Share Market News Live: Sensex nears 50,000; Nifty jumps 350 points; Airtel, ONGC, M&M top gainers

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© India Today Group Share Market News Live: Sensex nears 50,000; Nifty jumps 350 points; Airtel, ONGC, M&M top gainers

Sensex, Nifty LIVE Updates on February 2: Market indices Sensex and Nifty opened on a bullish note on for the second session on Tuesday, amid positive global equities. Sensex gained by 1,200 points to trade at 49,870 and Nifty gained by 365 points to 14,650. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating a positive trend in domestic grounds today. Meanwhile, December quarterly earnings announcements will also set the tone for the stock market today. Yesterday, benchmark indices Sensex and Nifty closed 5% higher on Monday as market participants reacted positively to the announcements by Finance Minister Nirmala Sitharaman in Union Budget 2021. BSE Sensex ended 2,314 points higher at 48,600 and NSE Nifty 50 index gained 646 points to 14,281. After Budget 2021-2022, macro data, ongoing corporate earnings season and global market performance will impact stock markets movement this week.

Here’s a look at the LIVE updates of the market action on BSE and NSE today

9. 40 AM: Results today

HDFC, Ajanta Pharma, Balrampur Chini Mills, Carborundum Universal, Dhampur Sugar Mills, Dixon Technologies, Escorts, IIFL Wealth Management, Intellect Design Arena, Neuland Laboratories, NOCIL, PI Industries, Tata Consumer Products, Vinati Organics and Wonderla Holidays are among 69 companies to announce their quarterly earnings.

9. 33AM: Global markets

Asian stocks are trading higher on Tuesday following an overnight jump on Wall Street. European markets reversed trend and closed higher today as Chinese manufacturing activity in January came in at 51.5.

US stocks jumped on Monday, the first session of February. Meanwhile, a group of 10 Republican senators sent President Joe Biden a letter on Sunday, urging him to consider a smaller, scaled-down Covid-19 relief proposal. His current plan calls for $1.9 trillion in additional fiscal stimulus.

9. 20 AM:FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 1,494.23 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 90.46 crore in the Indian equity market on 1 February, provisional data showed.

9. 16 AM: Nifty technical outlook post Budget

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,”The Finance Minister stood by her words and has delivered ‘like never before’ budget. Since the market had lighten up ahead of the event, market participants had all the reason to grab this opportunity with both hands and hence, we could see a gargantuan move to clock probably the biggest gains ever on the budget day. As far as Nifty is concerned, as long as we are above 14000-14100, there is no reason to worry for. Purely looking at Nifty’s price structure, we would have stayed cautious at the current level but the way BANKNIFTY has taken off, it’s better to be on the positive side. The banking was a real charioteer today and the way it’s hastened towards record highs, all eyes would be on this space going forward.”

9. 10 AM: Nifty technical outlook

Reliance Reserach said in its note,” NSE-NIFTY breached its prior daily falling trend amidst upbeat union budget. Yesterday, the index rose to one-week closing high. Overall market breadth turned in favour of the bulls and major sectors remained positive. Due to such a strong up-move in the index, its major technical indicators reversed from their lower levels and given buy signal. This could take the index towards 14,500-level initially and 14,650-level subsequently. In case of decline, the index will find support at around 13,950-level. 

As for the day, support is placed at around 13,850 and then at 13,419 levels, while resistance is observed at 14,524 and then at 14,768 levels. “

9.05 AM: Rupee closing yesterday

On the currency front, the Indian rupee depreciated by 6 paise to end at 73.02 per dollar on Monday due to fiscal concerns after the government projected a higher fiscal deficit for 2020-21 and increased borrowing target in the budget

8. 50 AM: Budget outlook for market

V.P. Nandakumar, MD & CEO, Manappuram Finance said,”A progressive and growth-oriented budget presented under difficult circumstances that has also given serious consideration to some of the persistent problems of the banking and financial services sector. We are pleased that the FM has reduced the eligible loan amount for recovery under the SARFAESI Act for NBFCs. It will help in strengthening the NBFC sector by improving credit discipline among borrowers. The one concern we have is about the elevated fiscal deficit and its potential inflationary impact. Going forward, the onus will be on the government to ensure that the deficit levels are progressively brought down in tune with its projections.”

8. 45 AM: Closing on Budget Day

Yesterday, benchmark indices Sensex and Nifty closed 5% higher on Monday as market participants reacted positively to the announcements by Finance Minister Nirmala Sitharaman in Union Budget 2021. BSE Sensex ended 2,314 points higher at 48,600 and NSE Nifty 50 index gained 646 points to 14,281. After Budget 2021-2022, macro data, ongoing corporate earnings season and global market performance will impact stock markets movement this week.