MARKET UPDATE: Sensex was up over 400 points to quote at 59,986 while the Nifty50 was hovering above the 17,800-mark
Published On: Wednesday, February 1, 2023 | By: Team KnowMyStock
Indian equity markets were holding their gains ahead of the Union Budget presentation at 11 AM today(1 February 2023). The S&P BSE Sensex was up over 400 points, or 0.7 percent, to quote at 59,986. The Nifty50, meanwhile, was hovering above the 17,800 mark. Union Finance Minister Nirmala Sitharaman will present Budget 2023 in Parliament today, the last full Budget of the Modi government in its second term. This year's Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024.
ICICI Bank, UPL, Britannia, Hindalco, Divis Labs, JSW Steel, Tata Consumer Products, Tech M, and Hero MotoCorp were the top gainers on the Nifty50 index, advancing up to 3 per cent in early deals. Adani Enterprises, BPCL, Coal India, ITC, M&M, SBI Life, and IndusInd Bank, on the contrary, were the major laggards, down in the range of 0.14 per cent to 1.3 per cent.
In the broader markets, the BSE MidCap and SmallCap indices added 1.2 per cent and 1.3 per cent, respectively.
The gains were broad-based in the markets with all sectoral indices trading higher. The Nifty Bank index was the top gainer, rising over 1 per cent. Besides, the Nifty Media, Metal, and Pharma indices advanced 0.6 per cent each.
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