Nifty end below 17650; Sensex up 158 pts; on Budget day
Sensex and Nifty at the close today: Indian stock markets ended mixed after a highly volatile session on Wednesday. The domestic market sentiments were positive ahead of the Budget announcements. The Budget 2023-24 presented by the Finance Minister Nirmala Sitharama was growth-oriented, targeting growth with focusing on increasing consumption through benefits to the middle class and deprived section and imputing to industry to spur investment for domestic manufacturing and infrastructure development.
The domestic market indices made a strong rally after the budget presentation was over. But later the markets fell sharply from the day’s high, as most of the Adani Group stocks locked lower circuit and hit the insurance stocks. Investors were also cautious ahead of the US Federal Reserve’s interest rate decision, which is due later in the day.
Sensex and Nifty Indexes
The Nifty 50 index closed lower by 45.85 points or 0.26 percent and closed at 17616.30 levels while the Sensex gained by 158.18 points or 0.27 percent and finished at 59708.08 levels. The Ban Nifty index also ended lower by 142.05 points or 0.35 percent on the spot level and closed at 40513
The broader markets underperformed the frontline index today, as the Nifty midcap index was down by 289.80 points or 0.94 percent and closed at 30386.65 levels. The Nifty smallcap index closed lower by 109 points or 1.15 percent at 9392.75 levels.
Nifty index top gainers and losers today
The top gainers in the Nifty 50 index were ITC, Tata Steel, ICICI Bank, JSW Steel, and Tata Consumers and the top losers were Adani Enterprise, Adani Port, HDFC Life, SBI Life, and Bajaj Finserve
The top gainers in the Nifty midcap index were Indian Hotel, Dixon Technology, and Jindal Steel and the top losers were Max Financial, Canara Bank, and Jubilant Food
The smallcap top gainers were Bajaj Electric, JK Lakshmi Cement, and Blue Star while the top losers were BEML, Mazagaon Dock, and Heidelberg Cem
The most active stocks in the Nifty index in terms of value were Adani Ent, ICICI Bank, and Adani Ports. The most active stocks in terms of volume were Tata Steel, ITC, and Adani Ports
On the sectoral front, barring FMCG and IT all other sectoral indices closed in the red today. The sectors that closed in the deep red were PSU Bank, Metals, Media, Oil & Gas, and Financial Services
Global Stock market updates
On the global front, Asian markets closed in the green following the broadly positive cues from US markets overnight. The Japanese stock market was trading higher led by strong gains in technology and financial stocks.
The upside remained capped as investors are cautious ahead of the Fed policy meeting followed by Conference with Chair Jerome Powell. European stock market indexes are trading higher ahead of the central bank’s policy decision and quarterly earnings
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