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Stock markets buoyant post-Budget: Sensex up over 600 points, Nifty crosses 17,500

Stock market indices were strong following the Budget 2022 unveiling.
At 2.02 p.m., the benchmark Sensex was up 613.16 points, or 1.46 percent, to 58,627.33. The wider Nifty was up 174.40 points, or 1.01 percent, at 17,514.25.
“From the market’s perspective, the overall Budget appears healthy because it is focused on growth,” Santosh Meena, Head of Research at Swastika Investments, said. “However, there is some market volatility, which is to be expected on a budget day.”
Technically, 17600-17800 is a supply area for the market and if Nifty manages to cross this zone then we can expect a move towards a fresh all-time high in the coming days otherwise some pullback can be expected towards 17000 level.
The Budget could be a 24hr event then the market will focus on earnings growth and global cues.
ITC is rallying postbudgetas there was no talk related to taxation on tobacco or cigarette which is a positive for the stock because there is always a fear of tax hike and recently WHO recommended 75% tax on Tobacco products.
Technically, 210 is a strong base of the counter and now it is breaking out resistance of 227 that may lead to a move towards 240 level, Meena added.
Rakeshh Mehta, Chairman, Mehta Equities, said, “It’s growth-oriented budget and Capex focused will give boost to the economy. Over all good budget. We are poised for good growth and India will have highest GDP growth rate in the world.
Prasant Bhansali, Director, Mehta Equities, said, Forward Looking Budget, accepting Digital assets, no much changes in taxation, giving options to assessee to file revised return , overall focus is on business and growth
Prashanth Tapse, VP Research, Mehta Equities
No bad news is a good news for Markets. FM Nirmala Sitharaman kept it very simple focusing on long-term growth. – High Hopes and Expectations neutralised.

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