Sensex Rallies Nearly 700 Points, Nifty Settles At 17,780 Led By Banks

The bullish momentum continued on Dalal Street for second straight session as investor sentiment got a boost after the government announced sharply higher capital expenditure plan and renewed its focus on infrastructure development on Tuesday. The Sensex rose as much as 756 points and Nifty 50 index touched an intraday high of 17,794.60.

The Sensex advanced 696 points to 59,558 and Nifty 50 index climbed 203 points to settle at 17,780.

“The Union Budget 2022 is a CAPEX-driven budget with a slew of measures across sectors, leaving no stone unturned. Given the challenging circumstances, it’s a bold budget, a growth-oriented budget that will result in a multiplier effect and benefits to all. The extension and widening of the ECLGS scheme & revamped CGTMSE will aid recovery of the hardest hit MSMEs," said YS Chakravarti, MD & CEO, Shriram City Union Finance.

Buying was visible across the board as all the 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty PSU Bank index's over 3 per cent gain. Nifty Bank, Private Bank, Media, Financial Services, FMCG, Information Technology, Pharma, Consumer Durables and Realty indices also surged between 1.2-2.3 per cent.

Mid- and small-cap shares were also in very high demand as Nifty Midcap 100 index advanced 1.2 per cent and Nifty Smallcap 100 index jumped 1.6 per cent.

Bajaj Finserv was top Nifty gainer, the stock rose 5 per cent to close at Rs 16,696. IndusInd Bank, HCL Technologies, Bajaj Finance, HDFC Life, Kotak Mahindra Bank, Divi's Labs, Axis Bank and Indian Oil also rose between 2.6-5 per cent.

On the flipside, Tech Mahindra, UltraTech Cement, Britannia Industries, Shree Cements, Nestle India, Hero MotoCorp, Larsen & Toubro and Maruti Suzuki were among the notable losers.

The overall market breadth was extremely positive as 2,299 shares ended higher while 1,062 closed lower on the BSE.