Market Budget 2022 LIVE: Sensex jumps 800 pts, Nifty tops 17,500; Banks gain

Budget 2022 Market LIVE Updates: Benchmark Indian equity indices opened higher on Tuesday. Sensex opened at 58,668.55, up 600 points or 1.13%, while Nifty climbed 154 points, or 0.89%, to 17,493.95. Banks were leading in early trade

Indian indices witnessed a positive start on Tuesday. Finance Minister Nirmala Sitharaman will present her fourth Union Budget in Parliament today and investors will be closely monitoring her speech. The indices were lifted on Monday in a pre-Budget rally that saw the Sensex jump more than 800 points, while Nifty50 ended over 200 points higher. In the Asian market on Tuesday, indices in Japan and Australia rose, while China was closed on the occasion of Lunar New Year. In the US, the Dow Jones surged 1.18%, while the S&P 500 closed 1.89% higher on Monday. The tech-heavy Nasdaq gained 3.41%, but is down 14% from a record peak last year.?

Union Budget 2022: Date, time, where to watch and other details

All eyes are now on Union Finance Minister Nirmala Sitharaman who will present her fourth budget today, 1 February.

Budget Session of Parliament

The Budget Session of the parliament will commence from January 31 with President Ram Nath Kovind’s address. The first part of the Union budget session of Parliament will be held from January 31 to February 11 and the second part of the budget session will take place March 14 to April 8.

Budget Date, timings

Union Budget 2022 is likely to be presented at 11 am on 1st February (Tuesday), despite staggered timing for Lok Sabha & Rajya Sabha. The duration of the Budget presentation might range from 90 to 120 minutes. However, in 2020, Sitharaman had delivered the longest budget speech in Indian history which lasted around 160 minutes.

Where to watch Budget 2022

The budget presentation will be broadcast live on Lok Sabha TV. People can also watch the event on various other news outlets and on various social media platforms like YouTube and Twitter.

GST collection in January crosses ?1.30-lakh cr mark for 4th time

The GST (Goods and Services Tax) collection crossed ?1.30 lakh crore mark for the 4th time, with revenue worth ?1,38,394 crore in January 2022, the Ministry of Finance said in a statement today. Revenues for month of January 2022 was 15 per cent higher than GST revenues in the same month last year and 25 per cent higher than the GST revenues in January 2020.

India's budget likely to spur spending to support economic growth

India is likely to step up spending on infrastructure, health services and social programmes in its annual budget on Tuesday, to try to set the economy on a firmer footing as it fights a spike in covid-19 cases and rising inflationary pressure.

Finance minister Nirmala Sitharaman is expected to announce more spending on roads, railways, besides higher subsidies for affordable housing amid growing public criticism over inadequate relief following the economic disruption after the outbreak of pandemic in 2020.

The Economic Survey on Tuesday warned that growing risks of global inflation led by rising crude oil prices could hit the economy, while projecting growth of 8% to 8.5% next fiscal year compared to 9.2% in current fiscal year and 6.6% contraction in the previous year.

The budget comes days before the start of elections in five states, including the most populous, Uttar Pradesh, which could spur Sitharaman to promise higher rural spending and subsidies on food and fertiliser, economists and officials said.

Core sector output grows 3.8% in December 2021

Production of eight core sector industries rose by 3.8% in December last year as against a contraction of 0.4% in the same month last year, according to government data released on Monday.

Barring crude oil and steel, all sectors recorded positive growth in December 2021. The sectors had expanded by 3.4% in November 2021.

The growth rate of the eight infrastructure sectors, including coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity, stood at 12.6% during April-December this financial year as against a negative growth of 9.8% during the same period last fiscal.

Dollar idles after tumble from 19-month peak

The U.S. dollar nursed its wounds on Tuesday following its biggest drop in nearly three weeks against major peers, as Federal Reserve policymakers allayed investor fears of a very rapid tightening of monetary policy.

The Australian dollar remained firm after its biggest jump in eight months overnight ahead of a Reserve Bank of Australia policy decision later on Tuesday, with expectation building that Governor Philip Lowe will capitulate on his prior conviction that an interest rate rise this year was unlikely.

The dollar index, which measures the greenback against six rivals, ticked 0.05% higher to 96.715, barely making a dent in Monday's 0.59% tumble. It was at an almost 19-month high of 97.441 at the end of last week, as investors pondered chances the Fed could raise rates by 50 basis points in March.

Wall Street closed higher on Monday

The Dow Jones Industrial Average rose 1.18%, while the S&P 500 gained 1.89%. The tech-heavy Nasdaq added 3.41%, but has borne the brunt of selling and is down 14% from a record peak last year.

The MSCI World index, while higher on Monday, remains down 6.2% in January - the worst start to the year since 2016. Before Friday's rebound, the index had been headed for its worst January since the global financial crisis in 2008. It last gained 1.8%

Global stocks trade higher at the end of a volatile month

World stocks climbed higher on Monday as investors digested new optimism from the U.S. Treasury's top economist that inflationary pressures should ease in 2022 due to weaker demand for goods, easing supply bottlenecks and a receding coronavirus pandemic.

Wall Street closed higher on Monday, coupled with an earlier rise in European shares, that helped stabilize investor sentiment after a series of volatile sessions.

In a statement released alongside the Treasury's quarterly borrowing estimates, Assistant Secretary for Economic Policy Ben Harris said he expects energy prices to stabilize in 2022, but geopolitical instability could push prices higher.

Still, investors said the backdrop for equities remains uncertain as other central banks tighten policy - the Bank of England is expected to hike rates again on Thursday - and another jolt higher in oil prices adds to inflationary worries.

Budget 2022: US companies look at tax parity, transparency, predictability

American companies having a foothold in India and those planning to expand their business in the fastest growing economy of the world expect “tax parity" in the annual budget to be tabled by Finance Minister Nirmala Sitharaman, the head of a top India-centric US business advocacy group said.

Mukesh Aghi, president, US India Strategic and Partnership Forum (USISPF) said the American companies have high expectations from what Sitharaman would present in her fourth annual budget on Tuesday. The US companies, he noted, are very keen on investing in India as they believe that the fundamentals of the economy remain strong in the country, offer a big market and they would like to diversify given the Chinese risk factor.

Oil edges higher on tight supply and post-pandemic recovery

Oil prices edged higher on Tuesday, trading near seven-year highs hit last week, as investors bet supplies will stay tight, with a limited production hike by major oil producers and a strong post-pandemic recovery in fuel demand.

Brent crude for April delivery was up 14 cents, or 0.2% at $89.40 a barrel at 0150 GMT.

The front-month contract for March delivery expired on Monday at $91.21 a barrel, up 1.3%.

U.S. West Texas Intermediate crude rose 13 cents, or 0.2%, to $88.28 a barrel, having gained 1.5% in the previous day.

The benchmarks hit their highest levels since October 2014 on Friday, at $91.70 and $88.84, respectively. They have gained about 17% in January, the biggest monthly gain since February 2021, amid a supply shortage and geopolitical tensions in Eastern Europe and the Middle East.

Asian stocks climb after tech-led rally in U.S.

Asian stocks on Tuesday harnessed the tailwind from a technology-led rally in the U.S. that was spurred by dip buyers betting this year’s equity rout is going to ebb.

Shares rose in Japan and Australia, which are among the few markets open due to Lunar New Year holiday closures. U.S. futures edged down following the best two-day jump in the S&P 500 and tech-heavy Nasdaq 100 since April and November 2020, respectively.

The U.S. 10-year Treasury yield and the dollar edged up. Oil extended a climb having posted its biggest January gain in at least 30 years, which helped to take the Bloomberg Commodity Spot Index to another record high.

The U.S. equity rebound pared January’s drop in global stocks to around 5%, still the worst monthly performance since the pandemic’s onset in 2020. Waves of volatility have swept across markets after the Federal Reserve pivoted to swifter monetary-policy tightening against inflation than many had expected.

Investors need to “get used to this up and down volatility" as there’ll likely be more of it, Nancy Davis, chief investment officer at Quadratic Capital Management, said on Bloomberg Television.

Fed officials said they want to avoid unnecessarily disrupting the U.S. economy as they prepare to start raising interest rates, showing little stomach for an aggressive 50 basis-point move in March.

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