Sensex Climbs 740 Points, Nifty Breaks 23,500 Mark Ahead of Union Budget 2024

Mumbai, January 31, 2024: Indian stock markets ended on a high note today, with Sensex surging by 740 points and Nifty crossing the 23,500 level. This marks a continued positive streak for the indices, extending their gains for the fourth consecutive session. Market participants are now eagerly awaiting the Union Budget 2024, which is expected to provide crucial economic policy directions for the coming year.

Market Performance Summary

• Sensex closed with a 740-point gain, reflecting a strong buying sentiment across all sectors.
• Nifty ended the day above the key 23,500 level, driven by broad-based sectoral buying.
• The BSE Midcap and Smallcap indices gained over 1% each, signaling positive investor sentiment towards a wider range of stocks.

Sectoral Performance: Broad-Based Rally Across Indices

Investor enthusiasm was evident across various sectors, with Capital Goods showing the most notable performance, rising by 4%. Other sectors such as Consumer Durables, Oil & Gas, Power, PSU, Realty, and FMCG all witnessed gains of 2% each. This sectoral-wide uptrend highlights the market’s optimism heading into the Union Budget.

Top Movers of the Day

Among the top gainers on the Nifty, Tata Consumer, Trent, Bharat Electronics, Nestle India, and Larsen & Toubro (L&T) saw substantial gains, contributing to the overall market rally. On the flip side, Bharti Airtel, ICICI Bank, Bajaj Finserv, Bajaj Finance, and JSW Steel were the top losers on the index.

Focus Shifts to Union Budget 2024

As markets continue to climb, all eyes are now on the Union Budget 2024, expected to be presented next month. Investors are hopeful that the budget will include measures that could drive economic growth, job creation, and infrastructure development. Key focus areas for the market include:

• Corporate tax reforms
• Fiscal policies aimed at stimulating investment
• Measures for manufacturing and export growth

The budget could provide much-needed policy clarity, and investors are hoping for announcements that will sustain the market’s upward momentum and bolster economic recovery.

Outlook

With the Sensex and Nifty recording significant gains, market experts are optimistic about continued positive performance, especially with the Union Budget set to be a major catalyst. However, investors are also cautious, given the potential volatility in the wake of any unexpected policy changes. The coming days will be crucial as the budget announcement draws nearer, shaping the broader economic outlook for India in the year ahead.