Closing Bell: Sensex, Nifty gain ahead of the Union Budget 2022

Closing Bell: Sensex, Nifty gain ahead of the Union Budget 2022

by 5paisa Research Team Last Updated: Jan 31, 2022 - 04:20 pm 38.1k Views

Domestic equity benchmarks Sensex and Nifty rallied on Monday led by good buying in all sectors ahead of the Union Budget 2022-23 presentation in focus. Finance Minister Nirmala Sitharaman will present the Budget on February 1.

Taking positives from global markets and favourable takeaways from the Economic Survey reported FY23 GDP forecast at 8-8.5%, the Indian market rallied ahead of the Budget day, with all major sectors in the green.

At the closing bell on January 31, the Sensex was up 813.94 points or 1.42% at 58,014.17, and the Nifty was up 237.80 points or 1.39% at 17,339.80. The market breadth was positive with 1773 shares having advanced, 1632 shares declining, and 142 shares being unchanged. 

Among the top Nifty gainers today were Tech Mahindra, Tata Motors, Wipro, BPCL and Bajaj Finserv. Top losers of the day include IndusInd Bank, Kotak Mahindra Bank, UPL, Coal India and HUL.

On a sectoral basis, auto, pharma, IT, oil & gas, PSU Bank and realty rose 1-3%. In the broader markets, BSE midcap and smallcap indices added 1-1.7%.

On the 30-share BSE platform, stocks that attracted the most gains were TechM, Wipro, Bajaj Finserv, Infosys, SBI and Power Grid with their shares rising as much as 4.88%. IndusInd Bank, Kotak Bank and HUL were among the top drags.

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

Global markets were also trading positive backed by gains in the US market as investors ignored geopolitical disturbances and turned their eyes towards strong earnings numbers from tech firms.

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