CLOSING BELL: Sensex, Nifty Tumble After Gaining Spree Post-Budget. Adani Enterprises Falls 26%
At close, BSE Sensex was trading 158.18 points up at 59,708.08 and Nifty50 was trading 39.95 points down at 17,622.20.
New Delhi: Indian indices opened on a bright note today ahead of the budget announcement and the streak was continued throughout the session, and finally Sensex jumped over 1000 points after Finance Minister Nirmala Sitharaman concluded the presentation of Union Budget 2023-24. However, after the initial jump, both Sensex and Nifty have fallen with Bajaj Finserv, SBI and Sun Pharma leading the dip.
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At close, BSE Sensex was trading 158.18 points up at 59,708.08 and Nifty50 was trading 39.95 points down at 17,622.20.
“It was no different on the Budget day as markets once again were extremely volatile and Sensex gyrated nearly 2,000 points intra-day. However, at one point during the Budget presentation, benchmark index had vaulted neary 1200 points but a rout in the Adani group stocks and nervousness ahead of the important Federal Reserve meet on interest rate punctured the rally and saw the index end mixed. Technically, the Nifty has formed a long-legged Doji candlestick on the daily chart, which is indicating an indecisive trend. Now 17750 will act as a resistance and below the same the index may retest 17400-17350 levels. On the flip side, above 17750 we can see a continuation of a pullback rally till 17850-17900. On dismissal of 17350/58700, it will slide further towards 17250-17200”, said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
SENSEX TOP GAINERS
- ICICI Bank: 2.43 per cent
- Tata Steel: 2.45 per cent
- ITC: 1.34 per cent
- HDFC Bank: 1.34 per cent
- L&T: 1.31 per cent
- TCS: 1.27 per cent
SENSEX TOP LOSERS
- Bajaj Finserv: -5.65 per cent
- SBIN: -4.80 per cent
- IndusInd Bank: -3.88 per cent
- M&M: -1.91 per cent
- Sun Pharma: -1.75 per cent
- Maruti Suzuki: -1.46 per cent
NIFTY TOP GAINERS
- ICICI Bank: 2.18 per cent
- JSW Steel: 2.09 per cent
- ITC: 2.06 per cent
- Tata Steel: 1.96 per cent
- Brittania: 1.68 per cent
- Cipla: 1.48 per cent
NIFTY TOP LOSERS
- Adani Enterprises: -26.70 per cent
- Adani Ports: -17.73 per cent
- HDFC Life: -10.79 per cent
- SBI Life: -8.61 per cent
- Bajaj Finserv: -5.45 per cent
- SBIN: -4.79 per cent
Live Updates
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Budget 2023:“Centre hikes import duty on silver products in line with gold and platinum, there are no changes in Gold duty in this budget. FM announced 14.35% import duty on Silver Dore which early was 9.21%. Now due to this physical silver in India now gets costlier for Indian buyers.On the MCX platform there should not be any effect as import duties are excluded from Gold and silver future prices.We expect prices to come down in the future market so no fresh buying is suggested. Investors or traders should only buy Gold above $1950 and silver $24.61 (in international spot level)”, said Rahul Kalantri, VP – Commodities, Mehta Equities Ltd.
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Budget 2023:“Key focus area of this budget was to improve the competitiveness of Indian manufacturing sector in the global market. In line with last few year budgetary allocation this year also there is an increase in govt. capital expenditure on infrastructure to 10 lac. Cr. increase of 33% compared to last year. This will reduce the logistic cost for the manufacturing sector and make it more viable to do local manufacturing. Doing away with number of compliances to improve the ease of doing business.Several custom duties on imported raw material for electronic item manufacturing has been reduced to increase the value addition done by the domestic manufacturing. The path is towards making India the global export hub for the manufacturing sector.Increase in allocation for Education & Health sector is an investment in social infrastructure to make the labour availability more skilled and efficient. The benefit given to Small & Medium Enterprises as they are the backbone in the eco system of manufacturing sector. Boosting Tourism sector investment is the key opportunity for the services sector to grow with vast cultural & historical heritage that India has got, but not been tapped to the full extent.Better terms of credit availability to the agriculture is a step in the right direction as food security is a key element in light of the geo-political tensions .Reduction in the personal income tax rate is the step in the right direction as it with improve compliance and thus increase collections. All these budgetary measure have been taken keeping in mind the fiscal glide path of reaching 4.5% of GDP as the deficit by 2025,” said Sharad Shukla, Independent Director – Mehta Equities Ltd
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Budget 2023:
“Union Budget 2023 remains consistent with the Government’s growth agenda and aims at small initiatives to achieve a large and lasting impact on the economy in the future. I see three key pillars to this budget that will propel financial inclusion and improve the appetite for financial products in the country. First, the focus on digitisation. The government will expand the documents used for digilockers (both for individuals and entities) to broaden the digital public infrastructure. In other words, access to info would be quick and secure, enabling millions to initiate their financial journeys. Second, the sustained steps taken towards ease of doing business – especially for the MSME sector. The sector continues to be the spine of the Indian economy, and steps such as Vivaad Se Vishwas, Credit Guarantee, expansion of skill India digital platform and increase in presumptive taxation would go a long way in further strengthening the sector. In the end, the third one is taxation relief up to Rs. 7 lac of annual income. This in turn would also lead to improving the narrative of investing and insurance in the country”, said Kunal Jhunjhunwala, Founder and MD, Airpay
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Budget 2023:
“The Union Budget was pragmatic, considering that the government has a tight rope between managing fiscal deficit and giving some relief to residents from high inflation. Higher capex spend, road-map to reduce fiscal deficit and boosting consumption will provide a major leg-up to the economy, especially at a time when the global growth has been hit hard by slowdown and recessionary fears. Finally, the overhauling of the income tax structure should add more money into the hands of the middle-class taxpayers that would give a boost to consumption and increased allocation towards several investment options. Overall it would leave more people with extra money in their hands and a smile on their faces,” said Srikanth Subramanian, CEO, Kotak Cherry.
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Budget 2023:
“The government’s dedication to the ‘green growth’ approach promoting environmental sustainability, as emphasized by Finance Minister Nirmala Sitharaman in the recent Union Budget 2023, is a commendable development. The emphasis on reducing carbon footprint and generating employment through green growth initiatives displays a deep comprehension of the interdependence of the environment and the economy. The 7 main priorities, referred to as “Saptrishi,” will drive sustainable and environmentally friendly economic development and this, truly is in the direction of India seeking a leadership role in mitigating the global climate crisis. Budget is very positive for the rural economy as it’s talking about investments and credit schemes in agriculture, fishery, cattle etc and this would increase income for rural folks and now they may have higher capacity to have L5 ( e rickshaw for commercial purposes) and better capacity to repay EMIs. Customs duty exemption is being extended to imports of capital goods and machinery required for the manufacture of lithium-ion cells for batteries used in electric vehicles to further boost green mobility,” said Mr. Sameer Aggarwal, CEO & Founder, Revfin
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Budget 2023:
“From an ease of doing business perspective, this looks like a dream budget clearly acknowledging that ease of compliance is a key economic lever. It signals a technology-led transition towards paperless compliance. I am particularly excited about numerous references to ease of compliance via rationalisation and digitisation in the budget speech. While I eagerly await the fine print, continued focus on decriminalization of employer compliance via the Jan Vishwas bill is expected to mitigate deeply ingrained colonial hostility against India’s entrepreneurs. There is a clear push towards building a trust based governance model. Extending the scope of Digi-Locker to include business entities is a welcome step towards digitizing compliance. The proposal to use PAN as a common identifier is another great step towards creating a unique enterprise identity. This will eliminate the need to have over 20 different enterprise identities in the current environment. A system of unified filing process is proposed to be set up obviating the need for separate submission of same information to different agencies, reducing inefficiency and duplication of effort”, Mr. Rishi Agrawal, CEO & Co-Founder, TeamLease RegTech
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“India budget 2023 has offered a multi-dimensional view. The 3 Cs which stand out are – Capex increase – consumption boost – capital gains tax status quo. Mindful of the fact that there is hardly any space for fiscal expansion. FY 24 FD is pegged at 5.9% and expected to see progressive reduction by FY 2026. Clearly a bull’s-eye budget satisfying most strata of the society and of course a thumbs up from the market as well,” said Lakshmi Iyer, CEO-Investment Advisory, Kotak Investment Advisors Ltd.
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Budget 2023:“Union Budget 2023-24 has reduced the tax liabilities for middle class individuals with revisions to the number of tax slabs (reduced from 6 slabs to 5 slabs) & increase in the limits within each slab in the new tax regime. Now, an individual with an annual income up to Rs. 3 Lakh will not have to pay any tax (as against an earlier limit of Rs. 2.5 Lakhs). Further, it proposes a 5% tax for Income between 03 – 06 Lakhs, 10% for income between 06 – 09 Lakhs, 15% for income between 09 – 12 Lakhs, 20% for income between 12 – 15 Lakhs and 30% above 15 Lakhs. This will result in around 25% reduction in tax liability for individuals with income up to Rs. 9 Lakhs and around 20% reduction in tax liability for individuals with income up to Rs. 15 Lakhs,” said Mr. Sandeep Agrawal Director & Co-founder Teamlease Regtech.
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BUDGET 2023 LIVE
Personal Income Tax: “The new tax rates are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5%, Rs 6 to 9 Lakhs – 10%, Rs 9 to 12 Lakhs – 15%, Rs 12 to 15 Lakhs – 20% and above 15 Lakhs – 30%, ” says Union Finance Minister Nirmala Sitharaman
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BUDGET 2023 LIVE
Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth within the next 3 years. On job trainings, industry partnerships, and alignment of courses with needs of the industry will be emphasized. The scheme will also cover new-age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D Printing, drones and other soft skills: FM Sitharaman.
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