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Sensex, Nifty at the high point of the day ahead of the Union Budget

Published on Feb 01, 2023 10:28

The domestic equity barometers were currently at the day`s high in morning trade. The Nifty traded tad above the 17,800 mark. Oil & gas, however, extended their downfall for sixth consecutive session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 504.87 points or 0.85% to 60,054.77. The Nifty 50 index added 139.10 points or 0.79% to 17,801.25.

In the broader market, the S&P BSE Mid-Cap index gained 1.05% while the S&P BSE Small-Cap index advanced 1.04%.

The market breadth was strong. On the BSE, 2318 shares rose and 854 shares fell. A total of 149 shares were unchanged.

Finance Minister Nirmala Sitharaman will today present Budget 2023�the final full-fledged budget of the Narendra Modi government before the general election next year. She will begin her speech in Lok Sabha at 11:00 am.

FM Sitharaman will reportedly try to play the balancing act by accommodating both the common taxpayer`s demand to some extent and laying the ground for more pressing issues like job creation, GDP growth, fiscal deficit and capital expenditure push for infrastructure, manufacturing and other sectors.

Buzzing Index:

The Nifty Oil & Gas index fell 1.01% to 7,510. The index has declined 13% in six sessions.

Adani Total Gas (down 10%), Aegis Logistics (down 3.48%), Bharat Petroleum Corporation (down 1.12%), Hindustan Petroleum Corporation (down 0.88%), Gujarat State Petronet (down 0.8%) , Indian Oil Corporation (down 0.61%) and Oil India (down 0.39%) declined.

On the other hand, Gujarat Gas (up 5.44%), Indraprastha Gas (up 1.72%) and GAIL (India) (up 1.26%) turned up.

Stocks in Spotlight:

Lemon Tree Hotels advanced 3.14%. The company has signed a License Agreement for a 75 room property in Jabalpur, Madhya Pradesh. Carnation Hotels Private Limited, a wholly owned subsidiary and the hotel management arm of the company will be operating this hotel.

Jubilant Pharmova rose 1.78%. The company`s wholly owned subsidiary Jubilant Draximage Inc announced that it received approval from the US drug regulator (USFDA) with regards to the company`s new drug application (NDA) submitted pursuant to section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act (FDCA) for Kit for the Preparation of Technetium (Tc 99m) Mertiatide injection.

Sterlite Technologies (STL) gained 0.69%. STL has signed an agreement and will sell its telecom product software business via business transfer agreement by way of slump sale as a going concern to Skyvera through its Indian subsidiary.

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