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Sensex Jumps 1197 Points, Nifty Tops 14647 Levels; UltraTech Cement Top Sensex Gainer
Indices extended their budget day gains to the second straight day and continued their winning streak on Tuesday. At the close of the session, Nifty settled higher by 367 points or 2.57% at 14648, while Sensex ended with gains of 1197 points or 2.46% at 49,798 . In early trade, Sensex reclaimed 50,000 levels but later pared some gains.
Among top gainers on the Sensex in today's deal are stocks like SBI, UltraTech Cement, HDFC Bank, HDFC and Larsen & Toubro, while HDFC Life, Bajaj Finserv, Hero Motocorp, SBI Life Insurance and Titan are among the top losers on the index.
Bank Nifty continued to spurt for the second day after massive 8% jump on the Budget day and hit a record high in today's session of 34,652.50, led by gains in HDFC Bank, SBI, Kotak Mahindra, ICICI Bank and Bandhan Bank among others. In fact given the momentum, HDFC Bank and ICICI Bank have notched new 52-week high today of Rs. 1578.5 and Rs. 624, respectively.
Auto stocks continued their run up for the second straight day on optimism around the voluntary vehicle scrappage policy announced in the Budget 2021. Further the sentiment was lifted by improved sales data for auto majors for January month. Since yesterday, Nifty Auto has rallied over 7%. Among individual stocks, Tata Motors gained a whopping 15% to day's high price of Rs. 321.5 per share.
Shares of ITC also scaled to a new-52 week high today. In the past two days, the stock has rallied by 9%. "No change in cigarette taxation is a positive for ITC. The focus will now shift to volume growth recovery and future GST council meets," said analysts from Jefferies India Pvt. Ltd in a 1 February report.
Indigo Paints made a strong debut at Rs. 2607.5, a 75 percent premium in comparison to the issue price.
Housing major HDFC today reported a 65% decline in standalone profit y-o-y at Rs 2,925.8 crore for Q3FY21. In the corresponding period last year, the profit included proceeds from stake sale in GRUH Finance which got merged into Bandhan Bank in October 2019. The scrip traded with gains of 3 percent.
Meanwhile, all of the European indices traded higher with gains of up to 1.8% on French CAC. Also, US stock futures climbed today, indicating a positive opening for the US markets.
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