Markets live: Indices mark biggest gains in history post-Budget; Sensex closes up 2,314.84 points, Nifty at 14,281.20

Stock markets edged higher and the rupee held steady as Finance Minister Nirmala Sitharaman presented the Union Budget in the Parliament where large infrastructure spending was unveiled to boost the pandemic-hit economy. Markets this week are expected to remain volatile as the Budget, macro data and RBI policy would be keenly watched by investors. In the last week, the 30-share BSE benchmark tumbled 2,592.77 points or 5.30 per cent due to profit-booking ahead of the Union Budget. Stay tuned for more updates

Rupee slips 6 paise to settle at 73.02 (provisional) against US dollar

The markets mark their biggest gain in history. Sensex closes up 2,314.84 points (5.00%), Nifty at 14,281.20

The previous best was on May 18, 2009, when UPA 2 was re-elected to power and Sensex had surged 2,111 points.

Finance Minister addresses press conference after Budget presentation in Parliament

Budget 2021 comes at a time when all of us desire to give greater impetus to the economy, we thought this impetus would be qualitatively spent well and give the needed demand push if we spend big on infrastructure: Finance Minister

PM Modi hails Union Budget 2021

Nifty Bank at record high

Nifty Bank is at an all-time high as markets cheer the Union Budget 2021. ICICI Bank, HDFC Bank, Kotak Mahindra Bank andState Bank of India biggest contributors to Nifty Bank's rally.

Insurance stocks zoom up to 12% after govt proposes to increase FDI cap in sector

Shares of companies related to the insurance sector jumped up to 12 per cent on Monday after the government proposed to increase foreign direct investment (FDI) limit in the insurance sector to 74 per cent.

The New India Assurance Company zoomed 11.85 per cent, General Insurance Corporation of India jumped 8.78 per cent and ICICI Prudential Life Insurance Company gained 6 per cent on BSE.

Further, HDFC Life Insurance Company gained 5.19 per cent, ICICI Lombard General Insurance Company gained 3.96 per cent and SBI Life Insurance Company 3.74 per cent. (PTI)

M&M posts 50 pc rise in Jan tractor sales at 34,778 units

Mahindra & Mahindra (M&M) on Monday reported a 50 per cent increase in total tractor sales at 34,778 units in January 2021.

The company had sold 23,116 tractors in January 2020, M&M said in a statement.

Domestic sales in January were at 33,562 units as against 22,329 units during the same month of last year, it said.

Absence of Covid-tax, surcharges a great relief: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"This is indeed a bold growth-oriented budget. Absence of the much-feared Covid tax and the surcharges on Income Tax is a great relief. Privatisation of two nationalised banks and proposal of monetisation of assets like land are clear positives," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

"Raising FDI in insurance from 49 per cent to 74 per cent is welcome.Marketresponse to the budget reflects growth optimism. In brief, the FM has presented a pragmatic, bold and visionary budget in these difficult times," he added.

PTI

'FDI increase in insurance is a big change'

FDI in insurance being increased to 74% is a big change. The immediate impact will be for the big joint ventures to re-think their strategy in India with their domestic partners. How soon the Insurance Act will be amended to reflect these changes will, of course, remain to be seen: Shoubhik Dasgupta, Counsel Pioneer Legal

Budget 2021 | FY22 divestment target at Rs 1.75 lakh cr

The government on Monday budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one insurance company, in the next fiscal year.

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Mahindra total sales dip 25 pc in January

Auto major Mahindra & Mahindra (M&M) on Monday reported 25.49 per cent decline in total sales at 39,149 units in January.

The company had sold 52,546 units in the same month last year, M&M said in a statement.

In the domesticmarket, passenger vehicle sales were up 4 per cent to 20,634 units last month, compared to 19,797 units in January 2020.

Here are the top losers on Sensex:

After Nirmala Sitharaman's Budget speech, here are the top gainers on Sensex

Budget is proactive to infuse capital of Rs 20k to PSU Banks: KPMG India

To address concerns around asset quality, credit loss and liquidity stress, this budget has been proactive to infuse additional capital of INR 20,000 cr to PSU Banks for providing continued credit access to wholesale and retail borrowers, and therefore push growth agenda:Rajosik Banerjee, Partner and Head, Financial Risk Management, KPMG in India

Bad bank for stressed asset causes jubilations in Bank stocks. Nifty Bank surges by 5%

Hyundai sales up 16% in January at 60,105 units

Hyundai Motor India Ltd (HMIL) on Monday reported a 15.6 per cent increase in total sales at 60,105 units in January. The company had sold 52,002 units in the same month last year, HMIL said in a statement. Domestic sales were up 23.8 per cent to 52,005 units as against 42,002 units in January 2020, the company added.

Exports however declined by 19 per cent to 8,100 units in January as compared with 10,000 units in the same month of 2020.

"The company has made a strong beginning to the calendar year 2021 by registering high double-digit growth in the month of January. The growth momentum has been achieved on account of great customer pull for recently launched products like the all new Creta, new Verna and the all-new i20," HMIL Director (Sales,Marketing& Service) Tarun Garg said.

PTI

Record GST collections in last few months; govt to take every possible measure to reduce anomalies: FM

The fiscal deficit in 2021-22 is estimated to be 6.8% of the GDP: Finance Minister Nirmala Sitharaman

Meanwhile, here are some of the announcements by Sitharaman

- Senior citizens above 75 years of age exempted from filing ITR.

-States to get 41%share of taxes as per 15th Finance Commission recommendation; govt has accepted the recommendation

- Time limit reduced forreopening of assessments (tax assessments) to 3 years from the present 6 years.

Non-resident individuals with entrepreneurial potential are now enabled to set up One Person Companies (OPC) with no paid-up capital and turnover restrictions, reducing registration timeline from 182 days to120 days. Earlier only Indian resident citizens were permitted to set up OPCs. This would be attractive to the Indian Diaspora”, said Tapati Ghose, Partner, Deloitte India

Pharma stocks see a decline on BSE

Pharma stocks were down68.03 points as Finance Minister announced a slew of measures for thehealthcare industry.

Infra stocks in focus as govt increases allocation in infra projects

Finance Minister Nirmala Sitharaman in her Union Budget 2021 speech announced a National Bank for Financing Development (NaBFID) to help in the process of infrastructure financing in the country.

Benchmark indices hold on to their gains as Finance Minister announces various schemes in the Union Budget 2021.

At 12:17hrs IST, the Sensex is up 649.40 points or 1.40% at 46,935.17, and the Nifty up 193.20 points or 1.42% at 13,827.80. About 1553 shares have advanced, 946 shares declined, and 143 shares are unchanged.

Budget 2021 Live: Amid ongoing farmers protest, agriculture credit target increased to Rs 16.5 lakh crore

Click here for latest updates on Union Budget 2021

DLF shares gain nearly 5 pc post Q3 earnings

Shares of DLF on Monday jumped nearly 5 per cent after the realty major reported a 9 per cent surge in consolidated net profit for the third quarter of the current financial year and clocked 40 per cent rise in sales bookings.

Reacting to the encouraging earnings, the stock climbed 4.77 per cent to Rs 267.60 on BSE.

On NSE, it gained 4.79 per cent to Rs 267.70.

FM says definition of small companies to be revised by raising capital base to Rs 2 cr from current limit of Rs 50 lakh

Disinvestment ofBPCL, Air India, Shipping Corp, BEML, Pawan Hans, Nilanchal Ispat to be completed in FY22.

A new chapter for investor protection: FM

"With a focus on Aatmanirbhar Bharat, the announcement of establishment of 7 textile parks by Modi government in Budget 2021 should be welcomed with open arms. It's a big boost for the local textile industry. And, this will help India become a world leader in the textile sector," says Anuj Mundra, Chairman and MD, Nandani Creation

For a 5-trillion dollar economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains: Finance Minister Nirmala Sitharaman.

New economic corridors announced in Budget to boost road infrastructure

Govt to provide Rs 35,000 cr for Covid-19 vaccination in 2021-22; committed to providing more funds, says FM

Nifty Auto index gains 0.25% as FM updates on scrappage policy

Budget 2021 provides every opportunity for economy to capture pace and grow sustainably: FM Nirmala Sitharaman

Only three times, the budget has followed contraction, says FM

Tata Power gets LoI from OERC to operate power distribution system in north-eastern Odisha

Tata Power on Monday said that it has received a letter of intent (LOI) from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in the north eastern part of the state.

The company has received the LOI from OERC for Odisha's five circles of NESCO constituting the areas of Balasore, Bhadrak, Baripada, Jajpur and Keonjhar, Tata Power said in a regulatory filing.

Budget 2021 Live: FM Nirmala Sitharaman delivers Budget Speech in Parliament

Finance Minister Nirmala Sitharaman's digital 'bahi khata' gets Cabinet nod. FM Sitharaman is delivering the Budget Speech using her digital 'bahi khata' this year. The finance minister ditched the traditional 'bahi khata' in the wake of Covid-19 pandemic. Track this blog for latest updates on Budget 2021 announcements, analysis and more.

Stay tuned for latest updates on Union Budget

Sensex surges over 550 points, Nifty above 13,780

At 10:53hrs IST, the Sensex is up 565.93 points or 1.22% at 46,850.51, and the Nifty was up 137.85 points or 1.01% at 13,772.45. About 1240 shares have advanced, 1003 shares declined, and 124 shares are unchanged.

Here are the top gainers and losers of Nifty:

India's Jan factory activity hit 3-month high, job cuts subside

India's factory activity expanded at its strongest pace in three months in January, fuelled by a continued recovery in demand and output, according to a private survey which also showed firms cut jobs at the slowest pace in 10 months.

The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, rose to 57.7 in January from December's 56.4, above the 50-level separating growth from contraction for the sixth straight month.

Sub indexes tracking new orders and output rose to their highest since October, indicating strong growth in demand.

Here are the top losers of Sensex:

There's room for positive surprise for bonds: Anindya Banerjee

"Generally budgets create a negative sentiment from the financing numbers. This time around, since 2020 was such a washout year, all the negatives are priced in," said Anindya Banerjee, vice president at Kotak Securities for currency and fixed income. "All in all, the actual borrowing numbers could actually be less than the street estimates, and the fiscal deficit could be a tad lower than what the consensus is, so there's room for a positive surprise for bonds and a definite positive for the rupee," he added.

Reuters

Here are the top gainers of Sensex:

Industry expecting announcement of bad bank in the budget, along with a holding company for PSBs

Meanwhile, Rupee up 6 paise against US Dollar at 72.89 in early trade at the Interbank Forex Market

Budget 2021 key to address India's banking mess

India's crucial banking and financial sector,which any government would find difficult to ignore,isstaring at a continued mess.

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India’s tax collection has shown an uptick lately as momentum builds in the economy following the lifting of lockdowns to combat the coronavirus outbreak. As a result, analysts believe, FM Sitharaman is likely to peg overall tax revenue at a level greater than the Rs 16.3 lakh crore ($223 billion) budgeted for the current year.

ICICI Bank shares hit record high of Rs 568 on BSE intra-day

Shares of ICICI Bank rallied 6 per cent to hit a record high of Rs 568 on the BSE in intra-day trade on Monday after reporting strong December quarter (Q3FY21) results, with net profit increasing 19 per cent at Rs 4,940 crore, on steady revenue growth. The private sector lender had posted a net profit of Rs 4,146 crore in the quarter ended December 2019 (Q3FY20). The stock surpassed its previous high of Rs 561, touched on January 13, 2021.

Sitharaman replaces Swadeshi 'bahi khata' with tablet as Union budget goes digital

Rupee breaches 100-mark against GBP after 6 years

Ahead of the FM's presentationof the Budget 2021, the Indian Rupee has breached 100-mark against GBP after almost 6 years.

The broader sentiment in the markets, however, is slightly negative. 1055 advances to 1062 declines.

Stocks rise ahead of FM Sitharaman's Budget

Indian market rose on Monday ahead of the federal budget where Finance Minister Nirmala Sitharaman is expected to unveil several measures to bolster the economy following the impact of the Covid-19 pandemic.

The BJP has promised a game-changing budget to revive the virus-hit economy, with Sitharaman likely to increase spending by more than 15 per centin 2021-22, with an emphasis on infrastructure and healthcare, although the nation carries a mountain of debt. (Reuters)

Banks are top gainers

Banks are the top gainers right now. Nifty Bank surges to 31,118.65 up 553.15 (1.81%). Market is awaiting key reforms that could push growth and kickstart the capex cycle in the economy.

Health infra, housing, agri to be focus areas in Budget: Experts

Urban and Rural infrastructure, health infrastructure, housing, agriculture, domestic manufacturing are likely to be the focus areas in the budget, experts suggest.

Sensex up over 300 points, Nifty up 120 points ahead of Budget

Markets opened in the green ahead of the Union Budget 2021. Sensex was up over 300 points and Nifty was at 13758, almost 124 points up.

Sensex opens at 46,617.95 up 332.18 points (0.72%)

Nifty trading at 13,741.40, up 106.80 (0.78%)

All eyes on Budget: Experts

"Now all eyes would be on the Union Budget scheduled on Monday. We believe that the Budget would focus on reviving growth and any disappointment on that front would lead to further correction in the markets," said Ajit Mishra, VP - Research, Religare Broking Ltd, told PTI.

Stock markets are expected to remain volatile in this eventful week as the Union Budget, macro data and RBI policy would be keenly watched by investors, say analysts.

The ongoing quarterly earnings season would also be in focus directing the movement of indices.

"Going ahead, markets may continue to remain highly volatile amidst the ongoing earnings season and the Union Budget 2021. Expectations from the Budget are running high," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd said. (PTI)

FM Sitharaman arrives at Ministry of Finance; MoS Anurag Thakur says the budget will be in accordance with people's expectations.

Track live updates about the Union Budget 2021 here.

FPIs net buyers at Rs 14,649 cr in January

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.

Morningstar India Associate Director (Manager Research) Himanshu Srivastava told PTI, "Given the uncertainty surrounding the Budget, FPIs would have preferred to book some profit at these levels."

Budget, volatility and GameStop short squeeze

Things to watch: Socially engineered short squeeze, and the annual dating ritual between the government and the economy which is the ‘Budget’

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Wall Street gears up for second bout against Reddit traders

Some of Wall Street's largest hedge funds are still licking their wounds after retail traders sought to drive up the prices of stocks that were heavily bet against, resulting in large losses for major investors.

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Markets may continue to remain highly volatile

Indian equity markets posted a second consecutive weekly drop in eight months, with both Nifty/Sensex plunging -5.1 per cent/-5.3 per centto close at 13,635/46,286. Nifty fell for the first time in all five sessions of the week since February last year and has now declined over 1,000 points from its all-time high. The broader market, however, fell less with both Nifty Midcap100 / Smallcap100 down -3.5 per cent/-2.3 per cent.

Read more

Silver catches GameStop retail frenzy, prices soar

Silver prices surged to a five-month high on Monday, silver-mining stocks leapt and coin-selling websites were swamped as small-time investors piled in to the metal, the latest focus of a retail-trading frenzy that has set financial markets on edge.

Organised in online forums and traded with fee-free brokers, such as Robinhood, the phenomenon has driven a 1500 per centrally in the shares of videogame retailer GameStop as the crowd targets assets that big fund managers had bet against. (Reuters)

Australia shares hit 2-mth low on vaccine rollout woes

Australian shares touched a two-month low on Monday, hit by concerns over coronavirus vaccine rollouts and a sluggish economic recovery, following a Wall Street rout last week due to a clash between hedge funds and retail investors.

Falling for the fourth straight session, the S&P/ASX 200 index slid 0.7 per centto 6,561.8 at 0019 GMT, its lowest since December1. (Reuters)

Asian markets on February 1: Japan

Tokyo stocks opened higher on Monday as investors factored in falls on Wall Street and kept their focus on Japanese corporate earnings reports.

The benchmark Nikkei 225 index was up 0.24 percent or 66.18 points at 27,729.57 in early trade, while the broader Topix index edged up 0.18 percent or 3.22 points to 1,812.00.

The dollar fetched 104.71 yen in early Asian trade, against 104.72 yen in New York. (AFP)

Asian markets on February 1: Hong Kong

Hong Kong stocks started Monday morning with small gains as bargain-buyers moved in following last week's rout across world markets.

The Hang Seng Index added 0.62 per cent, or 174.14 points, to 28,457.85.

The benchmark Shanghai Composite Index slipped 0.17 per cent, or 5.90 points, to 3,477.17, while the Shenzhen Composite Index on China's second exchange was barely moved, inching down 0.67 points to 2,334.37. (AFP)

Record GST revenues in January

GST collections surged to an all-time high of about Rs 1.20 lakh crore in January as economic activities picked up after the withdrawal of stringent lockdown restrictions.

Mop-up from the Goods and Services Tax (GST), which is levied when a consumable item is sold or a service such as travel booking rendered, in January was 8 per cent higher than such receipts in the same month of 2020.

In a statement, the Finance Ministry said the January collections were the highest ever since the implementation of the nationwide tax in July 2017. (PTI)

Stock market falls for six days straight ahead of the Budget

Nifty50 has lost over 1,100 points from its highs of 14,753 on January 21. With the Budget 2021 speech only a few hours away, all eyes will be on FM Nirmala Sitharaman.

10 key takeaways from Economic Survey 2021

Watch DH's playlist of Union Budget 2021 videos

Stock markets are expected to remain volatile in this eventful week as the Union Budget, macro data and RBI policy would be keenly watched by investors, say analysts. The ongoing quarterly earnings season would also be in focus directing the movement of indices.