BSE climbs 359 points to another record high of 50,614; Nifty 50 ends near 14,900

Benchmark indices surged to new record high levels on Thursday, February 4, 2021, as the euphoria surrounding the Union Budget continued for a fourth trading session. The S&P BSE Sensex added 358.84 points or 0.71 per cent to close at 50,614.75. The Nifty 50 index surged 105.70 points or 0.71 per cent to settle at 14,895.95. Likewise, the Nifty Bank gained 586.35 points or 1.69 per cent to close at 35,344.80.

Buyers outnumbered sellers. On the BSE, 1,860 shares rose and 1,120 shares fell. On the Nifty 50 index, 28 shares advanced and 22 shares declined. The top five gainers on Nifty block were State Bank of India (up 6.55 per cent), ITC (up 6.14 per cent), Bajaj Finance (up 4.96 per cent), Shree Cement (up 4.83 per cent) and ONGC (up 4.77 per cent). The top five losers were Asian Paints (down 1.94 per cent), UPL (down 1.67 per cent), Cipla (down 1.65 per cent), IndusInd Bank (up 1.58 per cent) and Bharti Airtel (up 1.49 per cent).

COVID-19 update

Total COVID-19 confirmed cases worldwide stood at 10,43,89,724 with 22,68,691 deaths. India reported 1,55,025 active cases of COVID-19 infection and 1,54,703 deaths while 1,04,80,455 patients have been discharged, data showed.

With the Coronavirus crisis deepening in Britain, the Bank of England is moving into a supporting role behind the Treasury in propping up the economy. The central bank is due to release its latest decision on Thursday along with a report on how policymakers might push borrowing costs below zero.

IHS Markit India Services PMI

The seasonally adjusted India Services Business Activity Index (IHS Markit India Services PMI) rose from 52.3 in December to 52.8 in January, pointing to a quicker expansion in output. Still, the headline figure remained below its long-run average of 53.3 and was consistent with a moderate pace of growth.

Budget Resolution in the US

In the US, the House passed a budget resolution on Wednesday, a key step as Democrats push toward a vote on a $1.9 trillion Coronavirus relief package. Approval of the measure allows Congress to move forward with reconciliation, through which Democrats can pass an aid bill without Republican support. The Senate is expected to approve a resolution later this week.