INSUBCONTINENT EXCLUSIVE:
The overall market breadth stood strong as 1,762 shares advanced while 1,586 declined on BSE.New Delhi:
The
domestic equity indices extended gains to the second straight session led by gains in metal stocks
The 30-share BSE Sensex rallied 848 points or 1.46 per cent to close at 58,863; while the broader NSE Nifty moved 237 points or 1.37 per
cent higher to settle at 17,577
Sensex slumped nearly 1,300 points from its intraday high to plunge into red soon after Finance Minister Nirmala Sitharaman concluded her
Union Budget 2022-23 speech but staged a quick recovery thereafter in late deals
Metal stocks surged after the Centre proposed to extend customs duty exemption on steel scrap by one year
The move has been taken to provide relief to the secondary steel producers in the MSME (Micro, Small and Medium Enterprises) sector, the
Finance Minister said while presenting the Budget.The overall sentiment also remained positive as the Economic Survey projected that India's
economy will grow at 9.2 per cent in the current fiscal year 2021-22.Investors' wealth zoomed more than Rs 6.40 lakh crore in just two
straight sessions amid heavy buying interest.Mid- and small-cap shares finished on a positive note as Nifty Midcap 100 index jumped 1.12 per
cent and small-cap ended 0.57 per cent higher.On the stock-specific front, Tata Steel was the top Nifty gainer as the stock surged 7.64 per
Sun Pharma, IndusInd Bank, Shree Cement and Larsen and Toubro (L-T) were also among the gainers
Nifty Metal outperformed the index by rising as much as 4.49 per cent.In contrast, BPCL, IOC, Tata Motors, M-M and ONGC were among the
losers.The overall market breadth stood strong as 1,762 shares advanced while 1,586 declined on BSE.On the 30-share BSE platform, Tata
Steel, Sun Pharma, IndusInd Bank, L-T, UltraTech Cements, ITC and Titan attracted the most gains with their shares rising as much as 7.57
per cent."We witnessed some volatile but positive movement in the market
Nifty 50 traded in a big range between 17,200-17,600
We have observed that the market has sustained over the decisive level of 17,400
We can expect the market to gain momentum and continue till the 18,000-levels
We have observed the momentum indicators like RSI, MACD to stay positive supporting our view that the upside movement is likely to
continue," said Vijay Dhanotiya, Category Lead - HNI Products at CapitalVia Global Research Ltd.Last year on February 1, the benchmark
Sensex had surged 2,315 points -- highest ever on a Budget day -- to close at 48,601, while Nifty had settled 647 points higher at 14,281.
