Sensex Surges 814 Points, Nifty Settles Near 17,350; Tech Mahindra, Tata Motors, Wipro Among Top Gainers

New Delhi: The Indian equity benchmarks rallied on Monday led by buying in all sectors with the Union Budget 2022-23 presentation in focus. The 30-share BSE Sensex surged 814 points or 1.42 per cent to settle at 58,014; while the broader NSE Nifty moved 238 points or 1.39 per cent higher to close at 17,340. Finance Minister Nirmala Sitharaman will present the Budget on February 1.

Mid- and small-cap shares finished on a positive note as Nifty Midcap 100 index jumped 1.57 per cent and small-cap shares moved 1.13 per cent higher.

All sector gauges -- compiled by the National Stock Exchange -- settled in green. Nifty PSU Bank and Nifty IT outperformed the index by rising as much as 2.94 per cent and 2.87 per cent, respectively.

On the stock-specific front, Tech Mahindra was the top Nifty gainer as the stock surged 5.13 per cent to Rs 1,482.95. Tata Motors, Wipro, BPCL and Bajaj Finserv were also among the gainers. In contrast, IndusInd Bank, Kotak Mahindra Bank, Coal India, UPL and Hindustan Unilever were among the losers.

"The bullish movement in the market is still likely to continue after a decisive breakout above the zone of 17,400-17,450 (Nifty). The momentum indicators like RSI, MACD indicate a positive outlook to continue and market breadth to improve further after the decisive level breakout of the resistance zone," said Vijay Dhanotiya, Category Lead- HNI Products at CapitalVia Global Research Limited.

The overall market breadth stood positive as 1,858 shares advanced while 1,675 declined on BSE.

On the 30-share BSE platform, TechM, Wipro, Bajaj Finserv, Infosys, SBI and PowerGrid attracted the most gains with their shares rising as much as 4.88 per cent. IndusInd Bank, Kotak Bank and HUL were among the laggards.

Investors also raised their hopes as the Economic Survey 2021-22 projected economic growth for the current fiscal year (2021-22) at 9.2 per cent. The survey estimated an 8 to 8.5 per cent growth for the next fiscal year.

"The 2022 Economic Survey infuses optimism for what lies ahead. The projection of 8-8.5 per cent GDP growth for fiscal 2022-23 will be led by supply-side reforms and easing of regulations," said Ramesh Nair, CEO, India and Managing Director, Market Development, Asia, Colliers.