Sensex, Nifty Rally To Recoup Budget-Day Losses
A traffic signal stands illuminated next to the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Rally To Recoup Budget-Day Losses

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Closing Bell: Sensex, Nifty Rally To Recoup Budget Day’s Losses

Indian equities gained for the second straight trading session, paring losses clocked on the Budget day.

The S&P BSE Sensex and the NSE Nifty 50 rose 2.3 percent and 2.32 percent, respectively, to end at 40,789.38 and 11,979.65 on Tuesday. The benchmarks—that had posted their worst Budget day performance in 11 years—gained more than 2.7 percent in two days.

The broader markets represented by the NSE Nifty 500 Index advanced 2.10 percent on Tuesday.

The rebound witnessed in markets is ‘purely’ cyclical as markets bottomed out last week on account of lacklustre budget and coronavirus scare. That’s according to Chakri Lokapriya, Managing Director, TCG Asset Management.

“The rebound over last two days reflects the view that India is at a cyclical economic bottom and markets being forward looking they are beginning to stabilize,” Lokapriya told BloombergQuint.

The market breadth was tilted in favour of buyers. About 1,249 stocks advanced and 533 shares declined on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Metal Index’s 3.3 percent gain.

Sensex, Nifty Rally To Recoup Budget-Day Losses

Adani Ports Q3 Profit Beats Estimates

Shares of Adani Ports and Special Economic Zone rose as much as 2.4 percent to Rs 376 after announcing December quarter results.

Key Earnings Highlights (Q3, YoY)

  • Revenue up 2.8 percent to Rs 2,902 crore.
  • Net profit down 4 percent to Rs ,1352 crore.
  • Ebitda up 0.5 percent to 1,853 crore.
  • Margin at 63.85 percent versus 65.28 percent.

Fab Four Stocks Of The Day

Affle India

  • Stock rose as much as 4.6 percent to Rs 1,835.
  • Revenue rose 27.4 percent to Rs 94.5 crore
  • Net profit rose 31.9 percent to Rs 21.5 crore
  • Ebit rose 18.1 percent to Rs 24.1 crore
  • Margin rose 25.5 percent to 27.5 percent
  • India segment revenue rose 53 percent to Rs 53 crore
  • International segment revenue rose 4 percent to Rs 43.3 crore

Chalet Hotels

  • Stock rose as much as 4.4 percent to Rs 4.4 percent to Rs 328.95.
  • Acquires 100 percent stake in Belaire Hotels for Rs 119.3 crore and 100 percent stake in Seapearl Hotels for Rs 57.5 crore.

Hero MotoCorp

  • Stock rose as much as 4.6 percent to Rs 2,484.60.
  • Positive on lower crude oil prices.


  • Stock rose as much as 4 percent to Rs 189.15.
  • Shares snap four-day losing streak.
  • Traders accumulate fresh longs, February futures OI up 3 percent.

IRCTC Surges 11% To Record High

Shares of IRCTC rose as much as 10.6 percent to hit an all-time high at Rs 1.383.90.

“Competition Commission of India has absolved Indian Railways and its arm IRCTC Ltd. of allegations of unfair market practices,” according to a PTI report.

“The order came after the regulator in November 2018, ordered a detailed probe into the allegations of abuse of dominant market position against Ministry of Railways and IRCTC for charging higher price than actual base fare on the sale of e-tickets,” the report said.

Zee Group Stocks Decline

Shares of the Zee Group companies declined in today’s trade.

Sensex, Nifty Rally To Recoup Budget-Day Losses
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