Sensex Recoups Budget-Day Losses, Surges Over 1,000 Points In Two Sessions

Sensex: The benchmark indices registered stellar gains of more than 2% as market participants re-assessed the Budget presented by Finance Minister.

Sensex Recoups Budget-Day Losses, Surges Over 1,000 Points In Two Sessions

Sensex has now erased the Budget day fall of 988 points in two sessions.

The benchmark indices registered stellar gains of more than 2 per cent to end at the highs of the day as market participants re-assessed the Budget presented by Finance Minister Nirmala Sitharaman, analysts said. The return of stability on the Asian Street and slide in crude oil prices also aided the sentiment on Dalal Street.

The Sensex ended at 40,789, higher by 917 points or 2.3 per cent and Nifty closed at 11,980, up 272 points or 2.3 per cent. The broader markets also ended on a strong footing; the BSE Midcap index gained 1.3 per cent at 15,487 and Smallcap index added 1.2 per cent at 14,537. All the BSE sectoral indices ended in the green; banking, finance, metal and energy indices led from the front with gains of 2-3 per cent each.

The Sensex has now erased the Budget day fall of 988 points, adding 1,054 points in the past two trading session. The Nifty has gained over 300 points during the same period.

On the global front, the Asian markets, including Hang Seng, Nikkei, Straits Times and Taiwan indices, gained around 1 per cent each, while the Chinese markets eked out gains of half a per cent on hopes that share prices would quickly regain lost ground after the virus gets contained within manageable limits.

Oil also hit 13-month lows; brent crude settled down $2.17, or 3.8 per cent at $54.45 a barrel, as the outbreak of coronavirus curtailed Chinese demand and sparked concerns of potential supply cuts by OPEC.

European shares opened higher on Tuesday, extending their recovery from a sharp selloff last week that was driven by concerns over a virus outbreak in China, with the basic resources sector leading gains.

In results reaction, Punjab National Bank declined 1 per cent to Rs 56 after reporting a loss of Rs 492 crore in the December quarter  on the back of higher provisioning. On the other hand, Titan raced ahead by 7.4 per cent to Rs 1,274 after the company reported a 13 per cent rise in Q3 net profit to Rs 470 crore.

The top gainers on the BSE Sensex were Reliance Industries, HDFC Bank, ICICI Bank, Tata Steel, ITC and Hero Motocorp, gallopping around 3 per cent each. Infosys, ONGC and Maruti Suzuki were the other significant gainers on the BSE. 

On the other hand, Bajaj Auto ended lower by 3.6 per cent at Rs 3,170 and Hindustan Unilever ended with a cut of 1 per cent at Rs 2,155 to buck the momentum on the BSE.

The market breadth was strong. Out of 2,656 stocks traded on the BSE, 1,617 ended higher while 862 closed lower.

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