Sensex sparkles 1016 Points, Reclaims 50,000 Points
Sensex sparkles 1016 Points, Reclaims 50,000 Points
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The benchmark index Sensex breached the 50,000 points mark once again with gains of nearly 1,400 points. Stock markets have cheered the Union Budget and the momentum is likely to continue.

Positive global markets also elevated sentiments. During morning session at 11 am, the BSE  Sensex was up 1016 points at 49,616.66 while the NSE benchmark Nifty50 index was higher by NEAR 300 points at 14,580 levels

Among Nifty stocks, Tata Motors was the top gainer, up 5.80% followed by L&T and HDFC Bank that rallied 5.10% and 4% respectively. SBI, Bajaj Finance, HDFC, UPL, Axis Bank, Tech Mahindra, Hindalco, ONGC, Wipro, UltraTech Cement, Gail, Grasim, ICICI Bank were among the other prominent gainers in the Nifty, rising between 2.31%-2.98%. Except for two stocks- HUL and Hero MotoCorp- the remaining 48 stocks in the Nifty were in the green.

“The Budget rightly decided to focus on economic growth by raising expenditure and allowing for a wider fiscal deficit in these pandemic times. Importantly, a far higher spend on capital expenditure is a move in the right direction.

 Foreign portfolio investors bought Indian equities worth Rs 1,494 crore in the cash segment and were net buyers to the tune of Rs 986 crore in the futures and options segment. They increased their net long position in index futures to 75% versus  63% on the previous day. That’s above the January average of 70%. Domestic institutions sold Indian equities worth Rs 90 crore in the cash market.

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