Sensex Surges Over 1,000 Points, Nifty Above 14,550 Led By Banking Shares

Tata Motors was top Nifty gainer, the stock rose 9% to hit fresh 52-week high of Rs 306.90.

The Indian equity benchmarks extended their Budget-day rally for second straight session wherein the Sensex climbed over 1,400 points to reclaim its important psychological level of 50,000 and Nifty 50 index advanced over 400 points or nearly 3 per cent to trade closer to 14,700. The benchmarks recorded their best performance on a budget day in over two decades after the finance minister announced a slew of measures to revive the pandemic-hit economy. Meanwhile, other Asian stock markets extended gains on Tuesday on increased optimism about stimulus packages and global economic recovery, while retail investors retreated from GameStop and their new-found interest in silver.

As of 9:40 am, the Sensex rose 1,266 points to 49,866 and Nifty 50 index climbed 366 points to 14,646.

Record high spending on infrastructure and healthcare proposed in Budget 2021 and government’s intent to revive the pandemic-hit economy is boosting the investors’ sentiment on Dalal Street, analysts said.

Buying was visible across sectors as all the 11 sector gauges compiled by the National Stock Exchange were trading higher led by nearly 4 per cent gain in Nifty Bank and Financial Services indices. Auto, FMCG, IT, Infra, Metal and IT indexes also rose between 1.5-3 per cent.

Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 climbed 2.34 per cent and Nifty Smallcap 100 index advanced 1.64 per cent.

Tata Motors was top gainer in the Nifty 50 basket of shares, the stock rose 9 per cent to hit fresh 52-week high of Rs 306.90. UPL, HDFC Bank, Axis Bank, HDFC, Bajaj Finance, State Bank of India, Grasim Industries, Mahindra & Mahindra and Hindalco also rose between 3-8 per cent.

On the flipside, Hero MotoCorp, HDFC Life, Hindustan Unilever and Dr Reddy’s Labs were among the notable losers.

The overall market breadth was extremely positive as 1,703 shares were advancing while 487 were declining on the BSE.