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Markets rally ahead of Economic Survey; Sensex near 57,900, Nifty 50 above 17,310; IT stocks outperform; Tech Mahindra, Dr Reddy's, RIL, HCL Tech, Infosys drive

31 Jan 2022 , 09:55 AM

Indian markets witnessed a super rally in Monday’s opening bell as investors prepare their portfolios ahead of the Economic Survey 2021-22 and Union Budget FY23. Also, positive global cues further lifted the buying spree. Midcap stocks outperformed.

All sectoral indices were on a bull run with IT stocks leading the pack while significant gains were also seen in consumer durables, oil & gas, auto and banking stocks. In the early deals, Sensex has reclaimed over 58,000-mark and Nifty 50 climbed to over 17,360-level.

At around 09.54 am, Sensex performed at 57,886.68 higher by 686.45 points or 1.2%. The benchmark has clocked the day’s high of 58,069.13.

Nifty 50 was trading at 17,313.50 up by 211.55 points or 1.24%. The benchmark has touched an intraday high of 17,361.65.

BSE Midcap index soared over 310 points, while BSE SmallCap surged nearly 290 points. The BSE Sensex Next 50 climbed over 580 points.

Bulls on Sensex were – Tech Mahindra (+4%), Dr Reddy’s Lab, Wipro, Tata Steel, HCL Tech, Infosys, Bajaj Finserv, SBI, Power Grid, Bajaj Finance, Reliance Industries, Bharti Airtel, Sun Pharma, ICICI Bank, Maruti Suzuki and Asian Paint soaring between 1.5-3%.

Bears on Sensex were – IndusInd Bank (-2%), Kotak Bank (-1%) after Q3 earnings. ITC traded flat but in the red.

AGS Transact Technologies is set to make its market debut today on stock exchanges. The company’s IPO was oversubscribed by 8.22 times.

Tata Motors, BPCL, HPCL, Indian Oil Corporation, UPL, Sun Pharmaceutical Industries and DLF are some of the major Q3 earnings to watch out for today.

Finance Minister Nirmala Sitharaman will present India’s economic survey for 2021-22 right after the president’s address to both houses of Parliament later today. The economic survey that will be announced in Lok Sabha, is expected to release a single volume growth projection of 9% for the next fiscal year.  Newly appointed chief economic adviser (CEA) V Anantha Nageswaran to address a press conference at 3.45 pm today.

Meanwhile, Sitharaman will announce her fourth Union Budget for the country where estimates of financial statements and tax proposals for financial year FY23 will be presented.

On the global front, Asian stocks traded higher as investors await UK interest rates outcome and reports of US jobs and manufacturing. The performance also tracked the strong upside of Wall Street. However, Mainland China and South Korea’s market are closed today due to Lunar New Year eve, while indices in Hong Kong are also set to make early closing of tradings today.

Last week, on Friday, US markets witnessed a superb comeback as Dow Jones finally closes well in the green rising over 550 points while Nasdaq climbs over 3.30% or 420 points. Bond yields fall to 1.78% while oil sees the highest close in over 7 years as demand & cold weather see supply issues favour bulls.

Related Tags

  • Asian markets
  • BSE live
  • bse sensex
  • corporate earnings
  • Dr Reddys Lab share price
  • Economic Survey
  • Economic Survey live
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