INSUBCONTINENT EXCLUSIVE:
The overall market breadth was strong as 2,134 shares were advancing while 601 were declining on BSE.New Delhi:
The
Indian equity benchmarks on Monday traded higher in opening deals led by buying in all sectors with the Union Budget presentation in focus
Finance Minister Nirmala Sitharaman will present the Budget on February 1
As of 12:30 pm, the 30-share BSE Sensex jumped 1,015 points or 1.77 per cent to 58,215; while the broader NSE Nifty moved 300 points or 1.76
per cent higher to 17,402
Mid- and small-cap shares were positive as Nifty Midcap 100 index was up 1.57 per cent and small-cap shares were trading 1.03 per
cent higher.On the stock-specific front, Tech Mahindra was the top Nifty gainer as the stock surged 4.28 per cent to Rs 1,471
BPCL, Wipro, Infosys and Reliance Industries were also among the gainers
In contrast, IndusInd Bank, Kotak Mahindra Bank, UPL, HDFC Life and Coal India were among the losers.The overall market breadth was strong
as 1,934 shares were advancing while 1,474 were declining on BSE.On the 30-share BSE platform, TechM, Wipro, Infosys, RIL, Dr Reddy's and
Bajaj Finserv attracted the most gains with their shares rising as much as 4.31 per cent."We are mostly mirroring the U.S
market's strong close on Friday, but sustaining those gains will be tough considering that we have the budget tomorrow
We think it would be prudent to limit positions," Ajit Mishra, Vice-President, research at Religare Broking, told news agency Reuters."As of
now, indications are that we may see some more consolidation post the budget, as foreign investor data is not too encouraging," Mr Mishra
added.Foreign investors have sold off heavily in the run-up to the budget, where analysts expect additional fiscal measures to boost demand
amid the third wave of Covid-19.Meanwhile, AGS Transact Technologies dropped as much as 5.1 per cent in its market debut.Also, Tata Motors,
Indian Oil, BPCL, Sun Pharma and UPL will report their results later in the day.Sensex had slipped 77 points or 0.13 per cent to close at
57,200 on Friday (January 28), while the broader Nifty had settled 8 points or 0.05 per cent lower at 17,102.
