During the volatile Budget week, the Indian equity market witnessed its most significant weekly gains in two months, surging 2 percent each for benchmarks, with Nifty achieving a fresh all-time high. The positive momentum was attributed to factors such as the in-line Interim Budget, the outcome of the FOMC meeting, favorable global cues, and robust Q3 earnings from Indian Inc.
Nifty marked an impressive gain of 501.2 points or 2.34 percent, closing at 21,853.80 for the week. Meanwhile, the BSE Sensex posted a notable increase of 1,384.96 points or 2 percent, concluding at 72,085.63. The BSE Small-cap index displayed resilience, adding 3.3 percent throughout the week, reaching a new high of 46,169.7 on February 2. Stocks like NBCC (India), Shakti Pumps (India), Punjab & Sind Bank, KPI Green Energy, Hemisphere Properties India, Infibeam Avenues, IRB Infrastructure Developers, and India Tourism Development Corporation witnessed gains ranging from 31 to 47 percent. Conversely, Ramky Infrastructure, Oriental Carbon and Chemicals, ZF Commercial Vehicle Control Systems India, Craftsman Automation, and Rane Madras experienced declines of 10 to 12 percent.
The BSE Mid-cap Index registered a 3 percent increase, reaching a fresh high of 39,140.16. UCO Bank, Indian Overseas Bank, SJVN, NHPC, Indian Bank, Delhivery, and Bank Of India led the gains, while Vedant Fashions, AU Small Finance Bank, Tube Investments of India, and Aurobindo Pharma faced losses.
The BSE Large-cap Index rebounded from the previous week’s losses, gaining 2.4 percent to establish a new high of 8,516.13. Key gainers included Punjab National Bank, Bharat Petroleum Corporation, Indian Oil Corporation, Power Grid Corporation of India, Bank Of Baroda, and Adani Ports and Special Economic Zone. However, notable losers encompassed One 97 Communications (Paytm), Cholamandalam Investment and Finance Company, SBI Cards & Payment Services, and Larsen & Toubro.
The market’s robust performance during the Budget week reflects a positive sentiment driven by a combination of domestic and global factors, providing investors with favorable conditions amid dynamic economic developments.
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