Share Market Movement on Budget 2023 Highlights: Domestic indices pared gains and slipped into negative territory and ended on a mixed note amid volatility as budget excitement settled. During the day, the BSE Sensex jumped over 1100 points, touching an intraday high of 60,773.44 and NSE Nifty 50 surpassed the 17,970 mark but then immediately after the FM’s speech finished, indices started falling. Markets have been trading lower for the past few days as the Hindenburg-Adani saga shook investors’ sentiment but today both the equity benchmark indices surged following the budget announcement by Finance Minister Nirmala Sitharaman but towards the end of the trading session they crashed 1%.
Share Market Live on Union Budget 2023: Impact of Budget on Share Market Live News, Budget 2023 Share Market Highlights Wednesday, February 1
Broader indices outperform the Nifty 50 as Nifty Midcap 100 and Nifty Smallcap 100 soar 1.2% in the morning session ahead of the Union Budget 2023.
Nifty Realty advances ~1.3%, top sectoral gainer led by Macrotech Developers, Phoenix Mills.
Bank Nifty surged 500 pts or 1.22% to 41,152.95 with all of its constituents trading in green except Bank of Baroda.
The top gainers on the Sensex were Power Grid, ICICI Bank, State Bank of India, Kotak Bank and HDFC while the top losers were ITC, Sun Pharma and IndusInd Bank.
Nifty rose 126.05 or 0.71% to 17,788.20 and BSE Sensex surged 375.02 pts or 0.63% to 59,924.92.
“On Wednesday, Nifty futures on the Singapore Exchange traded 118 points, or 0.66 percent, higher, setting the stage for a strong start for Dalal Street. The last full-year budget of Prime Minister Narendra Modi's administration will be presented at 11 a.m. in New Delhi before they run for a third term in the summer of 2024. In order to support Prime Minister Modi's goal of making India a worldwide powerhouse without jeopardising the deficit, Nirmala Sitharaman is anticipated to reduce wasteful spending to free up cash to build more roads and ports, generate jobs, and improve supply chains.” – Ameya Ranadive, Equity Research Analyst, Choice Broking.
US Markets concluded the overnight session in green. The Dow Jones Industrial Average rose 368.95 points or 1.09% to 34,086.04, S&P 500 climbed 58.83 pts or 1.46% to 4,076.60 and Nasdaq advanced 190.74 pts or 1.67% to 11,584.55.
“It was again a roller-coaster day for the Indian markets on Tuesday but the range was comparatively narrower from Monday. Nifty has reversed from the support zone and managed to close above its 200 EMA placed at 17,550 levels. A relief rally can be expected up to 17,900 levels from where selling pressure may be witnessed again until 18050 – 18100 takes out on a closing basis. On the lower side, immediate support is seen at 17,550 and below that at 17,400 levels.” – Rohan Patil, Technical Analyst, SAMCO Securities.
“On Tuesday, following a positive start, the Nifty remained volatile within a small band. The sentiment, however, remained a bit weak, favouring the sell-on-rally approach. The current trend may remain intact as long as it remains below 17,800. On the lower end, support is visible at 17,400. Over the near term, the Nifty will remain in a broader range of 17,400–17,800. Any breakout on either side is likely to create a directional movement in the market.” – Rupak De, Senior Technical Analyst at LKP Securities.