Stock market rallies before budget, Sensex jumps 150 points, Nifty above 21,500

The stock market on Wednesday witnessed a sharp jump ahead of Thursday’s interim budget.

Sensex and Nifty have started trading in the red today. In early trade, the Sensex slipped by 243 points and reached the level of 70,896.83. At the same time, in early trading Nifty fell by 73.25 points to 21,448.85 points i.e. below 21,500.

After this, the stock market recovered from the initial fall and continued its rise.

At 9.45 am, Sensex was trading at 71,317.92 with a gain of 178.02 points (0.25%) and Nifty was trading at 21,583.65 with a gain of 61.55 points (0.29%).

Among Sensex companies, shares of Larsen & Toubro fell by five percent. Along with this, shares of Titan, Kotak Mahindra Bank, ICICI Bank, Infosys, Axis Bank and State Bank of India also suffered losses. At the same time, shares of Tata Motors, Reliance Industries, Tata Steel and Bajaj Finserv rose. On sectoral basis, the Capital Goods Index declined by 2 percent and the Bank Index declined by 0.5 percent. Whereas Auto, Metal, Oil & Gas and Power indices were seen trading with a rise of 0.5 percent.

The interim budget (Interim Budget 2024) is going to be presented on 1 February. In such a situation, investors have adopted a cautious approach. This week, stock market investors are nervous before major events like the interim budget and the US Federal Reserve's decision on interest rates.

Yesterday, BSE Sensex based on 30 shares had closed at 71,139.90 points with a decline of 801.67 points or 1.11 percent. Whereas Nifty of National Stock Exchange also closed at 21,522.10 points with a decline of 215.50 points or 0.99 percent. Yesterday BSE Midcap fell by 0.53 per cent while the Smallcap index gained 0.18 per cent.

According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 1,970.52 crore on Tuesday.