Stock market today: Nifty 50, Sensex rise on gains led by IT, energy stocks;
Stock market today: Frontline indices the Nifty 50 and the Sensex experienced robust buying during intraday trading, concluding the day with substantial gains on Friday, February 2, propelled by the performance of heavyweights in the energy and IT sectors, such as Reliance Industries, Infosys, TCS, Power Grid, and NTPC.
The domestic market witnessed across-the-board buying amid positive global cues while experts observed that the pro-growth Interim Budget also influenced investors to buy quality stocks after the recent correction.
Nifty 50 jumped 2 per cent during the session to hit its fresh all-time high of 22,126.80. The index, however, cooled off and closed with a gain of 156 points, or 0.72 per cent, at 21,853.80.
The Sensex jumped over 2 per cent to hit its intraday high of 73,089.40 during the session and settled at 72,085.63, up 440 points, or 0.61 per cent. The Sensex is still 1,342 points down from its all-time high of 73,427.59 which it hit on January 16 this year.
Also Read: Nifty 50 hits record high; can it top 23,000 in February? Here’s what 10 analysts say
BSE Midcap and Smallcap indices also witnessed strong buying as they hit their fresh all-time highs of 39,140.16 and 46,169.7 respectively, during the session. The BSE Midcap index closed 0.80 per cent up at 38,928.11 and the Smallcap index settled with a gain of 0.49 per cent at 45,849.80.
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The overall market capitalisation of the BSE-listed firms rose to nearly ₹382.8 lakh crore from nearly ₹379.4 lakh crore in the previous session, making investors richer by about ₹3.4 lakh crore in a single session.
Top Nifty 50 gainers today
As many as 38 stocks ended with gains in the Nifty 50 index, with shares of BPCL (up 9.55 per cent), Power Grid Corporation (up 4.59 per cent) and ONGC (up 3.84 per cent) ending as the top gainers in the index.
Top Nifty 50 laggards today
Shares of Eicher Motors (down 2.50 per cent), Axis Bank (down 1.53 per cent) and HDFC Life Insurance Company (down 1.40 per cent) closed as the top laggards in the index.
Sectoral indices today
Nifty Oil & Gas (up 3.58 per cent), Metal (up 2.37 per cent), PSU Bank (up 2.22 per cent) and IT (up 2.16 per cent) clocked strong gains.
On the other hand, Nifty Private Bank (down 0.72 per cent), Bank (down 0.47 per cent), Financial Services (down 0.40 per cent) and FMCG (down 0.18 per cent) ended with losses.
Expert’s views on markets
“A conservative Interim Budget had no slowdown effect on the market, which continued to grow on the pre-election rally. The drastic fall in the fiscal deficit target is leading to a reduction in bond yields, which will lead to lowering corporate borrowing costs and increasing incentives to…
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