the speculative nature of the asset class with HNI/UHNI’s. The industry actually wanted the real estate sector as an asset class to be encouraged with investors.

He, however, lauded the budget from the standpoint of government allocation on infrastructure, higher budget allocation for PM Awas Yojana and measures on green energy.

Sudhir Pai, CEO Magicbricks said that the Union Budget 2023 is a bonanza for affordable housing and provides the much-needed impetus towards the vision of ‘Housing for all’


Budget 2023: 66% jump in allocation for PM Awas Yojana to Rs 79,000 crore; industry states hits and misses

Closing Bell: A roller coaster ride for the stock markets on the Budget 2023 day. Frontline indices S&amp;P BSE Sensex traded in a 2000 point range while broader market NSE Nifty50 in a 620 point range. While Sensex settled at&nbsp;&nbsp;59,708.08, up 158.18 points or 0.27 per cent, Nifty50 closed at 17,616.30, down by&nbsp;45.85 points&nbsp;0.26 per cent. Banking gauge Nifty Bank fell by 142 points or 0.35 per cent at 40,513. India VIX, a measure of volatility was down by 0.56 per cent to 16.78.&nbsp;

In the 50-stock index, 23 stocks advanced. The top gainers were ICICI Bank, JW Steel, ITC, Tata Steel and Britannia Industries while the top losers were Adani Enterprises, Adani Ports, HDFC Life, SBI Life and Bajaj Finserv. The rout was engineered by heavy selling in the Adani Group stocks. Adani Enterprises shares fell over 26 per cent while Adani Ports shares fell over 17 per cent.&nbsp;

[[{"fid":"224756","view_mode":"default","type":"media","link_text":null,"attributes":{"height":433,"width":582,"class":"media-element file-default"}}]]Source: NSE

[[{"fid":"224757","view_mode":"default","type":"media","link_text":null,"attributes":{"height":426,"width":590,"class":"media-element file-default"}}]]Source: NSE

“Rupee was volatile as the budget which was a growth oriented one with Capex going up to 10 lakh crores and an Increase of 33 per cent in the same and had something for everyone was fully digested as FPI sold stocks and bought USD&nbsp; despite the fact that Asian currencies&nbsp; were all up and the dollar index was down below 102,” Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said. The range for tomorrow is at 81.70 to 82.20, he said.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

A roller coaster ride for the stock markets on the Budget 2023 day. Frontline indices S&amp;P BSE Sensex traded in a 2000 point range while broader market NSE Nifty50 in a 620 point range


Closing Bell: Roller coaster ride for Sensex, Nifty on Budget 2023 day; Adani Group stocks lead debacle

Budget 2023: Government’s decision to provide Viability Gap Funding for Battery Energy Storage Systems with capacity of 4,000 MWH is being welcomed by the industry. The government has also give customs duty exemption on import of capital goods and machinery required to manufacture lithium-ion cells for batteries used in electric vehicles. The announcement was made by Finance Minister Nirmala Sitharaman on Wednesday during her budget speech. It is with a view to promote green mobility in the country, the FM said.

“The viability gap funding for battery energy storage systems is also likely to create critical infrastructure, while custom duty reduction on capital goods for Lithium batteries manufacturing will facilitate faster adoption of EVs,” Banwari Lal Sharma, CEO Consumer Business, CarTrade Tech Ltd said while reacting to the budget announcments.

Sharma called it a green budget, one which was “progressive, prudent and growth-led, with an eye to provide impetus on the savings of the public”. “Increase in spending on infrastructure, setting up of 50 new airports and heliports, creation of 100 transport infrastructure projects are welcome moves, in addition to the central support for replacing old vehicles. All of these should drive consumption and overall demand&nbsp;of&nbsp;vehicles," he added.

"The budget has laid special emphasis on the Vehicle Scrappage Policy which will not only boost the sales but will also enable in achieving clean and green environment for overall sustainable development. Additional, funds infusion in the scrappage policy is a remarkable step and is in the right direction to achieve India’s goal of being carbon neutral by 2070. This policy would eventually help the entire eco-system of automotive industry as this will translate into growing orderbooks of OEMs, increased output and job creation," Venkatram Mamillapalle, Country CEO &amp; Managing Director, Renault India said.

"The automobile industry will witness an increase in sales with the introduction of new tax rebate limit on personal income which has been raised from INR 5 lacs per annum to INR 7lacs per annum. This step is likely to help the sector as more disposable income with salaried customers may give supplementary push to demand for personal vehicles,” he added.

"I can confidently say that the overall budget for the auto sector stands well managed and good,” Lalit Khetan, Executive Director and CFO at Ramkrishna Forgings said reiterating Sharma’s view.

“There have been several initiatives by the government to utilise a portion of their funds on the scrappage policy. Now, the main challenge that lies ahead is to successfully implement the policy on a large scale, which will directly depend on the involvement of the public at large. If the people take active initiative regarding the same, the sector should see significant progress in the coming days,” he added.

Among other green energy measures, Sitharaman announced exemption in excise duty on blended compressed natural gas.&nbsp; The exemption comes on GST-paid compressed bio gas contained in it.

“We are thrilled to see the government's focus on the green growth of the automobile sector in the latest financial budget. The allocation of funds towards the development of electric vehicles by reducing taxes on machinery needed to produce lithium ion batteries and the incentives provided to the purchase of electric two-wheelers will not only benefit the environment but also encourage more people to shift towards sustainable modes of transportation," Aalesh Avlani, Founder, Credit Wise Capital said.

While the markets traded with exuberance when budget speech was being read out by the FM. However frontline indices S&amp;P BSE Sensex and Nifty50 tanked from day’s highs riding on Adani Group stocks. While the former traded in a 2000 point range, the latter traded in 600 points range.

Sensex was trading at 59,238.49, down by 311.41 points or 0.52 per cent while the broader market index was down by 185 points or over 1 per cent at 17,476.50.

Nifty Auto Index was also down 1.35 per cent.

Viability gap funding for battery energy storage systems is also likely to create critical infrastructure, while custom duty reduction on capital goods for Lithium batteries manufacturing will facilitate faster adoption of EVs,&nbsp;Banwari Lal Sharma, CEO Consumer Business, CarTrade Tech said


Budget 2023: Viability Gap Funding, custom duty exemption a positive for electric vehicle segment, says industry

<a href="https://www.zeebiz.com/union-budget/live-updates-union-budget-2023-live-updates-fm-nirmala-sitharaman-speech-income-tax-slab-80c-ltcg-provident-fund-rail-budget-pm-modi-kisan-samman-nidhi-corporate-wealth-tax-education-women-219699">Budget 2023:</a> Finance Minister Nirmala Sitharaman announced a slew of measures for the Indian agriculture sector on Wednesday while presenting Budget 2023. Among them were announcement of digital public infrastructure for agriculture, agriculture accelerator fund and Shree Anna – its flagship scheme for popularising millets.

Here are top 10 announcements for this sector:

1) Digital Public Infrastructure for Agriculture: Digital public infrastructure for agriculture will be built as an open source, open standard and inter operable public good. This will enable inclusive, farmer-centric solutions through relevant information services for crop planning and health, improved access to farm inputs, credit, and insurance, help for crop estimation, market intelligence, and support for growth of agri-tech industry and start-ups.

2) An Agriculture Accelerator Fund will be set-up to encourage agri-startups by young entrepreneurs in rural areas. The Fund will aim at bringing innovative and affordable solutions for challenges faced by farmers. It will also bring in modern technologies to transform agricultural practices, increase productivity and profitability.

3) Enhancing productivity of cotton crop: To enhance the productivity of extra-long staple cotton, we will adopt a cluster-based and value chain approach through Public Private Partnerships (PPP). This will mean collaboration between farmers, state and industry for input supplies, extension services, and market linkages.

4) Enhancing productivity of cotton crop: To enhance the productivity of extra-long staple cotton, we will adopt a cluster-based and value chain approach through Public Private Partnerships (PPP). This will mean collaboration between farmers, state and industry for input supplies, extension services, and market linkages.

5) Atmanirbhar Horticulture Clean Plant Program: Government will launch an Atmanirbhar Clean Plant Program to boost availability of disease-free, quality planting material for high value horticultural crops at an outlay of Rs 2,200 crore.

6) Global Hub for Millets: ‘Shree Anna’ Now to make India a global hub for 'Shree Anna', the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research and technologies at the international level.

7) The agriculture credit target will be increased to Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries.

8) Government to launch a new sub-scheme of PM Matsya Sampada Yojana with targeted investment of Rs 6,000 crore to further enable activities of fishermen, fish vendors, and micro &amp; small enterprises, improve value chain efficiencies, and expand the market.

Meanwhile, <a href="https://www.zeebiz.com/market-news/live-updates-budget-2023-sensex-nifty-live-india-stock-market-anil-singhvi-nirmala-sitharaman-ltcg-income-tax-fomc-rate-adani-share-price-net-worth-219690">Indian equity benchmarks Sensex and Nifty50</a> built on their intraday gains as Finance Minister Nirmala Sitharaman rose to present the Budget in Parliament. This Budget, the first in&nbsp;Amritkal, is&nbsp;a blueprint for the next 25 years, said Sitharaman in her Budget speech.&nbsp;The Indian economy is estimated to expand seven per cent despite a slowdown across the world, the finance minister added.&nbsp;

Anand Ramanathan, Partner, Deloitte India&nbsp;for your kind perusal:

"The budget focuses a lot on the supply and input side of the agricultural value chain. The increased availability of credit, facilitation of better-quality inputs through clean plant program, investments in digital infrastructure and skill development will all help in increasing farm level productivity by building awareness and facilitating better quality inputs. The shift towards decentralised storage is also an important step in reducing wastage and helping increase shelf life of agricultural produce. The increased focus on driving millet cultivation, consumption and exports, higher investment in fisheries and promotion of natural farming are all helpful from a crop diversification, sustainability and nutrition standpoint. The focus on better management of co-operatives and producer collectives will help farmers in realising better prices for their produce. Finally, the agriculture accelerator announcement for promoting start-ups in ag-tech enterprises will help increase yield and productivity on the supply side while also enhancing price realisation for the farmer on the demand side through more efficient market linkages," Anand Ramanathan, Partner, Deloitte India said.

&nbsp;The agriculture credit target will be increased to Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries


Budget 2023: Government raises agriculture credit target to Rs 20 lakh crore – 8 takeaways

Budget 2023: In a big boost to domestic consumption, Finance Minister Nirmala Sitharaman has slashed custom duties, cesses and surchanges on several items including toys bycles, automobiles and elctronic items which are set to become cheamer from the next financial year. Items whose prices wil increase include gold, cigarette, silver utencils,&nbsp; jewellery and imported goods.

The announcement was made by FM Sitharaman in her Budget 2023 speech. This was her last full budget of the arendra Modi 2.0 government.&nbsp;

"A simplified tax structure with fewer tax rates helps in reducing compliance burden and improving tax administration. I propose to reduce the number of basic customs duty rates on goods, other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses and surcharges on some items including toys, bicycles, automobiles and naphtha," the Budget statement read.&nbsp;

Green Mobility

"To avoid cascading of taxes on blended compressed natural gas, I propose to exempt excise duty on GST-paid compressed bio gas contained in it. To further provide impetus to green mobility, customs duty exemption is being extended to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles."

Electronics

"As a result of various initiatives of the Government, including the Phased Manufacturing programme, mobile phone production in India has increased from 5.8 crore units valued at about ` 18,900 crore in 2014-15 to 31 crore units valued at over ` 2,75,000 crore in the last financial year. To further deepen domestic value addition in manufacture of mobile phones, I propose to provide relief in customs duty on import of certain parts and inputs like camera lens and continue the concessional duty on lithium-ion cells for batteries for another year."&nbsp;

TV: Similarly, to promote value addition in manufacture of televisions, I propose to reduce the basic customs duty on parts of open cells of TV panels to 2.5 per cent.&nbsp;

Diamonds: India is a global leader in cutting and polishing of natural diamonds, contributing about three-fourths of the global turnover by value. With the depletion in deposits of natural diamonds, the industry is moving towards Lab Grown Diamonds (LGDs) and it holds huge promise. To seize this 29 opportunity, I propose to reduce basic customs duty on seeds used in their manufacture.&nbsp;

Electric kitchen chimney: To rectify inversion of duty structure and encourage manufacturing of electric kitchen chimneys, the basic customs duty on electric kitchen chimney is being increased from 7.5 per cent to 15 per cent and that on heat coils for these is proposed to be reduced from 20 per cent to 15 per cent.&nbsp;

Here is a full list:&nbsp;&nbsp;

Items that will become cheaper

- Toys

- Bicycles

- TV

- Mobiles

- Electric Vehicles

LED TV

Items that will become expensive

- Electronic Chimneys in Household

-- Gold

-- Silver Utensils

-- Platinum

-- Cigarette

-- Jewellery

-- Imported Goods

<a href="https://www.zeebiz.com/market-news/live-updates-budget-2023-sensex-nifty-live-india-stock-market-anil-singhvi-nirmala-sitharaman-ltcg-income-tax-fomc-rate-adani-share-price-net-worth-219690">Stock Market Today LIVE Updates:</a>&nbsp;Indian equity benchmarks Sensex and Nifty50 built on their intraday gains as Finance Minister Nirmala Sitharaman rose to present the Budget in Parliament. This Budget, the first in&nbsp;Amritkal, is&nbsp;a blueprint for the next 25 years, said Sitharaman in her Budget speech.&nbsp;The Indian economy is estimated to expand seven per cent despite a slowdown across the world, the finance minister added.&nbsp;

Budget 2023: What has become cheaper and what is costlier now?

Finance Minister Nirmala Sithraman on Wednesday announced a special package for traditional artisans and craftsmen under&nbsp;the PM Vishwa Karma Kaushal Samman to integrate them with the MSME value chain. The announcement was made by the finance minister during her <a href="https://www.zeebiz.com/union-budget/live-updates-union-budget-2023-live-updates-fm-nirmala-sitharaman-speech-income-tax-slab-80c-ltcg-provident-fund-rail-budget-pm-modi-kisan-samman-nidhi-corporate-wealth-tax-education-women-219699">budget speech</a>. "PM Vishwa Karma Kaushal Samman - package of assistance for traditional artisans and craftspeople has been conceptualized, will enable them to improve quality, scale and reach of their products, integrating with MSME value chain," Sitharaman said.

Finance Minister Nirmala Sitharaman presented her fifth Budget on February 1 (Wednesday).This was her last full budget of FM in the Narendra Modi 2.0 government.

G20 Presidency gives us a unique opportunity to strengthen our role in the world economic order, we are steering an ambitious people-centric agenda to address global challenges and facilitate sustainable economic development, the FM said.

Indian economy has increased in size from being tenth to 5th largest in the world in the last 9 years, we have made significant progress in many SDGs, economy has become lot more formalized, efficient implementation of schemes has brought about inclusive development, she further said.

<blockquote class="twitter-tweet">
LIVE Now 
 
Union Finance Minister <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> rises to present <a href="https://twitter.com/hashtag/Budget2023?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2023</a> in Parliament 
 
Stay tuned for the highlights and watch the <a href="https://twitter.com/hashtag/AmritKaalBudget?src=hash&amp;ref_src=twsrc%5Etfw">#AmritKaalBudget</a> Speech here <a href="https://t.co/4YDqu2fOHu">https://t.co/4YDqu2fOHu</a>
— PIB India (@PIB_India) <a href="https://twitter.com/PIB_India/status/1620656257559568384?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

India is estimated to grow at a rate of 7 per cent in FY23 which is highest among large economies. The economy has become more formalised as reflected in the EPFO data.&nbsp;

"To empower the artisan community, and believe that this is a major boost for enabling the discovery of India’s rich cultural heritage. We estimate around 200 million people in India to be dependent on local art forms &amp; handicrafts for a living, through formal and informal channels – and this announcement is also a vote of confidence in our endeavor of providing a credible platform to the artisans and to be a strong pillar of support to the artisan community, who have been at the helm of safeguarding centuries-old traditions," Mini Menon, co-founder, Peepul Tree said.

PM Vishwa Karma Kaushal Samman - package of assistance for traditional artisans and craftspeople has been conceptualized, will enable them to improve quality, scale and reach of their products, integrating with MSME value chain," Sitharaman said


Shivendra Kumar