Following the introduction of the Union Budget by Finance Minister Nirmala Sithraman, domestic indexes remained strong. With the exception of the auto and PSU Bank indexes, all other indices traded on a firm note.
To summarize here are the major highlights from today’s speech for the union budget 2022:
India will adopt digital money in FY23, according to the Reserve Bank of India.
In FY22, the economy is expected to increase at a rate of 9.2 percent.
The LIC IPO is anticipated to happen soon, according to the FM in his Budget address.
FY23 capital expenditure is scheduled at Rs 7.5 lakh crore, up 35.4 percent year on year.
Any revenue derived from the transfer of digital assets will be taxed at a rate of 30%.
The major equity indexes on the BSE and National Stock Exchange (NSE) gave up some of their intraday gains after Finance Minister Nirmala Sitharaman finished her Budget 2022 address in Parliament, but continued to trade over 1% higher in afternoon trading on Tuesday.
At 1:00 p.m., the S&P BSE Sensex was up 645.79 points, or 1.11 percent, to 58,659.96, while the Nifty 50 was up 178.45 points, or 1.03 percent, to 17,518.30. Both indices began the day over 0.8 percent higher and rose over 1.7 percent during the FM’s budget talk, with the Sensex reaching a high of 59,032.20 and the Nifty reaching 17,622.40.
The Finance Minister’s Union Budget speech threw domestic markets into a tailspin. The Sensex was down 150 points, or 0.30 percent, at 57,870, while the Nifty 50 index was down 70 points, or 0.48 percent, at 17,250. The Bank Nifty index dropped by 0.50 percent. State Bank of India, which declined 3%, was the poorest performer, followed by Maruti Suzuki India, which fell 7%. Reliance Industries was also in the red.
Public bank stocks fell after the Union Budget, causing the Nifty PSU Bank to fall by 2.62% on Tuesday.
Although the Sensex was down from highs, it was still in the green. Indexes hovered around 58,300 and 17400 respectively, as the Nifty 50 index was up nearly 300 points.