Ahead of Union Budget 2021 Nifty above 13,700, Sensex 388.62

Finance Minister Nirmala Sitharaman will table the Union Budget 2021-22 in the parliament on February 1 i.e, on Monday and at the same time, Indian indices are reaching their peaks opening with Nifty above 13,700. At 09.16 am IST, the Sensex was up 388.62 points or 0.84% at 46,674.39. The Nifty was up 101.90 points or 0.75% at 13,736.50. About 913 shares had advanced, 347 shares had declined and 74 shares remained unchanged.

Sector performance since last trading day has pushed PSU Bank, Financial Services, Energy, Reality and media to the top performers whereas, IT and Pharma are the low performers at the NSE. At the BSE, S&P BSE Power at 0.55%,  S&P BSE Capital Goods at 0.74%, S&P BSE Realty Index at 0.85%, S&P BSE Oil&Gas at 0.87% and S&P BSE Bankex at 1.68% are the top performers and S&P BSE Healthcare at -0.81% and S&P BSE IT sector at -0.52% are the low performers.

Some major highlights on the opening of the stock market are:

  • Crude oil dealing at 3,823.00 fell by -6.00 (-0.16%) on Feb 1, 9:05 AM and USD$ dealing at 73.10 fell by -0.07 (-0.09%) on the same day at 9:29 AM.
  • ICICI Bank boosts bank index and Q3 profit grows by 19%

  • Nifty Bank index up 1% at 09:34 AM IST
  • L&T Finance to launch rights issue on Feb 1

  • Budget strategy by Motilal Oswal presented at 06:54 AM IST
  • At 06:28 AM IST, Yes Securities showed their views on Budget expectation
  • At 06:02 AM IST, Samco Securities showed their views on Budget
  • KR Choksey presented their views on Budget 2021 at 05:31 AM IST
  • India Gold MCX April Futures rose on the Budget Day tracking positive trend seen in the international spot prices. Silver March Futures rallied by about 6%. On the Multi-Commodity Exchange (MCX), February April contracts were trading higher by 0.53% at Rs 49,597 for 10 grams at 0920 hours. March silver was trading 6% higher at Rs 73,888 a kilogram.
  • Nifty is possibly headed towards the strong support zone of 20-week EMA and 89-day EMA of 13,200 – 13,000. As the Finance Minister is going to present the Union Budget today, the immediate direction would be decided by the outcome of the event. Looking at the price structure, we do not expect Nifty to surpass 14,000 – 14,200 before completing its corrective phase. So, if the market reacts positively after the Budget, 13,800–14,000–14,200 becomes a cluster of resistances and a move towards this should ideally be used to lighten up longs.

  •  Bandhan Bank and Infosys are two trading ideas for the Budget month

  • Shree Cement, ICICI Bank, Tata Motors, Tech Mahindra, Cipla, DLF, Titan Company, IndusInd Bank, Vedanta, Bajaj Healthcare, Jaiprakash Associates, EIH, JK Lakshmi Cement, Sundaram-Clayton, Mahindra Logistics, Rupa & Company, Dr Lal PathLabs are also among the stocks in focus today.

 

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