Budget-rally extends on D-St; Sensex surges 1,197 pts; SBI up 6%, TaMo 17%

The Sensex index reclaimed the 50,000 level in intra-day deals and hit a high of 50,154

Stock market updates: The Indian markets extended their historic Budget-day rally into second day on Tuesday and ended nearly 2.5 per cent higher with financials and realty counters topping the charts. 

Among the headline indices, the S&P BSE Sensex zoomed 1,197 points, or 2.46 per cent, to settle the day at 49,797.7 levels. The index reclaimed the 50,000 level in intra-day deals and hit a high of 50,154 before paring some of the gains. The broader Nifty50 index, meanwhile, topped the 14,600-mark and closed at 14,648 levels, up 367 points or 2.57 per cent.

UltraTech Cement, SBI, HDFC Bank, and L&T surged between 5 per cent and 7 per cent on the BSE and remained the top gainers on the Sensex index. Shree Cement, Tata Motors, and Hindalco, up between 6 per cent and 15 per cent, were the other top gainers on the Nifty50.

The broader markets rallied as well, but, once again, underperformed their benchmark peers. The S&P BSE MidCap and SmallCap indices ended 2.26 per cent and 1.56 per cent higher, respectively.

The Nifty sectoral indices were painted green, with Nifty Auto and the Nifty Realty indices, up 4 per cent each. Meanwhile, the Nifty Bank index surged over 1,179 points to end at fresh closing high of 34,268. The index hit a life time high of 34,652 in the intra-day trade today.
 

Global cues

Global stock markets gained for a second day on Tuesday, spurred by increased optimism about economic stimulus and global recovery, while retail investors retreated from GameStop and their new-found interest in silver.

Positive momentum from Asia carried through to Europe, with the pan-European STOXX 600 edging up 0.9 per cent.

MSCI's world equity index, which tracks shares in 49 countries, was 0.4 per cent firmer after posting its strongest day in three months on Monday.

MSCI's gauge of Asia Pacific stocks outside Japan rose 1.5 per cent, with China's benchmark CSI300 Index climbing 1.5 per cent, helped by easing concerns about tight liquidity and falling cases of new coronavirus infections. Japan’s Nikkei 225 added 1 per cent.

E-mini futures for the S&P 500 index added 0.8 per cent.

(With inputs from Reuters)

4:21 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

The buoyancy continued for the second consecutive session as participants gave a thumbs up to the Union Budget. The rally was largely driven by pro-growth budget announcements and supportive global cues. Also, decent numbers from auto companies aided sentiments. Consequently, the Nifty ended on a strong note, up by 2.6% at 14,648 levels. All the sectoral indices ended in positive with Auto, Banks and Capital goods were the top gainers. The broader market indices traded in tandem and gained in the range of 1.6-2.3%.

 

Now as the budget is behind us, all eyes will be on RBI monetary policy outcome scheduled on Friday i.e. February 5. Meanwhile, as more corporates announce their results, stock-specific volatility would remain high. Markets may see a breather after the recent surge but the bias would remain on the positive side. Participants should maintain their focus on identifying the right opportunities across sectors.

4:11 PM

MARKET CLOSING COMMENT :: Joseph Thomas, Head of Research at Emkay Wealth Management

The markets kept up the momentum gained from a positive budget presented yesterday. The most spectacular movement has been witnessed in the bank index which rallied by almost 3.50 % in today's session compared to a 2.50 % rise in Sensex and Nifty. The rally is broad based and derived its basic premises from the growth oriented proposals in the budget across various key sectors of the economy, putting the highest emphasis on self-reliance and transformation into one of the fastest growing economies of the world

4:00 PM

Market stats :: BSE m-cap nears Rs 197-trillion mark

3:52 PM

SECTOR OF THE DAY :: Auto stocks in top gear; index ends 4% higher

3:51 PM

SECTOR OF THE DAY :: Nifty Bank ends at record closing peak

3:50 PM

Indigo Paint ends 109% higher against issue price of Rs 1,490

3:48 PM

Tata Motors zooms 17%

3:46 PM

Reliance Industries surges in last hour of trade as Future Grp refuses talks with Amazon

3:44 PM

HDFC pares gains partially on 65% YoY decline in Q3 profit

3:42 PM

Sectoral trends on NSE at Close

3:41 PM

Sensex Heatmap at Close

3:39 PM

CLOSING BELL

Among the headline indices, the S&P BSE Sensex zoomed 1,197 points, or 2.46 per cent, to settle the day at 49,797.7 levels. The index reclaimed the 50,000 level in intra-day deals and hit a high of 50,154 before paring some of the gains.

The broader Nifty50 index, meanwhile, topped the 14,600-mark and closed at 14,648 levels, up 367 points or 2.57 per cent.

 

3:23 PM

NEWS ALERT :: Future Group rejects Delhi HC's proposal to enter into talks with Amazon for amicable resolution

>> Says, Future Group is a publicly listed firm; has no deal with Amazon

>> Talks with Amazon wll lead nowhere; have already filed papers with NCLT for deal with Reliance Industries

3:09 PM

Alkyl Amines Chemicals rises over 3% as board approves interim dividend

>> The Board of Directors declared an interim dividend of Rs 10 per share of Rs 5 each for the financial year 2020-21. The Record Date for the interim dividend is fixed at February 15, 2021.

2:56 PM

RESULT REACTION:: HDFC climbs off day's high, but still up 3%