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Lower Fertiliser Subsidy, Weak Capex Allocation Drag Stocks; Bajaj Finance Hits Record High
Lower Fertiliser Subsidy, Weak Capex Allocation Drag Stocks; Bajaj Finance Hits Record High
Written by - Fisdom Research
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February 3, 2025
2 minutes
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Market Snapshot
Global markets faced sharp declines, with Dow Jones futures down 1.22%, S&P 500 futures losing 1.4%, and Nasdaq-100 futures dropping 1.7%.
European indices also traded lower, falling over 1%, while Asian markets saw significant losses, with Japan’s Nikkei 225 down 2.5% and South Korea’s Kospi plunging 2.9%
Hong Kong’s Hang Seng slipped 1.4% to 19,942.54, while China’s Shanghai Composite edged lower to 3,250.60, reflecting broader market caution.
Indian equities remained flat post-budget, as gains in consumer stocks—fueled by personal income tax cuts—were offset by weakness in infrastructure stocks due to lower-than-expected investment outlay for FY26.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY IT
0.7
NIFTY AUTO
0.1
NIFTY CONSUMER DURABLES
0.6
NIFTY FINANCIAL SERVICES
-0.2
NIFTY HEALTHCARE INDEX
0.2
NIFTY REALTY
-0.3
NIFTY PHARMA
0.1
NIFTY MEDIA
-0.3
Top News
Fertiliser stocks declined as the government pegged the FY26 fertiliser subsidy at ₹1.68 lakh crore, lower than the revised estimate of ₹1.71 lakh crore for FY25.
Capex-linked stocks, including railway, defence, and infrastructure companies, saw heavy selling pressure, with key stocks dropping up to 9%, as investors were disappointed by the lower-than-expected capex allocation in the Budget.
Bajaj Finance surged over 5% to a fresh high, driven by strong Q3 results and optimism around a potential RBI rate cut, with economists forecasting a 50-75 bps reduction in 2025.
Shreeji Shipping Global files draft papers with Sebi to raise funds via IPO
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
23,200
23,650
Bank Nifty
48,500
50,000
Top Gainers and Losers
Top Gainers
% Change
Top Losers
% Change
BAJFINANCE
5.1
LT
-4.7
SHRIRAMFIN
3.1
TATACONSUM
-3.1
M&M
3.0
HEROMOTOCO
-3.0
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Market Snapshot
