It was for the first time after Union Budget 2005 that the Indian benchmark indices have surged more than 1.7% on the day of budget. Nifty closed above 8700 mark for the first time since 24th of October 2016.
NSE Nifty was up 152.95 points or 1.8 percent at 8714.25, while BSE Sensex ended up 471.67 points or 1.7 percent at 28127.63.
Broader markets too remained in line and zoomed 1.66%. Market bias remained highly positive with 1920 advances and 901 declines.
Realty sector pulled the markets up gaining almost 5% with Oberoi Realty, DLF and HDIL surging 6% plus.
Nifty Bank closed above 20000 levels for the first time since November 10, 2016. Auto and Banking majors viz., Bosch, Maruti Suzuki, Bank of Baroda, Eicher Motors and ICICI Bank were the top gainers for the Nifty.
Maruti, Hindalco, IndusInd Bank and ITC closed above their respective 52-W highs.
Going forward we hold 8737-8745 as the immediate resistances followed by 8810 as the crucial resistance. On the downside if Nifty retreats due to profit booking we hold 8670-8600 as the supports for the Nifty.
Prime Minister Narendra Modi today described the Budget as “futuristic” with an aim on fulfilling the “dreams” of every section, including the poor, the farmers and the under-privileged while focussing on job creation, transparency, urban rejuvenation and rural development. He said the Budget is a key link between the work done by his government over the last two-and-a-half and the steps that it will be taking in the future as part of its vision to take the country on the path of development.
The rupee was trading at 67.46 per US dollar.
About 1923 shares have advanced, 890 shares declined, and 130 shares are unchanged.
Top 5 Nifty Gainers: Maruti Suzuki (4.98%), SBI (4.48%), ICICI Bank ( 4.39%), M&M (4.35%), and ITC LTD (4.28%).
Top 5 Nifty Losers: TCS (-2.60%), Infosys Ltd (-1.38%), Sun Pharma (-1.20%), ONGC (-0.94%) and NTPC (-0.75%)
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