Markets settle on a bullish note; Sensex over 59,550, Nifty 50 shy of 17,800; Bank, Consumer Durables, IT, Pharma, Financial stocks outperform

2 Feb 2022 , 04:08 PM

Sensex and Nifty 50 witnessed a fruitful trading session on Wednesday as investors welcomed the outcomes announced in the Union Budget 2022. Further, investors also shifted their attention to major Q3 earnings. Today, Sensex reached over 59,600-mark and Nifty 50 was slightly shy of 17,800-level. Banking and financial stocks outperformed their counterparts. While SmallCap stocks logged a stellar rally.

Stocks like HDFC, Dabur, Tata Consumer, Blue Star and Jubilant Foodworks were in focus amid their corporate results. Overall, the sentiments were bullish on a broader term.

Sensex settled at 59,558.33 up by 695.76 points or 1.18%. The benchmark has touched an intraday high of 59,618.51.

Nifty 50 closed at 17,780 higher by 203.15 points or 1.16%. The benchmark has touched an intraday high of 17,794.60.

BSE SmallCap soared over 450 points. BSE Sensex 50 and BSE Midcap surged over 1% each.

In terms of sectoral indices, on BSE, the Bankex index skyrocketed by nearly 920 points or 2%, while the Consumer Durables index climbed over 635 points or 1.5%. The Finance, Healthcare and IT index zoomed between 1-2%.

Bulls on Sensex were – IndusInd Bank, Bajaj Finserv, HCL Tech, Bajaj Finance, Kotak Bank, Axis Bank, Dr Reddy’s Lab, HDFC Bank, Wipro, HDFC, ITC and TCS advancing between 1.5-6%.

Bears on Sensex were – Tech Mahindra, Nestle, Ultratech Cement, Maruti Suzuki and L&T plunging between 0.5-2%.

Finance Minister Nirmala Sitharaman presented the country’s Union Budget 2022 under which major push was given to capital expenditure and widening fiscal deficit target. No major reforms were announced in the income tax. However, the overall Budget was “people-friendly”  and “progressive” – which will be beneficial for stock markets.