Overnight Digest: Stocks to keep on your radar for February 2

Overnight Digest: Stocks to keep on your radar for February 2

Shreya Chaware
/ Categories: Trending, Mindshare

In Budget 2022, the change was seen in the digital push bundled with the initiative for urban development indicating a pro-growth stance.

On Tuesday, amid the Union Budget 2022-23 presentation, benchmark indices ended in green in the highly volatile session supported by the metal, pharma and capital goods stocks.

The Union Budget with its big tech boost and capex thrust has made use of the fiscal space arising out of robust tax collections to increase growth and revive private capex.

Tata Steel, Sun Pharma, IndusInd Bank, Shree Cements and Hindalco Industries were the top Nifty gainers, while losers included BPCL, IOC, Tata Motors, M&M and SBI Life Insurance.

Keep a watch on these stocks for Wednesday's trading session:

One97 communications - The shares of One97 Communications, Paytm's parent company, jumped more than 6 per cent ahead of Q3FY22 results on Tuesday amid an overall positive sentiment in the market on the day Union Finance Minister Nirmala Sitharaman tabled the Budget 2022. The digital payments company's share closed 4.94 per cent up at Rs 962.15 on BSE.

ITC - The stock has been able to shine showing signs of post-budget cheer on the back of heavy volumes as there were no announcements concerning a hike in taxes made in Budget 2022. The FMCG major hit a seven-week high of Rs 228.80, up 4 per cent on the BSE in Tuesday’s intra-day trade. The share closed 3.5 per cent higher at Rs 227.9 on Tuesday. On a technical note, the RSI, as well as MACD indicators, have given a positive breakout for the stock in Tuesday's trading session.

Infra-related stocks - Budget 2022 has laid a proposed capital expenditure of Rs 7.50 lakh crore, a significant addition of 35 per cent compared to Budget 2021. The stocks of Larsen and Toubro, UltraTech Cement, Oberoi Realty, Adani Ports and Siemens have rallied from 3.8 per cent to 5.8 per cent. Keep a watch on these stocks for Wednesday's trading session.

Aavas Financiers - Catching the limelight, the stock of Aavas Financiers closed 9.45 per cent higher in Tuesday's trading session after Finance Minister Nirmala Nirmala Sitharaman proposed to build 8 million houses under the PM Awas Yojana and allocated Rs 48,000 crore for affordable housing in the Union Budget 2022. The stock of the housing finance company crossed its previous high of Rs 3,068.30, touched on July 6, 2021.

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