Nifty spurts above 17,500 ahead of Union Budget
Published on Feb 01, 2022 09:26
After a gap-up opening, the key benchmark indices are trading with strong gains in early trade ahead of the Union Budget 2022. The Nifty is trading above the key 17,500 mark.
At 9:24 IST, the barometer index, the S&P BSE Sensex, jumped 644.15 points or 1.11% at 58,658.27. The Nifty 50 index advanced 173.5 points or 1% at 17,513.90.
In the broader market, the S&P BSE Mid-Cap index rose 0.66% while the S&P BSE Small-Cap index gained 0.99%.
The market breadth was strong. On the BSE, 1,884 shares rose and 701 shares fell. A total of 72 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,624.48 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,648.65 crore in the Indian equity market on 31 January, provisional data showed.
Finance Minister Nirmala Sitharaman will present the Union Budget for the Financial Year 2022-23 in the Lok Sabha at 11:00 am today. The copy of the Budget will be laid on the Table of the Rajya Sabha soon thereafter.
This is the fourth budget to be presented by Finance Minister Nirmala Sitharaman in Parliament. For the Budget-2022-23, the Finance Minister had held several pre-budget consultation meetings with stakeholder groups including economists, agriculture and agro processing industry, trade union and labour organizations, financial sector and capital markets, industry, services and trade, social sector, infrastructure and climate change sector. Sitharaman had also held pre-budget consultation with finance ministers of states and union territories for the budget.
GST Collection for January 2022:
The gross GST revenue collected in the month of January, 2022 is Rs 1,38,394 crore. Of which CGST is Rs 24,674 crore, SGST is over Rs 32,000 crore, IGST is over Rs 72,030 crore and cess is Rs 9,674 crore. Finance Ministry said the highest monthly GST collection has been Rs 1,39,708 crore in April 2021.
The revenues for the month of January this year is 15% higher than the GST revenues in the same month last year. The Ministry has expected that the positive trend in the revenues will continue in the coming months as well.
Stocks in Spotlight:
Tata Motors declined 3.21%. The auto major`s consolidated net loss stood at Rs 1,451.05 crore in Q3 FY22 as against a net profit of Rs 2,941.48 crore posted in Q3 FY21. Consolidated total revenue from operations fell 4.52% to Rs 72,229.29 crore in Q3 FY22 from Rs 75,653.79 crore posted in Q2 FY21.
DLF fell 0.42%. The realty major reported consolidated net profit of Rs 379.49 crore in Q3FY22 against Rs 449 crore in Q3FY21. Total income increased to Rs 1686.92 crore from Rs 1668.22 crore YoY.
NTPC rose 0.6%. NTPC Vidyut Vyapar Nigam (NVVN), a wholly owned subsidiary of the company announced that it acquired 5% stake in Power Exchange of India (PXIL).
Overseas, Asian stocks are trading higher on Tuesday, tracking stocks on Wall Street as they surged for a second session. Markets in mainland China, Hong Kong, South Korea and Singapore are closed for a holiday.
US stocks surged for a second day Monday to wrap up a rough January, as investors snapped up some of the tech shares that have been battered all month.
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