Stock market: The Indian equity index was flat closed in the ups and downs session on 1 February (Budget Day). At the end of the trading session, the Sensex rose 5.39 points or 0.01 per cent to 77,505.96 and the Nifty fell 26.25 points or 0.11 per cent to close at 23,482.15. Today, about 2001 shares rose, 1752 shares declined and 121 shares did not change. L&T, India Electronics, Power Grid Corp, Grassim Industries, Cipla Nifty included the most falling shares. While Trent, Maruti Suzuki, Tata Consumer, Eicher Motors, Bajaj Auto were led.
In sectors, the Consumer Durables Index rose by 3 percent, realty index increased by 3.3 percent, auto index gained 1.9 percent, media index rose by 2 percent and FMCG index gained 3 percent. On the other hand, capital goods, power, PSU index fell by 2-3 percent and metal, IT and energy by 1-2 percent. The BSE Midcap index declined by 0.5 percent, while the Smallcap index gained 0.3 percent.
Rupak Dey, Senior Technical Analyst of LKP Securities, says Nifty fluctuations were seen during the budget session. A small candle is made on the daily chart that indicates the state of indifference. The Nifty has got support at 23,280 and as long as it remains above this level, the trend can remain positive.
Manish Jain of Mirah Asset Capital Markets Said that with rationalization of direct tax, it needs to be seen how the government sets target. Overall, FMCG, consumption, retail, realty, auto and budget for new era companies are positive. It is not as good for banking. The increase in total borrowings is negative for banks as it can increase yields that can affect Treasury income.
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Ajit Mishra of Railways Broking It is said that the market fluctuated during the special trading session for the Union Budget and after the recent boom, the market was almost flat. The impact of the Union Budget may continue in the next trading session as well. Its impact can be seen in particular on shares consumed. The Nifty can remain around its existing levels. The market is waiting for the next step of the Nifty over the important resistance located at the 200 DEMA i.e. 22620 level. Apart from this, after the end of the budget event, now the results will be seen again. In such a situation, traders should focus on choosing quality shares and should decide their position accordingly.
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