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Sensex jumps over 1,000 points, Nifty above 14,600; banks lead gains

Indian equity markets opened sharply higher on 2 February, extending budget day gains as the government target to revive economic growth through higher spending. Positive global markets also boosted sentiments. As of 9:21 AM, the Sensex was up 1025 points at 49,626.28 while the NSE benchmark Nifty 50 index was higher by 2.12% or 302.05 points at 14,583.25. Broad-based buying was visible in the market with banking stocks leading gains.

Among Nifty stocks, Tata Motors was the top gainer, up 5.80% followed by L&T and HDFC Bank that rallied 5.10% and 4% respectively. SBI, Bajaj Finance, HDFC, UPL, Axis Bank, Tech Mahindra, Hindalco, ONGC, Wipro, UltraTech Cement, Gail, Grasim, ICICI Bank were among the other prominent gainers in the Nifty, rising between 2.31%-2.98%. Except for two stocks, HUL and Hero MotoCorp, the remaining 48 stocks in the Nifty were in the green.

“The budget rightly decided to focus on economic growth by raising expenditure and allowing for a wider fiscal deficit in these pandemic times. Importantly, a far higher spend on capital expenditure is a move in the right direction. Domestic manufacturing is going to be a big growth engine with previous corporate tax reductions, correction of inverted duty structures and a lot more subsidy to come on the PLI front,” said Amar Ambani, senior president & institutional research head, Yes Securities.

The BSE Sensex and the Nifty recorded their best budget day gains in history on 1 February after Sitharaman delivered a landmark union budget. The  BSE Sensex surged 5% or 2,314.84 points to close at 48,600.61 while the Nifty 50 index jumped 4.74% or 646.60 points to settle at 14,281.20. Foreign portfolio investors bought Indian equities worth Rs 1494 crore in the cash segment and were net buyers to the tune of Rs 986 crore in the futures & options segment. They increased their net long position in index futures to 75% vs 63% on the previous day. That’s above the January average of 70%. Domestic institutions sold Indian equities worth Rs 90 crore in the cash market.

Asian shares mostly traded higher on 2 February. Japan’s Nikkei was up 0.77%; China’s Shanghai Composite advanced 0.55%, Taiwan Weighted gained 2.63%. The Hang Seng and Kospi index of South Korea advanced 1.52% and 1.34% respectively. Overnight, US stocks ended higher on 1 February. The Dow Jones index closed 0.76% higher while the S&P 500 and the Nasdaq rallied 1.61% and 2.55% respectively. 

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