Market Resilience: Sensex Off Day’s High, Gains 440 Pts; Nifty above 21,850

Ira Singh
Khabar Khabaron Ki,02 Feb’24

The domestic equity market indices traded on a positive note on Friday, boosted by firm global market cues and gains in index heavyweights RIL and bank stocks. A fiscally prudent Budget, devoid of populist measures cheered bulls.At close, the Sensex was up 440.33 points or 0.61 percent at 72,085.63, and the Nifty was up 156.35 points or 0.72 percent at 21,853.80. About 1759 shares advanced, 1469 shares declined, and 67 shares unchanged.

Stocks and Sectors
BPCL, Power Grid Corporation, ONGC, Adani Ports and NTPC were top gainers on the Nifty,while losers included Eicher Motors, Axis Bank, HDFC Life, HDFC Bank and HUL.

On the sectoral front,oil & gas index up 4 percent and Information Technology,metal, realty, power indices up 1-2 percent each, while bank index down 0.5 percent. BSE Midcap index rose 0.8 percent and Smallcap index added 0.5 percent.

On 02 Feb’24,the Indian rupee appreciated 16 paise at 82.82 against the U.S. dollar in early trade on Friday supported by positive domestic equities, as the interim budget focused on higher capex and faster fiscal consolidation.

Forex traders said the interim budget had a positive impact on the domestic currency as it highlighted a reduction in the fiscal deficit to 5.1% of GDP for FY25.Moreover, the weakness of the American currency in the overseas market also boosted sentiments.

Experts Take:
Market experts have recommended seven stocks to buy for Friday- SBI, Tata Consumer, NCC, Havells India, NMDC, Repco Home Finance, and Jammu & Kashmir Bank