Sensex jumps 814 pts, Nifty ends above 17,300 on FY23 GDP forecast of 8-8.5%

On Monday, the benchmark indices made a jump start to a crucial Budget week. The Economic Survey was tabled by Finance Minister Nirmala Sitharaman on Monday that projected a GDP growth of 8-8.5% for FY23 against 9.2% in the current fiscal year. Sitharaman is scheduled to present the Union Budget 2022 on 1st February at 11:00 AM.

Despite the Survey suggesting a correction in the GDP growth projection for FY23, the Sensex jumped 712 points in opening trade with the help of major gains in Wipro, Bajaj Finance and Infosys. The index surged to a high of 58,257, or over 1,000 points, before settling at 58,014.17, or 1.42% up, amid a positive trend in the Asian markets. Similarly, the Nifty50 briefly went over 17,400, surging more than 300 points, before closing at 17,339.85, 1.39% higher.

The investors were driven by the expectations of measures to boost the capital expenditure and continuation of the investment-driven economic policies. The investors are also hoping that the Budget will reduce the burden of the middle class with tax incentives and other welfare measures to boost consumption.

Of the all stocks on the Sensex, 27 ended in the green. Tech Mahindra, Wipro, Bajaj Finance, Infosys were the top gainers, while Hindustan Unilever, IndusInd Bank, and Kotak Mahindra bank were the top losers. 

In Nifty50, Tech Mahindra, Tata Motors gained, while Kotak Mahindra Bank and IndusInd Bank ended in the negative zone.

On the sectoral front, IT, power, auto, pharma, PSU banks, oil & gas and realty were up 1-3 per cent. 

As Union Finance Minister Nirmala Sitharaman is scheduled to present her fourth Union Budget for the next financial year tomorrow, all eyes would be on how the Centre balances out populist measures while walking the tightrope of fiscal consolidation.

Vodafone has teamed up with Intel Corp and other silicon vendors to design its own chip architecture for nascent OpenRAN network technology, aiming to weaken the grip of traditional telecoms equipment suppliers.

OpenRAN allows operators to mix and match suppliers in their radio networks, posing a challenge to the likes of Ericsson, Huawei and Nokia that dominate the global telecoms equipment market with their proprietary technologies.

-Advance estimates suggest that the Indian economy is expected to witness real GDP expansion of 9.2 per cent in 2021-22 after contracting in 2020-21

-Agriculture and allied sectors have been the least impacted by the pandemic and the sector is expected to grow by 3.9 per cent in 2021-22

-The Services sector has been the hardest hit by the pandemic, especially segments that involve human contact

-Overall, macro-economic stability indicators suggest that the Indian economy is well placed to take on the challenges of 2022-23. Read more

Sun Pharma reported a consolidated net profit of ₹2,059 crore for the December quarter, up 11% from a year ago period. 

The company's revenue from operations came in at ₹9,863 crore for the period under review.

The stock was trading 0.7% higher at 2:00 PM

SaaS-based cold chain aggregator platform Celcius on Monday announced a financial tie-up with Shriram Transport Finance Company (STFC) to fund vehicles and working capital financing for the cold supply chain market.

Under the collaboration, which marks STFC's entry into the cold supply chain segment, the two partners will provide light and heavy commercial vehicles to the cold chain industry.

Shares of Shriram Transport Finance Company were trading 0.51% higher at 01:20 PM

The Survey will be made public after it is tabled in the Rajya Sabha

Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey that details the state of the economy ahead of the government's Budget for the fiscal year beginning April 1, 2022.

It projects an 8-8.5 per cent growth rate for the Indian economy in 2022-23 fiscal year (April 2022 to March 2023).

This compares to 9.2 per cent GDP expansion projected by the National Statistical Office (NSO).

The Economic Survey 2021-22, details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth.

The gross domestic product (GDP) contracted by 7.3 per cent in 2020-21.

The Survey focuses on supply-side issues to improve the resilience of the Indian economy.

The Bengaluru-based Lavelle Networks is a tech startup that specialises in Software-defined Wide Area Network solutions and it serves a range of industry segments.

Its platform has connected several thousands of Indian enterprises from the nation's largest financial institutions to e-commerce networks, a company statement said.

UPL Ltd today reported a net profit of ₹937 crore for the December quarter, up 18% from a year ago. It was ₹793 crore in the same quarter last year.

The company's revenue witnessed a growth of 24% to ₹11,297 crore, led by healthy growth in volumes and better product realizations.

Aditya Birla Sun Life AMC Ltd has announced the launch of Aditya Birla Sun Life Nifty Next 50 Index Fund, an open-ended scheme that will track the Nifty Next 50 Index. The new fund offer (NFO) opened for subscription on Monday and will close on 14 February.

As per the asset management company, the objective of the scheme is to provide returns that closely track the total returns of securities as represented by Nifty Next 50 Index.

To ensure that no one returns home hungry, my govt distributes free ration to the poor every month as part of PM Gareeb Kalyan Yojana. Today India is running world's largest food distribution program; it has been extended till March 2022: President Ram Nath Kovind

TechM (4,65%), Wipro (3.43%), Dr Reddy (3.28%), Infosys (3.15%), HCL Tech (2.75%)

The rupee appreciated 15 paise to 74.92 against the US dollar in opening trade on Monday, supported by the recovery in domestic equities.

However, the surge in the rupee was restricted amid elevated crude oil prices and firm American currency.

Meanwhile, Finance Minister Nirmala Sitharaman will present the Economic Survey 2021-22, later in the day.

At the interbank foreign exchange, the rupee opened at 74.97 against the American dollar, then inched higher to quote 74.92, registering a rise of 15 paise from the last close.

In the previous session, the rupee had settled at 75.07 against the greenback.

I request all MPs, elections keep happening but Budget Session is very important, we need to make it fruitful: PM Modi

With the Budget Session of Parliament commencing on Monday, the government is all set to lay Economic Survey 2021-22 along with Statistical Appendix in both Houses.

Economic Survey 2021-22 and the Statistical Appendix will be laid on the table of the Lok Sabha at around 12.45 pm by Union Finance Minister Nirmala Sitharaman

While it will be tabled in Upper House a few minutes after the House assembles at 2.30 pm.

Sitharaman will lay a copy of the Economic Survey, 2021-22 along with Statistical Appendix both in English and Hindi, mentioned the list of business of Rajya Sabha.

PM Modi addresses media ahead of Budget session. Finance minister Nirmala Sitharaman will table the Economic Survey today and the Union Budget tomorrow.