Sensex Rallies 848 Points On Budget Day; Nifty Settles Above 17,550; Metal Stocks Outperform

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The overall market breadth stood strong as 1,762 shares advanced while 1,586 declined on BSE.

New Delhi:
The domestic equity indices extended gains to the second straight session led by gains in metal stocks. The 30-share BSE Sensex rallied 848 points or 1.46 per cent to close at 58,863; while the broader NSE Nifty moved 237 points or 1.37 per cent higher to settle at 17,577. Sensex slumped nearly 1,300 points from its intraday high to plunge into red soon after Finance Minister Nirmala Sitharaman concluded her Union Budget 2022-23 speech but staged a quick recovery thereafter in late deals.

Here’s Your 10-Point Cheatsheet To This Big Story:

  1. Metal stocks surged after the Centre proposed to extend customs duty exemption on steel scrap by one year. The move has been taken to provide relief to the secondary steel producers in the MSME (Micro, Small and Medium Enterprises) sector, the Finance Minister said while presenting the Budget.

  2. The overall sentiment also remained positive as the Economic Survey projected that India’s economy will grow at 9.2 per cent in the current fiscal year 2021-22.

  3. Investors’ wealth zoomed more than Rs 6.40 lakh crore in just two straight sessions amid heavy buying interest.

  4. Mid- and small-cap shares finished on a positive note as Nifty Midcap 100 index jumped 1.12 per cent and small-cap ended 0.57 per cent higher.

  5. On the stock-specific front, Tata Steel was the top Nifty gainer as the stock surged 7.64 per cent to Rs 1,166.55. Sun Pharma, IndusInd Bank, Shree Cement and Larsen and Toubro (L&T) were also among the gainers. Nifty Metal outperformed the index by rising as much as 4.49 per cent.

  6. In contrast, BPCL, IOC, Tata Motors, M&M and ONGC were among the losers.

  7. The overall market breadth stood strong as 1,762 shares advanced while 1,586 declined on BSE.

  8. On the 30-share BSE platform, Tata Steel, Sun Pharma, IndusInd Bank, L&T, UltraTech Cements, ITC and Titan attracted the most gains with their shares rising as much as 7.57 per cent.

  9. “We witnessed some volatile but positive movement in the market. Nifty 50 traded in a big range between 17,200-17,600. We have observed that the market has sustained over the decisive level of 17,400. We can expect the market to gain momentum and continue till the 18,000-levels. We have observed the momentum indicators like RSI, MACD to stay positive supporting our view that the upside movement is likely to continue,” said Vijay Dhanotiya, Category Lead – HNI Products at CapitalVia Global Research Ltd.

  10. Last year on February 1, the benchmark Sensex had surged 2,315 points — highest ever on a Budget day — to close at 48,601, while Nifty had settled 647 points higher at 14,281.

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