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Sensex surges over 400 points ahead of Union Budget 2019, Nifty crosses 10,750 levels

BusinessToday.In     January 31, 2019

The Indian equity benchmarks Sensex and Nifty rallied as much as 1 per cent in late morning deals on Thursday amid optimism about upcoming Union Budget and dovish comments by the US Federal Reserve after it kept interest rate unchanged.

The Interim Budget is scheduled tomorrow where Union Minister Piyush Goyal will present the interim Budget for the fiscal year 2019-20 which happens to be the last budget before the General Elections due between April and May this year.

At 11:32 hours, the BSE Sensex was trading at 36,017.93, up by 426.68 points or by 1.2 per cent, and the NSE Nifty jumped 90.65 points, or 0.85 per cent, to trade at 10,742.45. In the day's trade so far, the BSE Sensex touched intraday high and low of 36,021.53 and 35,740.07, respectively. The NSE Nifty touched intraday high of 10,744 and intraday low of 10,678.55.

On Wednesday, the BSE Sensex ended tad lower by 1.25 points and the NSE Nifty closed with a marginal loss of 0.4 point.

In corporate news, shares of Dewan Housing Finance Corporation (DHFL) touched 52-week low after media report suggested that the government has launched probe into allegations of financial mismanagement against the company.

Shares of ICICI Bank were down 1 per cent after the private sector lender's net profit declined 2.8 per cent to Rs 1,604.9 crore in December quarter versus Rs 1,650 crore in the same period last year.

The Market breadth, indicating the overall strength of the market, was strong. Out of 2282 shares traded, 1166shares advanced, 998 declined and 118 were unchanged.

Among the Sensex pack, Infosys was the top gainer, surging 3.21%, followed by Reliance Industries Ltd. (2.32%), Hindustan Unilever Ltd. (2.19%), Axis Bank Ltd. (2.17%), and IndusInd Bank Ltd. (1.64%), among others.

On the flip side, HCL Technologies, YES Bank, Hero MotoCorp and Bajaj Finance were among top losers on the Bombay Stock Exchange.

On the sectoral front, IT and Teck stocks gained the most, while consumer durables and metal stocks were under selling pressure.

Broader indices, however, underperformed benchmark indices with BSE MidCap index trading marginally lower by 0.01 per cent and BSE SmallCap index rising 0.46 per cent.

Overseas, Asia stocks rallied on Thursday, tracking positive closing at Wall Street, after the Federal Reserve assured to be patient with further interest rate hikes after maintaining status quo in its latest policy announcement.

Edited by Chitranjan Kumar

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