The benchmark indices opened higher a day after Budget 2022 announcements on positive global cues. Sensex was up 493.27 points or 0.84 percent at 59,355.84. The broader Nifty was up 144.30 points or 0.82 percent at 17,721.10. About 1,204 shares have advanced, 483 shares declined, and 85 shares are unchanged.
Among major gainers on the Nifty were Kotak Mahindra Bank, ITC, Bajaj Finance, Power Grid Corporation and HDFC Life. Tech Mahindra, Adani Ports, UltraTech Cement, Britannia Industries and Sun Pharma were among early losers at the opening bell.
Nifty ended the Budget day (Feb 01) in the positive for the second consecutive session after a volatile trade. At close Nifty was up 1.37% or 237 points to 17576.9.
Nifty ended in the positive boosted by growth inducing measures of the Union Budget. Advance decline ratio also remained positive. Markets are enthused by the credible conservative estimates in the Budget. However high inflation and interest rates remain the two spoilsports. 17745-17805 could be the next resistance for the Nifty while 17374-17410 could be the support.
Asian stocks up
Asian stocks rose Wednesday amid a recovery in U.S. shares spurred by the corporate earnings outlook and signs that Federal Reserve officials favor measured monetary-policy tightening. Markets in mainland China, Hong Kong, Singapore and South Korea are closed on Wednesday for the Lunar New Year holidays.
US stocks end higher
Global equity markets wavered on Tuesday as a new month saw investors weigh strong earnings from big-name U.S. companies against mixed economic data and inflation worries. All three major US benchmarks ended higher Tuesday, booking a third straight day of gains after wobbling earlier in the session, as Wall Street closed out February’s first day of trade on a positive note following a rough January.
US investors weighed manufacturing and jobs data, while earnings from Exxon Mobil Corp. and other corporate heavyweights were in the spotlight.
Job openings up in US
In economic data, the Labor Department said job openings in the US rose by 150,000 to 10.9 million on the last day of December, indicating the labor market remains tight. Economists surveyed by The Wall Street Journal had forecast a 10.5 million figure. The closely followed Institute for Supply Management barometer of manufacturing activity slipped to a 14-month low of 57.6% in January as a torrent of omicron cases hit the U.S. economy and shortages of labor and supplies hindered production. Investors, however, were more focused on the survey’s index of prices paid, which rose to 76.1% from 68.2% in December, triggering some renewed selling that took stocks to session lows.
Budget 2022 steps up on investments for infra, affordable housing
India unveiled on Tuesday a bigger budget of 39.45 trillion rupee ($529.7 billion) for the coming fiscal year, stepping up investment on highways and affordable housing to put growth on a firmer footing as the economy recovers from the pandemic.
