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Share Market Warp Up Note as on 01 Feb,2023

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Share Market Closing Note

Market ends mixed amid wild swings on Budget day; FMCG stocks shine

ITC, ICICI Bank, JSW Steel, Tata Steel and Tata Consumer Products were among the top gainers on the Nifty, while losers were Adani Enterprises, Adani Ports, HDFC Life, SBI Life Insurance and Bajaj Finserv.


Topic :- Time:3.00 PM

Todays fall is not due to Budget but due to following news:

Credit Suisse stops accepting bonds of Adanis group amid Hindenburg row.

Nifty will head towards 17200 in coming sessions investors should stay beware. 

Nifty spot if holds above 17420 level on closing basis then expect some pull back in coming session and if it closes below above mentioned level then some sluggish movement can further be observed. 


Topic :- Time:2.00 PM

Nifty has lost of its earlier gains now. Nifty spot if breaks and trade below 17680 level then expect some further decline in it and if it manages to trade and sustain above 17700 level then some upmove can follow.


Topic :- Time:1.30 PM

COPPER Trading View:

COPPER is trading at 785.60. If it manages to trade and sustain above 786 level then expect some upmove in the market and if it breaks and trade below 784.80 level then some decline can follow in the Nifty.


Topic :- Time:1.00 PM

Nifty spot if manages to trade and sustain above 17960 level then expect some further upmove in the market and if it breaks and trade below 17920 level then some decline can be seen in the Nifty. Currently nifty is trading at 17934.


Topic :- Time:12.50 PM

Tax Proposals in thr Finance Minister speech in Budget 2023*

Indirect Taxes

1. Customs duty on goods of textiles, toys, bicycle reduced from 21 to 13%

2. To promote Green Mobility - basic customs duty concession for lithium ion battery

3. To promote Electronics manufacture- relief on customs duty for camera lens and lithium battery  

4. Television - TV panels customs duty reduced

5. Electric kitchen chimney to reduce inverted duty structure from 7.5 to 15 percent

6. Benefit for ethanol blending program and acid program and epichlorohydrine

7  Marine Products- to promote exports - shrimps, etc. Duty on shrimpfeed reduced

8. Basic Customs duty reduced for seeds in manufacture for diamonds

9. Customs duty to increase in silver bars

10. Steel - concessional customs duty on  steel and ferrous products 

11. Copper - concessional customs duty on copper

12. Rubber - concessional customs duty on rubber

13. Cigarettes - increased tax 

Direct Taxes

1. Common IT form and grievance redressal system

2. MSME - avail benefit of presumptive taxation increased to 44AD to 3 crores

Professionals u/s 44ADA - 75 lakhs 

Provided receipt in cash doesnot exceed 5%

3. TDS only on payment for deduction

4.  Co-operatives tax -15%

Higher limit of 2 lakh per member for cash deposit in agricultural banks

Higher limit of Rs. 3 crores on TDS for cooperative societies

5. Startups

To avail startup benefits from 31-03-2023 to 31-03-2024

6. 100 new joint commissioners for appeal

7. S.54 to S.54F capped at 10 crores

8. TDS on Online gaming - 

9. TDS 30% to 20% on taxable portion of EPF

10. Extending funds for GIFT and IFSC

Personal Income Tax

1. Rebate for income upto 7 lakhs u/s 87A in the new tax regime

2. New tax regime from

0-3 lakhs nil

3-6 lakhs- 5%

6-9 lakhs 10%

9-12 lakhs 15%

12-15 lakhs  20%

Above 15 lakhs- 30 %

3. Standard deduction for new tax regime for Rs. 15.5 lakhs or more -52,500

4. Reduction of highest surcharge from 37% to 25% on new income tax regime

5. Limit on tax exemption for leave encashment is increased from 3,00,000 to 25,00,000

6. New income tax regime default regime


Topic :- Time:12.30 PM

SILVER Trading View:

SILVER is trading at 69826. If it manages to trade and sustain above 69900 level then expect some quick upmove in it and if it breaks and trade below 69700 level then some decline can follow. Good buy will be from around 69300 level. Buy on dips recommended for now.


Topic :- Time:12.00 PM

We are in the last leg of the budget announcement now. Expect some wild swings now. Nifty spot if manages to trade and sustain above 17820 level then expect some upmove in the market and if it breaks and trade below 17760 level then some decline can be seen in the market.


Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex gains 400 pts, Nifty around 17,750; banks gain, oil & gas stocks drag

2. FM Nirmala Sitharaman presents Union Budget 2023

3. Manufacturing PMI falls to 55.4 in Jan from 57.8 in Dec, hiring near pause

4. US, India seek joint production of GE jet engines amid push for closer ties

5. Adani groups stock slump worsens as key share sale fails to lift mood

6. Income tax department conducts survey action against drug major Cipla

7. India imported more Russian crude oil than ever in January, shows data

8. Indian Hotels soars 7% on heavy volumes backed by strong Q3 show

9. Adani Enterprises Rs 20,000-crore FPO sails through Hindenburg storm

10. Escorts Kubota rises 16.5% YoY on strong tractor sales data in January


Topic :- Nifty Opening Note

Indian Stock Market Trading View For 01 Feb,2023:

Finance Minister Nirmala Sitharaman will present Budget 2023 today. Expect nifty to react as per news and developments. Nifty to remain highly volatile.

Nifty spot if manages to trade and sustain above 17720 level then expect some upmove in the market and if it breaks and trade below 17620 level then some further decline can follow in the Nifty.

Please note this is just opening view and should not be considered as the view for the whole day.