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Stock market: Sensex climbs 846 points, Nifty tops 21,950 amid 20 per cent decline in Paytm after budget day

The BSE Sensex rose 846.64 points to 72,491.94, while the Nifty surged 256.55 points to 21,954.

Akshit Tyagi Edited By: Akshit Tyagi New Delhi Updated on: February 02, 2024 10:46 IST
Stock market graph
Image Source : PIXABAY Stock market graph

Benchmark equity indices rebounded strongly in early trade on Friday, following a global market rally and increased buying in Reliance Industries and ICICI Bank. The 30-share BSE Sensex surged by 846.64 points to 72,491.94, while the Nifty rose by 256.55 points to 21,954.

Among the Sensex-listed companies, major gainers included Reliance Industries, ICICI Bank, Power Grid, Infosys, NTPC, Tech Mahindra, Tata Consultancy Services, and UltraTech Cement. Axis Bank was the only laggard.

In Asian markets, Seoul, Tokyo, and Hong Kong were trading positively, while Shanghai was in the red. The US markets had significant gains on Thursday.

Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, mentioned that the bull market at Dalal Street is thriving, driven by positive developments such as Wall Street's surge, a 3% drop in WTI oil prices, and the promising interim Union Budget.

On the Budget day, the Sensex had declined by 106.81 points (0.15%) to settle at 71,645.30, and the Nifty dipped by 28.25 points (0.13%) to 21,697.45. Brent crude, the global oil benchmark, rose by 0.71% to USD 79.26 a barrel.

According to exchange data, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,879.58 crore on Thursday.

(With PTI inputs)

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