Bulls roared on Dalal Street on Monday, a day ahead of the Union Budget presentation. Benchmark indices ended higher on Monday with Nifty closing above 17,300 as FY23 GDP forecast at 8-8.5 per cent and ahead Union Budget to be presented on February 1 by Finance Minister Nirmala Sitharaman. At close, the Sensex was up 813.94 points or 1.42 per cent at 58,014.17, and the Nifty was up 237.80 points or 1.39 per cent at 17,339.80. About 1773 shares have advanced, 1632 shares declined, and 142 shares are unchanged.
Tech Mahindra, Tata Motors, Wipro, BPCL and Bajaj Finserv were the top Nifty gainers, while losers were IndusInd Bank, Kotak Mahindra Bank, UPL, Coal India and HUL.
In the broader markets, the BSE MidCap and SmallCap indices advanced 1.7 per cent and 0.9 per cent, respectively.
“The continued thrust to government capex portended by the Economic Survey is enthusing, as it offers the best likelihood of instigating a durable growth recovery. This is in line with our own view that the upcoming Budget must fully allocate the amount of capital spending that can realistically be absorbed in FY2023. With the Economic Survey corroborating that spending will be back-ended in FY2022, we maintain our forecast of a modest fiscal slippage driven by the missed disinvestment target,” she added.
Global Cues
Major markets in Asia were up marginally this morning. Japan’s Nikkei advanced 0.5 per cent, and Hang Seng added 0.3 per cent. Kospi surged nearly 2 per cent, while Straits Times was up 0.7 per cent. The US stocks ended with strong gains on Friday amid some bargain hunting. The Dow Jones gained 1.7 per cent, the S&P 500 jumped 2.4 per cent and Nasdaq soared 3.2 per cent.
Oil prices extended gains for the sixth straight week as geopolitical turmoil exacerbated concerns over tight supply. Brent Crude ended 0.8 per cent higher to $90.03 a barrel, and WTI Crude added 0.2 per cent to $86.86 a barrel.
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