5 Reasons Why Sensex And Nifty Zoomed 2.5% Today

Indian share markets extended their historic Budget-day rally and ended 2.5% higher today with the automobile and financial stocks leading gains.

At the closing bell, the BSE Sensex stood higher by 1,197 points (up 2.5%).

The NSE Nifty closed higher by 367 points (up 2.6%).

SBI and UltraTech Cement were among the top gainers today.

The SGX Nifty was trading at 14,730, up by 374 points, at the time of writing.

The BSE Mid Cap index ended up by 2.3%, and the BSE Small Cap index ended higher by 1.6%.

On the sectoral front, gains were largely seen in the auto sector, capital goods sector, and banking sector.

Asian stock markets ended higher today. As of the most recent closing prices, the Hang Seng ended up by 1.2% and the Shanghai Composite ended up 0.8%. The Nikkei ended higher by 1%.

US stock futures are trading higher today indicating a positive opening for Wall Street indices. Nasdaq Futures are trading up by 132 points (up 0.1%), while Dow Futures are trading up by 256 points (up 0.9%).

The rupee is trading at 72.97 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.6% at Rs 48,130 per 10 grams.

Here are the Top 5 Factors Why Indian Share Markets Rallied Today

Progress in US Stimulus: Top Democrats in the US Senate and House of Representatives filed a joint US$ 1.9-trillion Budget measure on Monday, in a step toward bypassing Republicans on COVID-19 relief before President Joe Biden met with Republican senators.

Union Budget 2021: Proposals of the Union budget were the biggest factors moving stock markets. Global rating agency Standard and Poor's (S&P) said that India's Budget represents a comprehensive effort by the central government to shore up the country's economic recovery.

Banking Stocks Rally: The Nifty Bank index rallied as much as 8% post Budget and the majority of gains were led by ICICI Bank, HDFC Bank, Kotak Mahindra Bank, SBI, and IndusInd Bank. The index continued its upward journey today as well when it rose 3.6%.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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