Stock Market HIGHLIGHTS: Sensex ends 158 pts higher amid wild swings on Budget day but Adani stocks play party pooper

Here's how Sensex and Nifty50 fared on Budget day 

Nifty50 stops near 17,350 on its way down

Earlier in the day, a Budget-triggered rally had brought the 50-scrip headline index within 28 pts of the 18,000 mark. 

Sensex nosedives 1,900 pts from day's high as initial Budget cheer fades

No bad news is good news: Basant Maheshwari

In an interaction with Zee Business Managing Editor Anil Singhvi, market veteran Basant Maheshwari calls Budget 2023 the finance minister's best-ever Budget.

No bad news is good news, he says. 

Defence stocks under pressure after Budget allocation raised 13%

An excellent Budget for the difficult time: Geojit's VK Vijayakumar

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, is of the view that the finance minister has presented "an excellent Budget for the difficult time".

"This Budget will make India a brighter spot in the dark global horizon. Fiscal consolidation, with the fiscal deficit target of 5.9 per cent, the massive 33 per cent increase in proposed capital expenditure for FY24, and the tax relief to the middle class while continuing the free food grain distribution for 80 crore people make this an all-encompassing Budget," he says.

Market celebrading absence of a feared hike in LTCG tax on stocks: Geojit's VK Vijayakumar

Changes in excise duty on cigarettes at a glance

Increased tax only impacts a section of ITC portfolio: Nirmal Bang's Rahul Arora

In an interaction with Zee Business Managing Editor Anil Singhvi, Rahul Arora, CEO of Nirmal Bang Institutional Equities, explains that the Budget announcement of higher taxes on cigarettes will only impact a section of ITC's portfolio. 

"This is not a blanket hike on ITC products," he explains.

ITC shares recover after increased cigarette taxs trigger initial weakness 

Government has finally done it, to bring down cigarette smuggling: IDBI Cap's AK Prabhakar 

"The government has finally made the move on the duty on cigarettes, as was expected many times in the past few years. The stock is expected to rally anyway... It (duty) is more for the government and less for ITC... The move will discourage smuggling of cigarettes," AK Prabhakar, Head of Research at IDBI Capital Markets, tells Zeebiz.com.

"Fundamentally, the stock remains attractive. It is an attractive buy even at levels like Rs 300," he adds. 

ITC will rally anyway despite 16% duty, remains attractive: IDBI Capital's AK Prabhakar

ITC shares drop into the red as Budget 2023 raises custom duty on cigarettes

Budget 2023 hikes basic customs duty on articles made from gold bars

Most of railway-related stocks rise on record capital outlay

The finance minister announced a record capital outlay for the railways at Rs 2.4 lakh crore in the Union Budget for 2023-24, nine times the amount provided in 2013-2014.

Budget 2023 | IRCTC, RVNL, Ircon gain up to 2% as FM announces record rail capital outlay

Budget 2023 | Increased capital outlay for infra; L&T, Shree Cement, IRCTC rise

Finance Minister Nirmala Sitharaman announced enhanced capital expenditure of Rs 10 lakh crore towards the development of infrastructure, 3.3 per cent of the country's GDP.

PM Awas housing scheme outlay raised 66%; Nifty Realty up 1%

Here's a look at the real estate basket:

Catch LIVE updates on Budget 2023 with Zeebiz.com's blog

Sanjiv Bhasin recommends buying SBI, UltraTech, Bank of Baroda, Concor stocks

In an interaction with Zee Business with Managing Editor Anil Singhvi, Sanjiv Bhasin of IIFL Securities shares three midcap stock picks and two largecap ideas on Budget day:

• IDFC First Bank, target Rs 75
• Concor, target Rs 750
• Ultra Tech, target Rs 7,110.55
• SBI
• Bank of Baroda

Catch more on Sanjiv Bhasin and how he views the market today only on Zeebiz.com

All Adani group stocks in the red; Adani Enterprises, Adani Total worst hit

Here's a look at the intraday chart of the group's flagship — Adani Enterprises (ADANIENT) — so far:

Borosil Renewables, Chola Investment, Indian Hotels among top BSE 500 gainers

The bourse's broadest index has some 380 gainers at this hour. On the other hand, Adani group stocks such as Adani Total, Adani Enterprises, Adani Transmission and Adani Power are the worst hit in the 500-scrip universe.

ITC shares barely above flatline as Street tracks Budget speech closely 

The stock of the cigarettes-to-hotels conglomerate is known to have stages wild moves on the day of Budget presentation in Parliament.   

Overall market breadth extremely positive as Finance Minister begins Budget speech

As many as 2,393 stocks are in the green zone and 859 in the red on BSE, translating to an advance-decline ratio of almost 3:1 on the bouse. 

Budget 2023 a blueprint for next 25 years: Nirmala Sitharaman in Budget speech

The Indian economy is estimated to expand seven per cent despite a slowdown across the world, the finance minister says.

Catch LIVE updates on Budget 2023 with Zeebiz.com's blog

"This is the first Budget in Amritkal": Nirmala Sitharaman begins Budget speech 

Catch LIVE updates on Budget 2023 with Zeebiz.com's blog

Financial, FMCG, IT stocks boost headline indices minutes before Budget speech

Here's a look at the Nifty50 heatmap minutes before Finance Minister Nirmala Sitharaman begins her Budget 2023 speech:

Barring Sun Pharma, M&M, all Sensex stocks in the green

Top gainers are ICICI Bank, Tata Steel, the HDFC twins, PowerGrid and Kotak Mahindra Bank.  

Most sectors in the green ahead of Nirmala Sitharaman's Budget speech

Barring the Nifty OIl & Gas, which is down 0.9 per cent, all of NSE's sectoral gauges are holding on to the green.

Should you buy, hold or sell Coal India shares after results, dividend?

Coal India shares slip into the red after a strong start to the day. The CIL stock is trading 0.4 per cent lower at Rs 224 apiece on BSE, having gained as much as 1.7 per cent earlier in the day to Rs 228.8 apiece on the bourse. On Tuesday, the state-run behemoth reported its financial results and announced a dividend payout. 

After market hours on January 31, the state-run company reported a 70.1 per cent jump in consolidated net profit to Rs 7,755.5 crore for the quarter ended December 2022.

Coal India's bottomline fell short of analysts' estimates. According to Zee Business research, the coal behemoth's quarterly profit was expected at Rs 8,430 crore.

Its consolidated revenue increased 24 per cent on a year-on-year basis to Rs 35,169 crore on a year-on-year basis, according to a regulatory filing.

The company declared an interim dividend of Rs 5.25 per share, with a record date of February 8.

Coal India shares have rewarded investors with a return of 37 per cent in the past one year, a period in which the Sensex has risen 1.9 per cent.

Read more on Coal India shares

Brokerage calls | What brokerages make of Sun Pharma, CIL, IOC, other stocks today

Goldman Sachs has a ‘sell’ rating on Sun Pharma with a Rs 5 reduction in its target price for the drug maker's stock.

Jefferies has a ‘hold’ on Coal India with a Rs 5 raise in its target price.

Here's the full list of brokerage views on some of the key stocks in focus today.

Traders' Diary | Buy, sell or hold strategy on IndiGo, Coal India, Dabur, 17 other stocks

Check out which stocks are on analysts Varun Dubey and Kushal Gupta's radar on February 1 — the day Finance Minister Nirmala Sitharaman presents Budget 2023 in Parliament, and what they recommend in cash and derivative segments.

Varun Dubey has Dabur as a fundamental pick for a target of Rs 574 with a stop loss at Rs 552. Kushal Gupta shares a fundamental pick of Ashok Leyland for a target of Rs 155 with a stop loss at Rs 147.

Check out the full list of trading ideas for Budget day

Pre-Budget Stock Picks | Vikas Sethi recommends buying Tech Electric, Stylam Ind

In an interaction with Zee Business Managing Editor Anil Singhvi, Vikas Sethi of Sethi Finmart suggests buying Techno Electric and Stylam Industries before Budget announcements.

Sensex rises over 500 pts in early deals as D-Street awaits Budget announcements

Both headline indices gain as much as 0.9 per cent within the first 10 minutes of trade on Dalal Street, The Sensex rises 517 pts to touch 60,066.9 at its strongest intraday level so far. The Nifty climbs to as high as 17,815.3, up 153.2 points from its previous close. 

Here's what the Sensex chart is building up: 

Nifty50

Pre-Open Market | Sensex up over 450 pts, Nifty50 above 17,800  

In the pre-opening session, the Sensex ends 451.3 points or 0.8 per cent higher at 60,001.2 and the Nifty50 at 17,811.6, up 149.5 points or 0.9 per cent from its previous close.

Budget 2023 | How stock market has fared in the run-up to D-Day in past years

Indian equity benchmarks have mostly suffered minor losses one month prior to the presentation of the Union Budget in Parliament over the past few years, reflecting a loss of risk appetite among investors ahead of the big day.

From allocation to various sectors of the econnomy, fiscal prudence, market triggers or income tax changes, the countdown to the release of the Budget typically brings with it a flood of expectations — which generally finds the bulls weaker in their tug of war with the bears!

Here's a summary of how headline indices Sensex and Nifty50 have fared in the run-up to the Budget day in the past years.

Anil Singhvi's market strategy on Budget day

Zee Business Managing Editor Anil Singhvi shares his strategy for the February 1 session on Dalal Street — the day Finance Minister Nirmala Sitharaman presents Budget 2023-24 in Parliament.

Check out Singhvi's take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market today.  

Read more on Anil Singhvi's market strategy

Dow Jones, Nasdaq rise up to 1.7% following encouraging US inflation data; Fed rate action, Jerome Powell's remarks in focus

The three main Wall Street indices — the S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite — jumped on Tuesday. A reading on US labour cost encouraged investors about the Fed's ultra hawkish approach to controlling red-hot inflation, a day ahead of the Fed's critical policy decision. The tech stocks-heavy Nasdaq Composite registered its biggest gain in January since 2001.

Here's how the headline gauges fared on January 31: 

• S&P 500: up 1.5 per cent
• Dow Jones: up 1.1 per cent
• Nasdaq Composite: up 1.7 per cent

Read more on Wall Street here

Asian shares in the green after a strong handover from Wall Street; all eyes on FOMC rate decision

Equities in other Asian markets begin February 1 in the green, though cautiously, following a strong session overnight on Wall Street, as signs of a slowdown in US wages supported optimism about an earlier-than-anticipated end to the current cycle of hikes in benchmark interest rates by the Fed.

The FOMC's rate decision is due late on Wednesday.  

MSCI's broadest index of Asia Pacific shares outside Japan is up 0.2 per cent. 

Here's what some of the major indices in the region look like at this hour: 

• Japan's Nikkei 225: up 0.2 per cent 
• China's Shanghai Composite: flat
• South Korea's KOSPI: up 0.6 per cent
• Hong Kong's Hang Seng: down 0.6 per cent 
• Singapore's Straits Times: flat 

Sensex, Nifty50 inched higher on Budget eve as Economic Survey pegged GDP growth 

HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 inched higher on Tuesday, extending gains to a second straight day, a day before the presentation of Union Budget 2023 in Parliament by Finance Minister Nirmala Sitharaman. On Tuesday, the Economic Survey — tabled by the finance minister in Parliament on January 31 — projected the country's GDP to expand 6.5 per cent in the year ending March 2024, helping India retain its position as the fastest-growing major economy despite the extraordinary set of challenges across the globe. 

Both headline indices finished the day 0.1 per cent higher. The Sensex gained 49.5 points to end at 59,549.9, having gyrated in a 683-point range around the flatline during the session. The Nifty50 settled at 17,662.2, up 13.2 points from its previous close, after moving broadly in the 17,500-17,750 band in intraday trade.

Read more on the January 31 session

Catch latest updates on Economic Survey 2022-23 and Union Budget 2023-24 here

SGX Nifty futures indicate gap-up start for Sensex, Nifty50 on Budget day

Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty50 index — is holding on to a gain of 103.5 points or 0.6 per cent to 17,855.5 at this hour, having risen as much as 146 points or 0.8 per cent to 17,898 earlier in the day. 

Catch latest updates on Economic Survey 2022-23 and Union Budget 2023-24 here

Good morning! Welcome to Zeebiz.com's market blog on February 1 — the day Finance Minister Nirmala Sitharaman reveals what's in store in her Budget 2023-24

Follow this space through the day to get hold of LIVE action on Dalal Street — and what the bulls and the bears make of Finance Minister Nirmala Sitharaman's Budget announcements, LIVE market commentary, the views of Zee Business Managing Editor Anil Singhvi and other experts, investment and trading ideas, and much more. 

HAve a great day ahead as you grasp every bit of detail of what the Finance Minister has in store for the economy, the market and the common man in her Budget for 2023-24. Happy investing, and happy trading!