Interim Budget Special Stock Market Daily Updates

Finance Minister Presents Interim Budget: Market Recap

On the heels of Finance Minister Nirmala Sitharaman’s presentation of the Interim Budget, let’s dive into the key happenings in the stock market.

Market Overview: Steady Performance with Sectoral Variances

The stock markets witnessed a relatively subdued day, with minimal fluctuations. Notable movements included a surge in PSU bank stocks, contrasting with a decline in media stocks.

In the US, the Federal Reserve maintained interest rates, emphasizing a cautious approach towards rate cuts unless there’s heightened confidence in inflation reduction. Subsequently, US markets experienced a dip.

Top Gainers and Losers in NIFTY 50

Top Gainmakers:

  1. NIFTY 50: Notable climb.
  2. Maruti Suzuki: Rs 10,637.95, up by 4.43%.
  3. Cipla: Rs 1,387.65, up by 2.71%.
  4. Power Grid: Rs 265.80, up by 2.51%.
  5. Eicher Motors: Rs 3,933.20, up by 2.44%.
  6. SBI Life: Rs 1,432.75, up by 2.26%.

Top Losers:

  1. NIFTY 50: Showing a decline.
  2. UltraTech: Rs 9,922.30, down by 2.41%.
  3. L&T: Rs 3,398.00, down by 2.35%.
  4. Grasim: Rs 2,128.60, down by 2.13%.
  5. Dr Reddy’s: Rs 5,993.15, down by 2.09%.
  6. JSW Steel: Rs 801.70, down by 2.07%.

Interim Budget Highlights: Infrastructure Boost and Fiscal Goals

The Interim Budget unveiled several significant proposals, including the conversion of 40,000 rail bogies to Vande Bharat standards, the provision of free electricity to 1 crore households through rooftop solar power, and the mandatory blending of Compressed Bio Gas (CBG) in CNG and PNG.

Furthermore, the government aims to reduce the fiscal deficit to 4.5% of GDP by 2025-26.

Quarterly Results: Corporate Performance Snapshot

Titan:

  • Standalone net profit increased by 9.4% YoY to Rs 1,040 cr.
  • Revenue from operations surged by 20% to Rs 13,052 cr.

Adani Enterprises:

  • Net profit soared by 130% to Rs 1,888 cr.
  • Revenue from operations rose by 6.5%, reaching Rs 28,336.4 cr.

Adani Ports:

  • Net profit witnessed a robust 65% growth, reaching Rs 2,208 cr.
  • Revenue from operations increased by an impressive 44.58% to Rs 6,920.10 cr.

Business Developments and Plans

Bain Capital: The investment firm plans to allocate $7 billion for investments in India over the next 3 to 5 years.

Flipkart: In February, Flipkart is set to roll out its same-day delivery services in 20 metro and non-metro cities.

Power and Economy Insights

  • India’s power consumption saw a substantial 6% increase in January 2024, reaching 133.83 Billion Units compared to January 2023.

Stocks in News: Market Reactions and Investigations

  • Paytm: The company anticipates a potential worst-case impact of Rs 300 to 500 cr on its annual EBITDA due to recent RBI actions.
  • India Cements: The Enforcement Directorate initiated searches at its Chennai office in connection with an investigation into potential violations related to foreign exchange regulations.
  • Deepak Nitrite: A fully-owned subsidiary of Deepak Nitrite, Deepak Chem Tech, signed an agreement with the Gujarat government for an investment of approximately Rs 9,000 cr for projects in Dahej.
  • Coal India: Reported a notable 9.1% increase in coal production, reaching 78.4 million tonnes in January 2024 compared to 71.9 million tonnes in January 2023.

Market Indicators: One Day Changes and Long-Term Returns

One Day Change:

  • Gold: ₹62,674, down by 0.18%.
  • Silver: ₹71,246, down by 1.42%.
  • USD-INR: ₹82.99/USD, down by 0.09%.
  • Dow Jones: 38,150.30, down by 0.82%.
  • Nasdaq: 15,164.01, down by 2.23%.

Long-Term Returns (Past 20 Years):

  • Sensex: Up by 13.57% p.a.
  • Nifty: Up by 13.35% p.a.
  • Dow Jones: Up by 6.67% p.a.
  • Nasdaq: Up by 10.48% p.a.

Read More Stock Market Daily Updates

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