After a bearish spell, Dalal Street rebounded strongly as Sensex surged by almost 800 points and Nifty 50 gained nearly 250 points
After a bearish last week marked by significant profit booking and heightened volatility, Dalal Street witnessed a bullish momentum at the start of the new week. On Monday, the Sensex surged by almost 800 points, while the Nifty 50 saw a substantial gain of nearly 250 points.
This week holds significant importance owing to the impending budget announcement. Although the upcoming budget is expected to be interim, suggesting no major policy shifts, industry executives remain optimistic, especially considering it's an election year.
At 10:55, the Nifty 50 was trading at 21,613, showcasing a gain of 261 points, while the Sensex surged by 803 points to reach the 71,504 level.
Despite experiencing a sharp bearish trend with a loss of nearly 840 points over the past seven trading days, Nifty Bank also witnessed a bullish momentum, climbing by 692 points to reach 45,558 level during morning trade.
Among the top gainers were Powergrid, Reliance Industries, Kotak Bank, Larsen & Toubro (LT), Ultratech Cement, and NTPC. Conversely, the top laggards included prominent IT giants such as Infosys and TCS, along with Mahindra & Mahindra, ITC, and Bajaj Finserv, which also witnessed declines.
Apart from the budget, this week is also crucial due to the outcome of the US Federal Reserve's policy meeting, which may hint at future interest rate changes.