Closing Bell: Indian market cheers Union Budget 2022-23, ends on a positive note

Domestic equity benchmarks Sensex and Nifty closed near day's high amid some volatility following the presentation of union budget 2022 in the parliament.

India's equity indices extended gains to the second straight session on Tuesday led by gains in metal stocks. During today's trade, the Sensex slipped nearly 1,300 points from its intraday high to plunge into red soon after Finance Minister Nirmala Sitharaman concluded her Union Budget 2022-23 presentation but staged a good recovery thereafter. Today the index was mainly supported by the metal, pharma and capital goods stocks.

At the closing bell on February 1, the Sensex was up 848.40 points or 1.46% at 58862.57, and the Nifty was up 237.00 points or 1.37% at 17576.80. On the market breadth around 1683 shares have advanced, 1583 shares declined, and 98 shares are unchanged.

Top Nifty gainers on the budget day were Tata Steel, Sun Pharma, IndusInd Bank, Shree Cements and Hindalco Industries, while top losers included BPCL, IOC, Tata Motors, M&M and SBI Life Insurance.

On the sectoral front, auto and oil & gas indices ended in the red, while bank, capital goods, FMCG, pharma, IT, realty and metal indices rose 1-5%. The BSE midcap and smallcap indices gained 1% each.

In the trending stocks today were the metal stocks, which 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 sector, said the Finance Minister while presenting the Budget.

In just two trading sessions, investors' wealth zoomed more than Rs 6.40 lakh crore amid heavy buying interest. One of the buzzing stocks, Tata Steel was the top Nifty gainer as the shares surged 7.64% to Rs 1,166.55.