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Stock market updates on February 02, 2024: The bulls were back in action a day after the Interim Budget, with strong gains seen in IT, financials and index heavyweight Reliance Industries. Strength in overseas peers also aided the sentiment.
The S&P BSE Sensex zoomed past the 72,000-mark, and was up 800 points. The NSE Nifty 50 was seen quoting above the 21,900 levels – up over 200 points.
Reliance, Infosys, ICICI Bank and Power Grid were the major movers, up 2 per cent each. Tech Mahindra, NTPC, TCS, UltraTech Cement, Wipro and JSW Steel also logged strong gains.
In the broader market, the BSE MidCap index was up 0.6 per cent, while the SmallCap added 0.8%. NBCC, HUDCO, SpiceJet, Indian Overseas Bank and Castrol were few of the top gainers.
Among individual stocks – Bank of India, Delhivery, IndiGo, LIC Housing Finance, Medplus Health Services, Mahindra Holidays, NIIT, RateGain Travel Technologies, Sundaram Fasteners, Tata Motors, Titagarh Rail Systems, Torrent Pharma, TTK Healthcare, UPL and Whirlpool are likely to be in focus as these companies announce Q3 results today.
Global cues
Asian shares were seen tracking positive cues from the US. Hang Seng and Kospi had surged over 1.2 per cent. Nikkei and Straits Times gained 0.8 per cent, while Taiwan added 0.3 per cent.
BS Speical: What do fiscal targets mean for bond, equity markets?
On Thursday, the US market ended with strong gains as traders shifted their focus from a likely lack of rate cut in March to corporate earnings. Dow Jones gained 1 per cent. The S&P 500 and Nasdaq rallied up to 1.3 per cent.
According to CME Group’s FedWatch Tool, while bets for a rate cut in March dropped to 37 per cent, bets of a rate cut in May were seen around 96 per cent.
Also read: Interim Budget: Infra focus, fiscal prudence are positives for street
The 10-year US Tresury bond yield dropped further down to 3.865 per cent. Among commodities, Gold futures advanced to $2,070 per ounce, while Brent Oil dipped below $80 per barrel.
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