In a significant pre-Budget rally, Indian stocks experienced a robust surge on Monday, with the 30-share BSE Sensex crossing the 1,000-point mark to reach above 71,700. Simultaneously, the broader NSE Nifty index climbed more than 300 points, breaching the 21,650 level. This rally generated a staggering Rs 5 lakh crore in BSE market capitalization, fueled by buying interest across various sectors.
Key players such as Reliance Industries, HDFC Bank, L&T, ICICI Bank, Kotak Mahindra Bank, Tata Motors, Sun Pharma, and PowerGrid contributed to the upward momentum.
Suman Chowdhury, Chief Economist and Head-Research at Acuité Ratings & Research, commented, “The government may continue to earmark a significant quantum for capital expenditure with a growth of 15 per cent in its budgetary allocation.” Investors are eagerly anticipating the presentation of Budget 2024, scheduled for February 1.
Today’s Market Highlights:
- Investor Wealth Surges by Rs 5 Lakh Crore: Investor wealth, indicated by the BSE market capitalization, rose by Rs 4.97 lakh crore to Rs 376.09 lakh crore, compared to the previous valuation of Rs 371.12 lakh crore.
- 418 Stocks Hit 52-Week High Levels: A remarkable 418 stocks touched their 52-week high levels today. Notable names include ACC, AIA Engineering, Amber Enterprises, Ambuja Cements, Aptus, Bajaj Auto, Borosil Renewables, BPCL, and Coal India.
- 2,356 Stocks in the Green: Out of 3,987 stocks, 2,356 stocks advanced, while 1,463 stocks declined. 168 stocks remained unchanged.
- Stocks Surge Up to 18%: Infibeam Avenues, IRB Infra, SJVN, NMDC Steel, NBCC, MMTC, Tata Investment, ONGC, NCC, RITES, Welspun Living, Delhivery, REC, PNC Infra, and MCX witnessed surges of up to 18.39 percent.
- Energy & PSU Bank Stocks Lead Gainers: Major contributors to the Sensex climb included Reliance, HDFC Bank, L&T, ICICI Bank, Kotak Mahindra Bank, Tata Motors, Sun Pharma, PowerGrid, and NTPC. Energy and PSU bank stocks emerged among the top gainers.
