Budget 2023: Autos, real estate, consumer stocks rally as FM announces tax relief

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February 1, 2023
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Over the past year, consumer companies have been dealing with margin contraction under high raw material cost pressures and lower volume offtake amid inflationary environment

In a major boost to consumption, Finance Minister Nirmala Sitharaman raised the rebate limit on personal income tax to Rs 7 lakh from Rs 5 lakh under the new regime. The move will ensure more money in the hands of consumers and improve demand across sectors, experts said.

Following the announcement, the Nifty Auto gained over a percent, with Bharat Forge, Eicher Motors, Hero Motocorp, Bajaj Auto, Ashok Leyland and Tata Motors rallying between 1 and3 percent.

The Nifty India Consumption index also gained over a percent. Trent, Godrej Consumer Products, Tata Consumer, Page Industries, Asian Paints and Dabur were between 1.5 and 5 percent. FSN E-Commerce Ventures Ltd, the parent of Nykaa, gained 2.45 percent.

The Nifty Realty was up 1.87 percent, with Oberoi Realty, Lodha, Brigade Enterprises and DLF, emerging as yop gainers, trading 2-3 percent higher. The index also got a boost from an increase in allocation for the PM Awas Yojana.

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