Stock market today: Nifty 50, Sensex jump about 1% each ahead of Budget 2024, US Fed outcome
Stock market today: Frontline indices the Nifty 50 and the Sensex clocked strong gains on Wednesday, January 31, ahead of the Interim Budget 2024 and the US Fed meet outcome.
Interim Budget 2024-2025 is going to be a Vote on Account tabled by Finance Minister Nirmala Sitharaman ahead of Lok Sabha Elections. Market experts do not expect major announcements in the Interim Budget, however, there are expectations that the government will continue its focus on fiscal consolidation and capital expenditure to maintain the momentum of growth.
Read all Budget-related reports here
The focus is also on the US Fed policy outcome. The two-day policy meeting of the US Federal Reserve will conclude today. The majority of experts now anticipate the US Federal Reserve to initiate rate cuts starting in May or June, considering the resilient US job market and inflation, which continues to surpass the Fed’s 2 per cent target.
Nifty 50 closed at 21,725.70, up 204 points, or 0.95 per cent while the Sensex closed with a gain of 612 points, or 0.86 per cent, at 71,752.11.
Only two stocks – Larsen & Toubro and Titan – ended with losses in the 30-share pack Sensex.
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The BSE Midcap and Smallcap indices hit their fresh record highs of 38,797.4 and 45,763.05 during the session. The BSE Midcap index finally closed 1.57 per cent higher at 38,774.50 and the Smallcap index settled with a gain of 1.83 per cent at 45,722.58.
The overall market capitalisation of BSE-listed firms rose to nearly ₹379.7 lakh crore against ₹375.2 lakh crore in the previous session, making investors richer by nearly ₹4.5 lakh crore in a single session.
After two consecutive months of gains, both benchmark indices concluded January on a lower note. Sensex concluded the month of January with a loss of about 0.7 per cent while the Nifty 50 (down 0.03 per cent) closed almost flat for the month.
However, mid and smallcap indices continued their winning streak for the third consecutive month. The BSE Midcap index rose 5.3 per cent while the Smallcap index jumped 7.1 per cent in January.
Top Nifty 50 gainers today
As many as 46 stocks ended with gains in the Nifty 50 index.
Shares of Dr. Reddy’s Laboratories (up 4.78 per cent), Eicher Motors (up 3.69 per cent) and Sun Pharmaceutical Industries (up 3.15 per cent) closed as the top gainers in the Nifty 50 pack.
Nifty 50 laggards today
Shares of Larsen & Toubro (down 4.22 per cent), Titan Company (down 1.03 per cent), BPCL (down 0.39 per cent) and Tata Consumer Products (down 0.35 per cent) closed as the laggards in the Nifty 50 pack.
Sectoral indices today
All sectoral indices ended in the green on the NSE, with Nifty Healthcare (up 2.85 per cent), Pharma (up 2.68 per cent), Realty (up 2.28 per cent), PSU Bank (up 2.27 per cent) and Auto (up 1.85 per cent) clocking strong gains.
The Nifty Bank index jumped 1.39 per cent.
(More to come)
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