The capex-led growth-oriented Budget augurs well for the Indian equity market, according to market watchers.
Shares of leading jewellery maker Titan Company touched an intraday high of Rs 2,416.75, rising 2.37% on BSE.
Finance Minister Nirmala Sitharaman presented the Union Budget 2022 on Tuesday. She announced that the surcharge on the long-term capital gains (LTCG) has been capped at 15 per cent.
Union Budget 2022: Buoyed by the announcement, shares of PNC Infratech touched an intraday high of Rs 317.65, rising 7.75% on BSE.
Sensex rose 658 points to 58,672 and Nifty gained 190 points to 17,529. Market cap of BSE-listed firms rose to Rs 266.98 lakh crore today.
Market cap of BSE-listed firms climbed to Rs 267.40 lakh crore today against Rs 264.48 lakh crore in the previous session. This implies a rise of Rs 2.92 lakh crore in investor wealth.
The benchmark indices ended higher today as market participants reacted positively to the announcements made by Finance Minister Nirmala Sitharaman in Union Budget 2022.
On Monday, the Indian equity market closed in the green ahead of the Union Budget 2022. Sensex zoomed 813 points to 58,014 and Nifty rose 237 points to 17,339.
With the rapid vaccination drive, robust high-frequency data and robust liquidity, the benchmark BSE Sensex gained over 19.37 per cent since the last Budget, or February 1, 2021.
The countdown for Budget 2022 has begun and like everyone, stock market experts also have a voluminous list of expectations from Finance Minister Nirmala Sitharaman.
Sensex which closed at 61,308 on January 17 stands at 56,718 today, down 4,590 points in just seven sessions.
In an interaction with Business Today, Swati Kulkarni, executive vice president and fund manager-equity, UTI AMC shared her view on the upcoming Budget and Indian equity market.
Select market watchers believe that the government’s focus will be on economic revival by increasing spending and need-based capital expenditure would be the key agenda.
Ahead of the Union Budget 2022, experts are bullish on some sectors and stocks which are expected to outperform going forward.
With the new variant of coronavirus entering India, the economy activity is likely to be adversely affected this year. That will reflect in the stock markets too which have turned volatile ahead of the annual event.
In an interaction with BT, Zerodha co-founder Nikhil Kamath cautions investors about volatility in Indian equity markets this year, and how they should tone down their expectations.
Kamath has urged the government to reduce securities transaction tax (STT), stamp duty and GST in the upcoming Budget.
Furthermore, a higher tax rate of 30% should be levied on the income from the sale of cryptocurrency, akin to winnings from game shows, lottery, puzzle, etc., said Aravind Srivatsan, tax leader & partner, Nangia Andersen LLP.
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