The benchmark indices rose over a percent with the Nifty hitting a new high of 22,00o but failed to hold on to the gains and ended off the day 's high on February 2. The Sensex was up 440.33 points, or 0.61 percent, at 72,085.63, and the Nifty was up 156.30 points, or 0.72 percent, at 21,853.80.About 1,955 shares advanced, 1,753 declined and 86 remained unchanged.

Embassy REIT, a real estate investment trust, reported a growth in leasing and revenue during the third quarter of 2023. The total leasing of 3.5 million sq ft included new leases and pre-lease deals in Bengaluru. Global companies in BFSI, retail, and tech sectors accounted for most of the leasing. The company also had a strong performance in its hotel portfolio with increased occupancy.

The rupee gained 7 paise against the US dollar, closing at 82.91 due to a strong stock market and a weak greenback. The interim Budget for 2024-25, focusing on fiscal prudence, also had a positive impact. However, profit booking by FIIs and a potential rise in crude oil prices may limit any major gains. The US dollar weakened after the Bank of England kept interest rates unchanged.

The fiscal prudence in the interim budget presented on February 1, characterised by the commitment to adhere to the path of fiscal consolidation and achieving a fiscal deficit target of 4.5 percent of GDP by FY26, was necessary, Finance Secretary TV Somanathan said in a post-budget interview to Moneycontrol. The government has set a fiscal deficit target of 5.1 percent of GDP for FY25.

Hero MotoCorp, which has lorded over the traditional two-wheeler market for decades, is yet to crack the battery-driven scooter market, which it entered last year. However, the company is unfazed and claims it will gain a sizeable market share as it introduces products and services in the electric two-wheeler segment and the government phases out the financial support.

The Interim Budget in India stayed true to its word of prioritizing responsible spending, with a focus on key social and infrastructure milestones achieved in the past decade. The government showed confidence in economic growth, political continuity, and fiscal rectitude by aiming for a lower deficit and showcasing improvements in tax collections and spending mix.

The Sensex and the Nifty saw wild swings on February 2, falling sharply from the day's high due to profit-booking by investors. Analysts expect markets to test higher levels in the days to come, as uncertainties surrounding budget and US Fed's rate meeting dissipate. The Sensex was off 900 points from the day's high of 73,089, while the Nifty lost 227 points after hitting an all-time.

The interim budget's focus on fiscal discipline, infrastructure development, green energy, and research and development presents opportunities for sectors such as banking, clean energy, electronics, travel and tourism, agriculture, and research & development. Winners include banks, clean energy companies, electronics manufacturers, and tourism-related stocks.

IT training company NIIT reported a slight increase in net profit for the December 2023 quarter, with a rise of 0.56% from the year-ago period. Revenue from operations declined by 8.59%. The company is focused on expanding in the BFSI sector and increasing penetration in GCCs while also seeing a sequential recovery in business despite the hiring freeze in the technology sector.

Mahindra Holidays and Resorts saw its share prices rise over 3% on February 2 after a mention of the tourism sector in the budget speech. This sector is expected to see growth, benefiting companies like Mahindra Holidays. The company also reported strong earnings for the quarter ended December 2023, with a year-on-year increase in total income and net profit.

The National Green Tribunal fined CMDA and MRF for violating environmental laws by constructing a factory without proper clearance. The tribunal deemed both parties responsible for the damages caused and directed them to pay penalties. The SCZMA will now recommend proposals to SEIAA instead of granting CRZ clearances themselves in order to avoid further violations.

ICICI Direct predicts a pre-election rally and recommends investors to embrace market dips as a buying opportunity. They expect Nifty to hit 23,400 by June 2024 and suggest minimum returns of 14% in the election year. The brokerage also sees outperformance in PSU banks and recommends SBI, BoB, PNB, LIC Housing Finance, Union Bank, and PNB Housing Finance. In the IT sector, TCS, Infosys, HCL Tech.

Finance Minister Nirmala Sitharaman's interim budget stands out for its clarity of vision, emphasis on robust economic growth and commitment to community welfare. The government has reiterated its dedication to fortifying the backbone of our nation, the farmers, through the budget. It charts a course for equitable and sustainable agricultural expansion by extending direct financial assistance.

The Finance Minister walked away with kudos for not taking the populist route despite this being an election year and, perhaps more impressively, for prioritising fiscal consolidation with realistic assumption. A nominal GDP growth of 10.5% for FY25, with a 5.1% fiscal deficit, a net borrowings of Rs 11.73 crore with a modest 11% increase in capex spend sounds prudent and achievable.

Reported Standalone quarterly numbers for APM Industries are: Net Sales at Rs 74.94 crore in December 2023 down 13.98% from Rs. 87.12 crore in December 2022. Quarterly Net Profit at Rs. 1.19 crore in December 2023 down 74.35% from Rs. 4.64 crore in December 2022. EBITDA stands at Rs. 4.20 crore in December 2023 down 52.11% from Rs. 8.77 crore in December 2022.