January 28, 2023

Indices extend post-budget bull run; Sensex reclaims 50,000-mark, Nifty tests 14,700

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Share market today: The S&P BSE Sensex reclaimed the 50,000-mark in early trade Tuesday, hitting an intraday high of 50,058.85, while the Nifty 50 touched 14,699.80.

The topline equity indices on the BSE and National Stock Exchange (NSE) extended their post-budget bull run on Tuesday, rising nearly 3 per cent in early trade led by sharp gains in banking and financial stocks.

The S&P BSE Sensex reclaimed the 50,000-mark in early trade Tuesday, hitting an intraday high of 50,058.85, while the Nifty 50 touched 14,699.80.

At 9:38 am, the Sensex was up 1,288.53 points (2.65 per cent) at 49,889.14, while the broader Nifty was trading at 14,647.55, up 366.35 points (2.57 per cent).

HDFC twins – comprising of HDFC Bank and Housing Development Finance Corporation (HDFC) were the leading contributors to Sensex during the morning trade along with Larsen & Toubro (L&T) and ICICI Bank.

On Monday, the Sensex rallied 2,314.84 points (5.00 per cent) to settle at 48,600.61, while the Nifty had ended at 14,281.20, rising by 646.60 points (4.74 per cent) following Finance Minister Nirmala Sitharaman’s presentation of Union Budget 2021.

All sectoral indices were trading positive in the first half-hour of trade. The key Bank Nifty was up over 3.75 per cent led by gains in Bandhan Bank, HDFC Bank, RBL Bank and Axis Bank. The Nifty Financial Services index too was up over 4 per cent led by shares of Mahindra & Mahindra Financial Services, Cholamandalam Investment and Finance Company and HDFC. Apart from these, the Nifty Auto index too was up over 3 per cent driven by Tata Motors and Ashok Leyland.

In the broader market, the S&P BSE MidCap index was trading at 19,042.00, up 411.69 points (2.21 per cent) at 10 am, while the S&P BSE SmallCap was at 18,674.37, up 321.05 points (1.75 per cent). The volatility index or India VIX was a tad up 0.07 per cent at 23.3400.

Global market

Asian stocks followed Wall Street higher Tuesday after President Joe Biden invited Republicans to a meeting to discuss economic aid, while silver eased off an eight-year high.

Market benchmarks in Shanghai, Tokyo, Hong Kong and Seoul all advanced.

On Wall Street, the benchmark S&P 500 index gained 1.6 per cent, recovering some of losses earlier in the week amid frenzied trading of video game retailer GameStop and other stocks targeted by novice day traders.

The Shanghai Composite Index rose 0.5 per cent to 3,523.71 while the Nikkei 225 in Tokyo added 1 per cent to 28,376.20. The Hang Seng in Hong Kong advanced 1.9% to 29,453.37.

The Kospi in Seoul was 2.1 per cent higher at 3,120.27 and Sydney’s S&P-ASX 200 gained 1.2 per cent to 6,744.70.

New Zealand and Jakarta retreated while Singapore and Bangkok rose.