Sensex, Nifty Today. (Representative picture/Reuters)
Among the 30 shares of the Sensex, 28 corporations have been buying and selling within the inexperienced within the opening commerce
A day after the Union Interim Budget 2024-25, the home fairness market began the day on a excessive notice. The BSE Sensex on Friday, February 2, opened 332.26 factors or 0.46 per cent increased at 71,977.56, whereas the NSE Nifty rose 200 factors or 0.92 per cent to 21,897.80.
Among the 30 shares of the Sensex, 28 corporations have been buying and selling within the inexperienced within the opening commerce. ICICI Bank, Infosys, Tech Mahindra, Reliance Industries, and Power Grid have been the highest gainers rising as much as 2.15 per cent. On the opposite hand, Larsen & Toubro and Maruti have been the losers falling as much as 0.42 per cent.
V Okay Vijayakumar, chief funding strategist at Geojit Financial Services, stated, “Now that the two big events are behind us the market is likely to consolidate. The non-populist Budget focused on fiscal consolidation is a big positive. The big allocation for rural housing will benefit all construction-related segments like cement, steel, paints etc. Another important budget takeaway is the sharp decline in bond yields consequent to the net market borrowing kept low at Rs 11.75 lakh crore. This is beneficial for banks.”
He added that world cues are higher because the mom market US is appreciating the beneficial traits within the US financial system after the temporary disappointment with the cautious Fed message. It is obvious that the US is heading for a delicate touchdown and price cuts are coming. Correction within the greenback index to 103 and the US 10-12 months falling to three.88% could restrain the FIIs from promoting.
“The near-term risk in the market is the high valuation which can trigger corrections on some negative news. Expect high volatility in the near term,” Vijayakumar stated.
