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Stock market update: Nifty hits fresh record high, Sensex over 1,400 points; RIL surges to new peak

The surge in the Sensex and Nifty can be attributed to robust global cues and positive budgetary announcements.

Akshit Tyagi Edited By: Akshit Tyagi New Delhi Updated on: February 02, 2024 13:26 IST
BSE building
Image Source : FILE BSE building

In the late morning trading on Friday, the NSE Nifty surged to a record high by gaining 429 points and trading at 22,126.80, while the BSE Sensex rose by 1,444 points, reaching a day high of 73,089.40.

The remarkable upswing in both indices can be attributed to robust global cues and positive budgetary announcements. Wall Street equities closed on a high note the previous night, and Asian markets opened with positive momentum, influencing the upward trend in Indian markets.

Domestically, the Indian benchmarks showed significant advancements, boosted by the government's commitment to fiscal prudence in its interim budget. The government, as outlined in the interim budget, has set a target to narrow the fiscal deficit to 5.1 per cent in fiscal 2025, along with plans to reduce borrowings. This commitment to fiscal responsibility has contributed to the positive sentiment in the domestic stock market.

HDFC Bank, Hindustan Unilever, Axis Bank, and Titan faced a dip in their performance, marking them as laggards in the market. Meanwhile, in Asian markets, Seoul and Tokyo demonstrated positive trading, whereas Shanghai and Hong Kong experienced declines.

In the United States, markets concluded with substantial gains on Thursday, contributing to the bullish trend at Dalal Street. Positive factors include the surge in Wall Street, a 3 percent decrease in WTI oil prices, and the optimistic interim Union Budget.

Despite these positive factors, the Sensex witnessed a decline of 106.81 points, or 0.15 percent, settling at 71,645.30 on the Budget day. The Nifty also experienced a dip of 28.25 points or 0.13 percent, reaching 21,697.45.

Brent crude, the global oil benchmark, saw a 0.42 percent increase, reaching USD 79.03 per barrel. On the same day, foreign institutional investors (FIIs) were observed offloading equities worth Rs 1,879.58 crore, as per exchange data.

(With PTI inputs)

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