In the early morning trade, Asian stock markets were trading in the green with Japan's Nikkei 225 up nearly one per cent. Image: ReutersShare Market on Budget 2021 Live Updates: Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a flat start on Monday, ahead of Union Budget 2021 presentation. Nifty futures were trading 11.50 points or 0.08 per cent up at 13,732 on the Singaporean Exchange. Today, Indian share markets will witness extreme volatility. In the early morning trade, Asian stock markets were trading in the green with Japan’s Nikkei 225 up nearly one per cent. While the Topix index advanced 0.9 per cent and South Korea’s Kospi was up 0.42 per cent. In the overnight trade on Wall Street on Friday, ended lower. The Dow Jones Industrial Average was down 1.32 per cent, the S&P 500 was down 1.26 per cent, and the Nasdaq Composite was down 1.05 per cent.
Union Finance Minister Nirmala Sitharaman will deliver her promised budget like no other that is expected to provide relief to the pandemic-hit common man as well as focus more on driving the economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours.
Highlights
Sanjiv Bhasin, Director, IIFL Wealth, believes that stocks of Divis Laboratories Ltd (Target Rs 4500), Sun Pharmaceuticals (Target Rs 700), ICICI Prudential Life Insurance Company (Target Rs 700), HDFC Life Insurance Company (Target Rs 850), Jindal Steel and Power (Target Rs 375), ACC (Target Rs 2,200) and HCL Technologies (Target Rs 1,250) are likely to be key beneficiaries of Union Budget 2021. Bhasin has recommended to buy these stocks ahead of budget and hold them till Diwali 2021.
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Sensex and Nifty enter this week's trading session with caution after having slipped consecutively for six trading sessions. To add to the jittery nerves of traders, after the fall witnessed last week, will be the Union Budget speech. SGX Nifty was trading 28 points higher during the early hours of trade, hinting at a gap-up start for Dalal Street. Major Asian stock indices were up with gains on Monday morning. KOSDAQ was trading over 2% higher, followed closely by KOSPI. TOPIX Nikkei 225, Hang Seng, and Shanghai Composite were also trading in the green.
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If history is a guide, the recent rough ride for Indian stocks will continue after Monday’s budget. The S&P BSE Sensex index has climbed in the month after budget day on only two of the past seven years since Prime Minister Narendra Modi came to power, while falling or staying rangebound on other occasions. Risks are compounded in 2021 given stretched valuations.
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Foreign portfolio investors (FPI) have remained net buyers to the tune of Rs 14,649 crore in Indian markets in January, amid availability of global liquidity and emerging markets being a preferred destination for foreign funds. According to FPI statistics available with depositories, overseas investors pumped in a net of Rs 19,473 crore into equities but pulled out Rs 4,824 crore from the debt segment between January 1 and January 29.
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Expectations are high that Finance Minister Nirmala Sitharaman will unveil a budget focused on growth. The catalyst that could propel India’s GDP into double digits and on which Nirmala Sitharaman could rely may be infrastructure. “We do believe that the government will go for a growth theme in the budget, to bring the economy back to normalcy and it would primarily focus on the push towards the infrastructure sector,” Ajit Mishra, VP Research, Religare Broking told Financial Express Online.
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On Friday, foreign institutional investors (FIIs) offloaded shares worth Rs 5,930.66 crore, whereas domestic institutional investors (DIIs) lapped up shares worth Rs 2,443.2 crore in the Indian equity market on a net basis, according to the provisional data available on the NSE.
As we step into the new year after a year that was ransacked by the pandemic, eyes will now be glued on Finance Minister Nirmala Sitharaman as everyone gears up for the Union Budget 2021. The Finance Minister has already promised a ‘never before’ like Union Budget.
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BSE Sensex and NSE Nifty 50 tumbled in the last six trading sessions, giving up about a month worth of gains. The massive 6.5% fall in benchmark indices Sensex and Nifty indicates hot money exiting the system ahead of the Union Budget 2021, said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. During the January series, the Nifty 50 index slipped 1.7%. Nifty rollover is at 77% against the three-month average of 78%.
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A total of 37 BSE listed companies including Reliance Capital, Reliance Infrastructure, Castrol India, Coromandel International, among others, that are scheduled to announce their October-December quarter earnings later in the day today.
Domestic equity markets have parted ways with their global counterparts in the first month of 2021. With six consecutive days of losses, Sensex closed the month of January 3.05% lower at 46,285. Even though Sensex did breach a historic milestone in the same month as it crossed the much-awaited 50,000 mark, the benchmark index ended 7.4% lower from there.
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The past year has been really trying for India and the World as a whole. The upcoming Union budget will have provision for many learnings and takeaways which emerged from the pandemic. There were many positives too that were made visible due to the pandemic which especially highlighted the Indian resilience and the ability to bounce back.
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As we step into the new year after a year that was ransacked by the pandemic, eyes will now be glued on Finance Minister Nirmala Sitharaman as everyone gears up for the Union Budget 2021. The Finance Minister has already promised a ‘never before’ like Union Budget. It will also be interesting to see how stock markets perform on the day Union Budget is unveiled this year.
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All eyes are on the Budget for plans on how the government would put the economy again on the growth track while the fight with the COVID-19 pandemic is still on. The government and the RBI have taken several measures in the last year but certain areas still need support to come back to normalcy.
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