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Budget News

  • Barometers pare gains; Nifty slips below 17,200
  • January 28,2022  14:35
  • The benchmark indices pared gains during mid-afternoon trade as profit booking emerged at higher levels. Weak global cues, ongoing Russia-Ukraine conflict, fears of monetary policy tightening and rising crude oil prices worried investors. Banks and auto stocks were under pressure. The Nifty slipped below 17,200 mark.

    At 14:30 IST, the barometer index, the S&P BSE Sensex, rose 87.54 points or 0.15% at 57,364.48. The Nifty 50 index gained 43.35 points or 0.25% at 17,153.50.

    In the broader market, the S&P BSE Mid-Cap index advanced 1.43% while the S&P BSE Small-Cap index added 1.56%.

    The market breadth was strong. On the BSE, 2,176 shares rose and 1,142 shares fell. A total of 94 shares were unchanged.

    The Budget session of Parliament is set to commence on 31 January 2022 and will conclude on 8 April 2022. The government will present the Budget for fiscal 2022-23 on 1 February 2022. The Economic Survey is likely to be tabled on 31 January 2022 after the president's address.

    On the political front, developments in the upcoming assembly polls in Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur will be closely watched. Polls in all the five states will be held between 10 February 2022 and 7 March 2022 in seven phases. The counting of votes and the result will be declared on 10 March 2022.

    COVID-19 Update:

    India reported more than 2.51 lakh (2,51,209) new coronavirus cases and 627 deaths in the last 24 hours, on Friday. With 627 deaths and 3,47,443 recoveries, active cases declined to 21.05 lakh (21,05,611). The daily positivity rate is now at 15.88%.

    Numbers to Track:

    The yield on 10-year benchmark federal paper fell to 6.742% as compared with 6.746% at close in the previous trading session.

    In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.0575, compared with its close of 75.09 during the previous trading session.

    MCX Gold futures for 4 February 2022 settlement fell 0.12% to Rs 47,852.

    The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.09% to 97.34.

    In the commodities market, Brent crude for March 2022 settlement rose 84 cents at $90.18 a barrel.

    Buzzing Index:

    The Nifty FMCG index rose 1.01% to 36,330.15. The index lost 1.14% in the past trading session.

    United Breweries (up 4.16%), Varun Beverages (up 3.96%), Emami (up 2.91%), Radico Khaitan (up 2.87%) and Tata Consumer Products (TCPL) (up 2.50%) were the top gainers in the FMCG segment.

    Global Markets:

    European shares fell across the board while Asian stocks ended mixed on Friday as global stocks closed out a week of extreme volatility following the U.S. Federal Reserve's monetary policy meeting.

    US stocks gyrated wildly on Thursday as investors juggled positive economic news with mixed corporate earnings, geopolitical unrest and the prospect of a more hawkish Federal Reserve.

    The US economy expanded by 5.7% in 2021. It was the strongest calendar-year growth since a 7.2% surge in 1984 after a previous recession. The economy ended the year by growing at a solid 6.9% annual pace from October through December, the Commerce Department reported Thursday.

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