Sensex up 566 pts, Nifty near 17,750 mark

The domestic equity barometers were trading in a narrow range near day`s high in afternoon trade. The Nifty hovered near the 17,750 mark. All the sectoral indices on the NSE were in the green. Banks and financial stocks were in demand.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 566.18 points or 0.96% to 59,428.75. The Nifty 50 index advanced 167.55 points or 0.95% to 17,744.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 1.11% while the S&P BSE Small-Cap index rallied 1.49%.

The market breadth was strong. On the BSE, 2271 shares rose and 1012 shares fell. A total of 111 shares were unchanged.

Bajaj Finserv (up 4.89%), IndusInd Bank (up 4.44%), Kotak Mahindra Bank (up 3.26%), Bajaj Finance (up 3.25%) and HDFC Life Insurance Company (up 3.22%) were top index gainers.

Tech Mahindra (down 2.29%), Shree Cement (down 1.25%), Britannia Industries (down 0.91%), Sun Pharmaceutical Industries (down 0.81%) and Nestl� India (down 0.70%) were major index losers.

Investors cheered the union budget 2022-23 with its higher capital expenditure and thrust on infra. The government`s focus on boosting manufacturing as well as an underlined emphasis on areas such as startups, modern mobility and clean energy, boosted investors sentiment.

Union Budget Views:

MD & CEO, Bombay Stock Exchange Ashish kumar Chauhan while giving his views on Union Budget 2022-23 said, it is a very balanced budget. He said it continues the incremental growth-oriented approach of the last budget. Chauhan said that in this budget the Finance Minister has provided a springboard for an investment cycle with the highest ever share of capex, focus on the development of national manufacturing capabilities and clean energy, tax rationalization with no new taxes while maintaining its continuous growth focus on �Aatmanirbhar Bharat. He added that it boosts spending towards policies that are growth-oriented, create jobs, boost manufacturing, help agri-economy and infrastructure creation. He summarised that a mix of short-term boost and long-term structural emphasis has been the hallmark of this Budget.

Bandhan Bank MD & CEO, Chandra Shekhar Ghosh said that the Union Budget for 2022-23 seeks to support the recent economic growth momentum India has seen and helps it sustain over the long term. He said that the substantial rise in planned capital expenditure for the creation of infrastructure, focus on affordable housing, welfare & development of MSMEs, and the farm economy will prepare India for the next phase of growth. He added that this can lead to creation of millions of new jobs, helping India leverage its young demographic dividend. He also said that the new business opportunities and enterprises that will come up due to these projects will also benefit the banking sector.

COVID-19 Update:

India recorded 1,61,386 new cases in the last 24 hours. The daily positivity rate stood at 9.26% and while the weekly positivity rate was at 14.15%. The country`s active caseload currently stands at 16,21,603. Active cases stand at 3.90% and recovery rate currently at 94.91%.

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