Stock update: On the 30-share Sensex platform, PowerGrid, Infosys, Reliance, NTPC, TCS, TechM were among the lead gainers. On the down side, Axis Bank, HUL, Titan, and Maruti emerged losers
Amidst the financial realm, the primary market indicators, recognized as Sensex and Nifty, experienced a resurgence into the positive domain on the recent day following the presentation of the interim Fiscal Plan, with substantial surges noted in the information technology and financial sectors inspired by external indicators. Around the hour of eleven in the morning, the BSE Sensex escalated by a notable 776 points to reach 72,421. Conversely, the NSE Nifty50 witnessed activity at 21,942, marking an elevation of 245 points.
Within the 30-stock Sensex landscape, notable ascensions were observed in PowerGrid (registering a growth of 4.82 per cent), Infosys, Reliance, NTPC, TCS, and TechM. Conversely, on the downside, Axis Bank, HUL, Titan, and Maruti experienced declines.
Expanding the scope to encompass the broader market, both the BSE Midcap and Smallcap indices demonstrated an upsurge exceeding 1 per cent each.
Segment-wise analysis unveils a prevailing positive trend across all sectors, with information technology, metallurgy, petroleum & natural gas, electrical energy, and real estate exhibiting advancements ranging from 1-2 per cent.
In the antecedent trading session on Thursday, the Sensex underwent a decrement of 107 points, culminating at 71,645.30 on the day of the Budget announcement, while the NSE Nifty witnessed a decline of 28 points, concluding at 21,697.
“The bullish sentiment permeating Dalal Street is underscored by favorable occurrences such as the upswing in Wall Street, a 3 per cent decline in WTI crude oil prices, and the encouraging interim Fiscal Plan,” remarked Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.
In the Asian financial markets, Seoul, Tokyo, and Hong Kong are positioned within the positive realm, whereas Shanghai remains entrenched in negative territory. The US financial markets culminated with substantial gains on Thursday.
The global benchmark for crude oil, Brent crude, experienced an uptick of 0.71 per cent, reaching $79.26 per barrel.
Foreign Institutional Investors (FIIs) divested equities worth Rs 1,879.58 crore on Thursday, according to exchange data.
Concurrently, the Indian rupee appreciated by 16 paise against the US dollar in early trading on Friday, buoyed by favorable domestic market conditions, as the interim budget emphasized heightened capital expenditure and expeditious fiscal consolidation. Forex traders attributed the positive impact on the domestic currency to the interim budget’s delineation of a reduction in fiscal deficit to 5.1 per cent of GDP for FY25.
Furthermore, the enervation of the US dollar in international markets contributed to buoyant sentiments. Within the interbank foreign exchange domain, the rupee commenced trading at 82.91 against the dollar, eventually peaking at 82.82, denoting a gain of 16 paise from its previous closure. The rupee experienced an appreciation of 6 paise, concluding at 82.98 against the US dollar on Thursday, following indications from the government regarding swifter fiscal consolidation and diminished borrowings in the interim budget for 2024-25.
