A man walks past the Bombay Stock Exchange (BSE) logo displayed outside the building’s lobby in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Clock Longest Gains In Nearly Three Months Ahead Of Budget

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Closing Bell: Sensex, Nifty Clock Longest Gaining Streak In Nearly Three Months

Indian equity benchmarks extended gains for the fourth consecutive trading session and registered their longest gaining streak since April 16 ahead of the Union Budget, which will be presented tomorrow by Finance Minister Nirmala Sitharaman.

The S&P BSE Sensex closed 68 points or 0.17 percent higher at 39,908 and the NSE Nifty 50 closed at 11,946.75, up 0.25 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.2 percent higher.

The market breadth was tilted in favour of buyers. About 909 stocks advanced and 829 shares declined on National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty PSU Bank Index’s 1.3 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 1.1 percent.

Sensex, Nifty Clock Longest Gains In Nearly Three Months Ahead Of Budget

Nifty Can Test All-Time High Tomorrow, IIFL Says

The Nifty can test its all-time high during tomorrow's trade as Finance Minister Niramala Sitharaman is set to present the Union Budget, IIFL’s Senior Technical Analyst Hadrien Mendonca told BloombergQuint in an interction.

Mendonca also recommends investors to be cautious while taking positions.

One can take a position on Nifty with a stop-loss of 11,800 on a conservative basis and hold on to long positions with a target of 12,100 at the upside. Since it is going to be a risk trade, it is recommended for ‘brave hearts’ to take this position.
Hadrien Mendonca, Senior Technical Analyst IIFL

Bond Market Update: 10-Year Yield Declines

India’s benchmark bond yield witnessed a sharp fall after the government tabled economic policy in Lok Sabha and ahead of the Union Budget presentation.

The 10-year bond yield fell over 5 basis points to 6.77.

Sensex, Nifty Clock Longest Gains In Nearly Three Months Ahead Of Budget

Money Market Update: Rupee At Day’s High

The Indian rupee extended gains for the ninth consecutive trading session against the U.S. dollar to trade near day’s high.

The home currency appreciated 0.3 percent, the most in over a week, to 68.83 against the greenback.

Sensex, Nifty Clock Longest Gains In Nearly Three Months Ahead Of Budget

Fab Four Stocks Of The Day

IndiaMART InterMESH

  • Stock rose as much as 37.5 percent to Rs 1,338.
  • The company made its stock market debut, listing at a premium of 21 percent to its issue price of Rs 973.

Uniply Industries

  • Stock rose as much as 4.9 percent to trade at over a nine-month high at Rs 66.95.
  • Kuwait’s Markab plans to buy 29.21 percent in the company for Rs 313.84 crore, launches open offer.

Vinati Organics

  • Stock rose as much as 3.1 percent to hit an all-time high at Rs 2,256.
  • The Relative Strength Index was above 70, indicating that the stock may be overbought.

InterGlobe Aviation

  • Stock rose as much as 4.1 percent to Rs 1,644.50.
  • Fresh longs seen with high open interest of 11 percent.
  • Trading volume was two times its 20-day average.

Market Check: Sensex, Nifty Set For Longest Gaining Streak In Nearly Three Months Ahead Of Budget

Indian equity benchmarks extended gains for the fourth consecutive trading session and are set for their longest gaining streak since April 16 ahead of the Union Budget.

The S&P BSE Sensex rose 117 points to 39,955 as of 3 p.m. and the NSE Nifty 50 rose 0.36 percent to trade above 11,950.

The market breadth was tilted in favour of buyers. About 936 stocks advanced and 783 shares declined on NSE.

Bloomberg Quint

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