Sensex, Nifty Hold Green Ground Amidst Budget Surprises; Auto and FMCG Lead, Railway Stocks Decline

1 Feb 2024 , 01:36 PM

Despite a subdued open, both Sensex and Nifty stabilized in the green during the trading session. Leading the charge were automobiles, energy, and FMCG sectors, while profit booking was observed in metal and pharma stocks. The Nifty Bank index experienced fluctuations between gains and losses.

Finance Minister Nirmala Sitharaman’s budget presentation lacked major surprises, contributing to volatile price swings throughout the day.

As of the latest update, Sensex was trading at ₹71,670, marking a 0.11% decrease from the previous close. Nifty was trading at ₹ 21,705, reflecting a 0.14% dip from the previous close.

Top gainers included Voltas (7.49%), Maruti Suzuki (4.30%), Shree Cements (4.30%), and Canara Bank (3.65%). Meanwhile, top losers were Aurobindo Pharma (-7.12%), India Cements (-5.36%), Voltas (-3.09%), and Jubilant Foods (-3.20%).

Railway stocks faced a decline on February 1 after Finance Minister Nirmala Sitharaman announced an increased allocation for the sector. This came after the stocks had surged in January, fueled by expectations of higher capital allocation for railways and infrastructure sectors.

Declines were observed in Rail Vikas Nigam (RVNL) by 1.24%, Indian Railway Finance Corporation (IRFC), IRCON International by 1.5%, RailTel Corporation of India by 2.6%, and Texmaco Rail & Engineering by 1.2%. IRFC stocks were trading flat.

Sitharaman’s interim budget included plans to upgrade 40,000 normal bogies to Vande Bharat standards and expand metro rail and Namo Bharat to additional cities.

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