Sensex ends 158 pts up on Budget day after 2000 pts-swing, Nifty near 17600
CLOSING BELL: Broader markets were unable to recover from the intra-day lows with BSE Midcap and Smallcap indices dropping up to 1 per cent
BS SPECIAL | ITC, NTC Ind: Strategies for Cigarette-related stocks after duty hike
Expert comment: Budget is a 'Panch..Amrit' budget, balancing growth with reasonable prudence
The budget is a 'Panch..Amrit' budget, balancing growth with reasonable prudence. It has the potential to boost consumption across the pyramid, with direct tax benefits at both the lower and higher ends, including an increase in rebates at the lowest tax slab and a reduction in the tax rate at the highest tax slab. It also features targeted rural spending through food grain schemes.
Views expressed by Trideep Bhattacharya, CIO-Equities, Edelweiss MF
Expert comment: What is bad for the insurance sector could result in being better for the MF sector
What is bad for the insurance industry in the budget presented today by the finance minister (FM) Nirmala Sitharaman, will actually act as a blessing in disguise for the mutual fund (MF) industry. A lot of mis-selling was happening in the insurance industry Where investors were sold a packaged investment cum insurance product as endowment scheme or some other schemes, where premium outlay for investors in a financial year used to be Rs 5 lakh and above. So, they were actually sold some investment product with some insurance part in it. Now, with the tax advantage of such schemes going away, such products will become less lucrative for investors and therefore, we believe that large part of these money which would have otherwise have been invested in insurance, will now come either to MFs or fixed deposits (FDs) or Equities. So, this will be the indirect implied benefit, so what is bad for the insurance sector could result in being better for the MF sector.
Views expressed by Jimeet Modi, Founder & CEO, SAMCO Group
MARKET COMMENT: Vinod Nair, Head of Research at Geojit Financial Services
A well-tuned budget with strong emphasis on consumption and capex has lifted optimism in the market; however, volatility sparked in the latter half as focus shifted back to the Adani saga and FOMC meeting. Life insurance players witnessed heavy selling as the budget pushed for the new tax regime, making insurance products less appealing as a tax-saving tool.
Expert comment: Mutual funds would benefit from change in taxation on insurance companies
I would say the budget was very credible as the numbers presented did not throw up any negative surprises. It shows a clear focus on increasing capital expenditure which shows commitment to drive the future growth. Also, focus on farm economy will lift rural growth. The steps taken to rationalize taxes for individuals and high tax payers is in the right direction and will boost consumption which in my opinion is the need of the hour for the next round of growth. The budget also addressed the ease of doing operation further by giving importance to simplify processes including the current regulatory framework is once again in the right direction to drive new India. Mutual funds would benefit from the change in taxation on insurance companies and change in capital gains limit to buy real estate would augur well for debt funds. Overall, I would rate this budget 10/10.
Views expressed by A.Balasubramanian, MD and CEO of Aditya Birla Sun Life AMC
Expert comment: New tax regime augurs well for consumption-led growth
Based on the framework of inclusive development and infrastructure play, the Union Budget 2023- 24 has laid the roadmap for a sustainable long-term economic pathway. Continuing on the path of fiscal consolidation, the budget has proposed effective measures for progress with enhanced capital outlay and financial prudence. The infra development will boost private investment and spur employment generation. On the other hand, the various skill development and educational programmes will not only enhance employability but also enhance consumption. The new tax regime also augurs well for consumption-led growth. Focus on green energy adoption and adoption of new-age digital technologies will strengthen the sustainable growth agenda.
Views expressed by Vishal Kampani- Non-executive Vice Chairman, JM Financial
Gem stocks climb up to 4% after govt boosts measures for lab-grown diamonds
Auto ancillaries rally after govt pushes for in-house battery manufacturing
Adani Enterprises, Adani Ports, HDFC Life top Nifty50 laggards
ICICI Bank, JSW Steel, ITC top Nifty50 leaders
Broader markets bleed; India VIX drops in red
Barring Nifty FMCG and Nifty IT, all sectors edge lower
SENSEX HEATMAP: 16 out of 30 index constituents close in green
CLOSING BELL: Sensex trims 1,000 pts from day's high, ends at 59,708
CLOSING BELL: Nifty50 slips below 17,650, down over 50-odd points
Comment:: Budget 2023 makes bold promises on an all-inclusive growth.
BLOOMBERG: Credit Suisse's private bank halts margin loans on Adani bonds
>> This is a sign that scrutiny of the Indian tycoon’s finances is growing after allegations of fraud by Hindenburg Research.
>> The Swiss lender’s private banking arm has assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai.
Market Check:: Sensex sinks almost 2,000 pts from day's high in intra-day deals
The Sensex had recouped losses and was almost flat.
Comment:: Budget 2023 will help India remain amongst fastest growing economies globally
Budget 2023 proposals will put India firmly back on the FII's radar, says Andrew Holland
Adani group :: Rout deepens in stocks; Adani Ent, Adani ports, Ambuja Cement worst hit
First Published: Feb 01 2023 | 07:19 AM IST