Daily Market Analysis 1 February 2022 By Ajit Mishra, Religare Broking
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Below is the Daily Market Analysis 1 February 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets witnessed a roller-coaster ride on the Union Budget day but finally settled with the gains of over one and a half percent. The tone was upbeat from the beginning, taking cues from the global counterparts however a bout of the volatility after the FM’s speech kept the participants on their toes. Finally, the Nifty index managed to close around the day’s high around 17,576 levels. On the sector front, mostly traded in tandem with the benchmark and ended higher. The broader indices too ended in a positive range of 0.6-1.1%.
It’s a pro-growth budget and markets have also given a thumbs-up with decent close. We may see an overhang for a session or two and then the focus would shift back to corporate earnings and global cues. Meanwhile, sectors like infrastructure, housing, agriculture and defence would remain on the participants’ radar post budget for trading & investment opportunities. We recommend keeping a positive yet cautious stance and continuing with hedged positions.
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