Nifty IT has gained momentum with a few announcements for the technology sector in today’s Budget announcement. At the time of the closing bell, IT stocks such as HCL, Infosys, and Tech Mahindra climbed 3 per cent, 2.1 per cent & 1.8 per cent, respectively.

Activity in the F&O market for the weekly expiry on 03-Feb-2022, shows 18000 to act as strong resistance now. 

Robust performance continues, led by good demand in domestic and export markets. Performance in terms of volumes, sales, and profitability was driven by a mix of improved product mix and price realization. 

At the time of the closing bell, the shares of select companies such as Oberoi Realty, DLF, and Sobha were up by 5.8 per cent, 4.25 per cent & 2 per cent, respectively. 

Alkosign Limited became the 360th company to get listed on the BSE SME Platform on February 01, 2022. Alkosign Limited came out with an initial public offering of 27,00,000 equity shares of Rs.10 each for cash at a price of Rs. 45 per equity share, aggregating to Rs. 12.15 crore. The company has successfully completed its public issue on January 21, 2022.  

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 push and capex thrust has used the fiscal space arising out of buoyant tax collections to spur growth and revive private capex. 

The FY22 expenditure was revised to Rs 37.7 lakh crore. Also, the FY22 fiscal deficit is estimated at 6.9 per cent of the GDP. In FY23, the fiscal deficit was pegged at 6.4 per cent of the GDP. Also, the FY23 Capex is targeted at Rs 7.50 lakh crore. FY23 effective Capex was seen at Rs 10.7 lakh crore. The SMEs and the MSMEs have continued to be under stress due to the successive waves of the pandemic, which have not only disrupted their operations but also, impacted demand, particularly in services. The extension and expansion of the ECLGS Scheme to Rs 5 lakh crore is a step in the right direction to provide further liquidity relief to these sectors. Further, the plans to revamp the credit guarantee fund have been announced to make it more effective. New railway routes have been planned, which would benefit SMEs as well as the farmers.   

Higher capex is going to have a positive impact on infrastructure sector.

In the year 2021, the steel sector witnessed a strong momentum and continued its upward pace, aided by a recovery in consumption and a sharp uptick in prices. However, in recent times, the sector faced moderation in prices, largely attributable to a slowdown in Chinese steel production and resultantly, a sharp correction in the global iron ore prices.