Sensex rises 1,197 pts; Nifty cross 14,600 as investors continue to cheer Union Budget

Sensex rises 1,197 pts; Nifty cross 14,600 as investors continue to cheer Union Budget
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Sensex rises 1,197 pts; Nifty cross 14,600 as investors continue to cheer Union Budget

Highlights

Investors continue to cheer the Union Budget 2021-22 as the benchmark domestic stocks on Tuesday, February 2, 2021, surged around two and a half per cent.

Investors continue to cheer the Union Budget 2021-22 as the benchmark domestic stocks on Tuesday, February 2, 2021, surged around two and a half per cent. The BSE Sensex and the NSE Nifty climbed amid positive Asian market cues. The Sensex close above 49,700 mark while the Nifty settled above 14,600 level.

The Sensex gained 1,197.11 points, or 2.46 per cent, up at 49,797.72. The NSE Nifty also jumped 366.65 points, or 2.57 per cent to trade at 14,647.85. The broader market at BSE also jumped but underperformed the Sensex. Nifty Bank gained 1,178.85 points, or 3.56 per cent, to close higher at 34,267.90.

The BSE Mid-Cap index gained 2.26 per cent and the BSE Small-Cap index appreciated 1.59 per cent.

Yesterday, the Sensex and the Nifty skyrocketed around five per cent welcoming Union Budget 2021-22.

Buyers outpaced sellers. On the BSE, 1,755 shares rose and 1,184 shares fell. On the Nifty 50 index, 43 shares advanced and 7 shares declined. The top five gainers on Nifty 50 index were Tata Motors (up 16.93 per cent), Shree Cement (up 7.29 per cent), UltraTech Cement (up 6.98 per cent), SBI (up 6.66 per cent) and UPL (up 5.74 per cent). The top five losers were HDFC Life (down 2.52 per cent), Bajaj Finserv (down 2.23 per cent), Hero MotoCorp (down 1.50 per cent), Hindustan Unilever (down 1.05 per cent) and SBI Life (down 0.93 per cent).

Shares of Indigo Paints hit an upper circuit of 20 per cent at Rs 3129 on the BSE, at a premium of 110% over the initial public offer price of Rs 1490.

COVID-19 update

Total COVID-19 confirmed cases worldwide were at 10,34,18,646 with 22,38,286 deaths. India reported 1,63,353 active cases of COVID-19 infection and 1,54,486 deaths while 1,04,48,406 patients have been discharged, data showed.

COVID-19 relief proposal in the US

A group of 10 Republican senators sent President Joe Biden a letter on Sunday, urging him to consider a smaller, scaled-down COVID-19 relief proposal. His current plan calls for $1.9 trillion in additional fiscal stimulus. The alternative proposal comes after House Speaker Nancy Pelosi said the chamber will move to pass a budget resolution, the first step toward approving legislation through reconciliation. The process would enable Senate Democrats to approve an aid measure without GOP votes.

Economic Data of US

In economic data, US manufacturing activity slowed slightly in January. The Institute for Supply Management (ISM) said on Monday its index of national factory activity fell to a reading of 58.7 last month from 60.5 in December. As the White House and Congressional Democrats press for a $1.9 trillion pandemic relief package that many Republicans say is more than what the country needs or can afford, Federal Reserve policymakers are also split on the issue.

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Thanks and Regards'

Jitesh Kumar Jha

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