D-Street welcomes Budget: Sensex jumps 848 pts; Nifty ends near 17,600

Market Closing: Indian indices closed around 1.4% higher on Tuesday. (MINT_PRINT) — Market Closing: Indian indices closed around 1.4% higher on Tuesday. **(MINT_PRINT)**

18 min read . Updated: 01 Feb 2022, 03:21 PM IST Arindam Roy

Market Closing: Sensex ended the day at 58,862.57, 1.46%, or 848 points, higher. Nifty ended at 17,576.85, up 237 points, or 1.37%, as volatility prevailed post Budget announcements. Metal, pharma, IT did well, while auto and oil & gas ended today's session in the red.

Indian share markets gave a thumbs up to the Union Budget on Tuesday, ending the session on a positive note. Finance minister Nirmala Sitharaman, who presented her fourth Budget in Parliament today, made announcements to boost growth amid continued disruption from covid-19 pandemic and rising inflation. The Budget pegged the fiscal deficit for FY22 at 6.9% and announced new investments in the infrastructure sector to boost the economy. The Budget also proposed a new digital rupee based on blockchain technology, and a 30% tax on virtual digital assets. Sitharaman also said the 5G spectrum auction and rollout will happen in FY23.

You can read all the updates and detailed analysis of the Union Budget 2022 here. Click to read

01 Feb 2022, 03:49:12 PM IST

Sensex jumps 848 points, Nifty ends close to 17,600

On Tuesday, the benchmark indices made a jump start ahead of the presentation of the Budget.

The Sensex soared 600 points in opening trade with the help of major gains in Sun Pharma, ITC, and Infosys. The index surged to a high of 59,032.20, or over 1,000 points, before settling at 58,862.57, 849.40 points higher, amid a slight volatility on account of the Budget announcements. Similarly, the Nifty50 jumped above 17,600, surging close to 300 points, before closing at 17,576.85, or 1.37%, higher.

According to market experts and investors, the Budget was a growth and infrastructure oriented Budget which ticked all the correct boxes. The enthusiasm reflected on almost across all the counters. Among the stocks on the Sensex, Tata Steel surged over 7.2%, Sun Pharma 6.7%, and IndusInd Bank 5.65%. Textile stocks also soared after the Budget incentivized exports. Other stocks that performed well are L&T, ITC, Ultratech, Infosys. On the other hand, M&M, Bharti Airtel, SBI, PowerGrid, Reliance were among the losers.

On the Nifty50, Tata Steel, IndusInd Bank, Sun Pharma were among the top performers, while BPCL, Tata Motors, IOC were among the losers. On the Sensex, 7 out of the 30 stocks ended the day in the negative zone.

Pharma, metals, realty, IT, FMCG stocks led the gains, while auto and oil & gas dragged.

01 Feb 2022, 03:21:17 PM IST

Budget 2022 is full of possibilities for more investments, more infrastructure and more jobs: PM Modi

01 Feb 2022, 03:03:23 PM IST

8 Sensex stocks in the red

01 Feb 2022, 02:44:02 PM IST

Metal stocks outshine

01 Feb 2022, 02:40:40 PM IST

Tata Steel jumps 7%

01 Feb 2022, 02:31:41 PM IST

75 Digital Banking units to be setup in 75 districts by scheduled commercial banks

Union Finance Minister Nirmala Sitharaman on Tuesday announced the introduction of Digital Rupee which will be issued by the Reserve Bank of India starting 2022-23, along with the setting up of 75 digital banking units in 75 districts by scheduled commercial banks.

Sitharaman, as per a release of Union Finance Ministry, said that in recent years, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country, and the government has been continuously encouraging them to ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner.

01 Feb 2022, 02:26:56 PM IST

ITC up 3%: No rise in taxes of cigarettes, tobacco products

01 Feb 2022, 02:19:37 PM IST

Use of ‘Kisan Drones’ will be promoted for crop assessment, digitization of land records, spraying of insecticides, and nutrients: FM

01 Feb 2022, 02:10:40 PM IST

The procurement of wheat in Rabi 2021-22 and the estimated procurement of paddy in Kharif 2021-22 will cover 1208 lakh metric tonnes of wheat and paddy from 163 lakh farmers, and 2.37 lakh crore direct payment of MSP value to their accounts.

01 Feb 2022, 02:08:55 PM IST

Unispiring, unimaginative, unrealistic: Manish Tewari on Budget 2022

Budget 2022-23

Insipid

Unimaginative

Uninspiring

Unrealistic

Unimplementable
— Manish Tewari (@ManishTewari) February 1, 2022

01 Feb 2022, 02:07:16 PM IST

This is a PM (Does Not) Care Budget: Derek O'Brien

Diamonds are this government’s best friend.

For the rest— farmers, middle class, daily earners, unemployed— this is a PM (Does Not) Care #Budget2022
— Derek O'Brien | ডেরেক ও'ব্রায়েন (@derekobrienmp) February 1, 2022

01 Feb 2022, 02:02:02 PM IST

Rahul Gandhi slams govt

M0di G0vernment’s Zer0 Sum Budget!

Nothing for
- Salaried class
- Middle class
- The poor & deprived
- Youth
- Farmers
- MSMEs
— Rahul Gandhi (@RahulGandhi) February 1, 2022

01 Feb 2022, 02:00:44 PM IST

Govt pegs total market borrowings in 2022-23 at ₹11,58,719 crore

01 Feb 2022, 02:00:17 PM IST

Disinvestment receipts pegged at ₹65,000 cr next yr; estimates for current year cut to ₹78,000 cr from ₹1.75 lakh cr

01 Feb 2022, 01:59:53 PM IST

Budget has 'zero' for common people, government lost in 'big words signifying nothing': WB CM Mamata Banerjee

01 Feb 2022, 01:56:56 PM IST

‘One Station-One Product’ concept will be popularized to help local businesses & supply chains: FM

01 Feb 2022, 01:49:13 PM IST

Contracts for implementation of Multimodal Logistics Parks at four locations through PPP mode will be awarded in 2022-23: FM

01 Feb 2022, 01:25:44 PM IST

Sensex up 170 points, erased almost 600 points; 12 stocks in red

01 Feb 2022, 01:13:48 PM IST

FM Sitharaman proposes no change in income tax rates and slabs in her Budget for FY'23

01 Feb 2022, 01:11:32 PM IST

Budget 2022: Divestment target for FY23 pegged at ₹65,000 crore

01 Feb 2022, 01:04:32 PM IST

Budget 2022: LTCG

Presently surcharge on long-term capital gain on listed shares and equity funds is capped at 15% but for other LTCG the surcharge us based on total income. Now the FM has proposed cap on all LTCG. - Balwant Jain

01 Feb 2022, 01:00:35 PM IST

India introduces 'crypto tax' of 30 per cent

Union Finance Minister Nirmala Sitharaman announced on Tuesday that income from digital asset transfers will be taxed at a rate of 30 per cent. This move is seen as 'crypto tax'.

Presenting the Union Budget 2022-23 in the Lok Sabha, Sitharaman said gifts received in the form of cryptocurrencies will also be taxed at the same rate.

Cryptocurrencies gifts will be taxed at the receiver's end.

01 Feb 2022, 12:54:27 PM IST

Metal, Pharma lead

01 Feb 2022, 12:53:12 PM IST

New income tax changes announced in Budget 2022. Details here

Taxpayers can file updated ITR within two years of the relevant assessment year, says FM. This is a new provision that will ensure voluntary tax filing and reduce litigation, the FM said. Read full income tax report

01 Feb 2022, 12:50:27 PM IST

Budget 2022: Deficit/Expenditure

* Proposes fiscal deficit of 4.5% of GDP by 2025/26

* Projects fiscal deficit of 6.4% of GDP in 2022/23

* Revised fiscal deficit for 2021/22 at 6.9% of GDP

* Total expenditure in 2022/23 seen at 39.45 trillion rupees

* States will be allowed 4% fiscal deficit to GDP in FY23

* 50 year interest free loans over and above normal borrowing allocated to states

* Scheme for financial assistance to states for capital investment outlay to be 1 trillion rupees in 2022/23

01 Feb 2022, 12:49:19 PM IST

FM's shortest Budget speech may prove to be most impactful: Anand Mahindra

Brevity has always been a virtue. @nsitharaman ‘s shortest budget address may prove to be the most impactful…
— anand mahindra (@anandmahindra) February 1, 2022

01 Feb 2022, 12:46:12 PM IST

Import duty on certain chemicals are being reduced: FM

01 Feb 2022, 12:36:29 PM IST

FM Nirmala Sitharaman ends her Budget 2022 speeech

01 Feb 2022, 12:31:33 PM IST

Nifty50 under 17,600

01 Feb 2022, 12:29:12 PM IST

Top Sensex losers

01 Feb 2022, 12:28:47 PM IST

Top Sensex performers

01 Feb 2022, 12:27:15 PM IST

Market performance

01 Feb 2022, 12:25:00 PM IST

GST collection for January at ₹1.41 lakh crore, highest since inception: FM

01 Feb 2022, 12:21:39 PM IST

Total expenditure in FY23 estimated at ₹39.45 lakh cr; total resources mobilisation to be ₹22.84 lakh cr other than borrowing: FM

01 Feb 2022, 12:20:44 PM IST

To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year: FM Nirmala Sitharaman

01 Feb 2022, 12:20:19 PM IST

I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%: FM

01 Feb 2022, 12:19:50 PM IST

PE/VC invested ₹5.5 lakh crore in startup, expert committee will be set up to suggest measures to help attract investment: FM

01 Feb 2022, 12:19:38 PM IST

Corporate surcharge to be reduced from 12% to 7%: FM Nirmala Sitharaman

01 Feb 2022, 12:18:29 PM IST

For 2022-23, allocation is ₹1 lakh cr to assist the states in catalyzing overall investments in economy: FM

For 2022-23,allocation is ₹1 lakh cr to assist the states in catalyzing overall investments in economy. These 50-yr interest-free loans are over&above normal borrowings allowed to states. It'll be used for PM Gati Shakti-related&other productive capital investments of states:FM pic.twitter.com/WEOgYrkz5U
— ANI (@ANI) February 1, 2022

01 Feb 2022, 12:15:03 PM IST