Sensex ends 696 pts higher, Nifty above 17,750; PSU Bank index up 3%

Closing Bell

Equity markets extended their Budget euphoria into second day on Wednesday, with the frontline indices ending over a per cent higher. Buying interest was spread across the board amid lower volatility and firm global cues.

The benchmark S&P BSE Sensex opened with a positive gap and extended gains to touch an intra-day high of 59,618.5. The index, eventually, closed with a gain of 696 points at 59,558 level. Its NSE counterpart, Nifty50, meanwhile, missed the 17,800-mark by a whisker as it hit a high if 17,795 in intra-day deals. It closed at 17,780 level, up 203 points.

Financial stocks were the show-stoppers today as six of the top 10 Sensex contributors were either banks or NBFCs. IndusInd Bank and Bajaj Finserv were the leading gainers, up over 5 per cent each. They were followed by HCL Tech, Bajaj Finance, Kotak Bank, Axis Bank, Dr Reddy's, HDFC twins, Wipro, ITC, TCS, Titan, SBI and HUL. All these stocks closed higher in the range of 1-3.5 per cent. 

On the downside, Tech M slipped the mose, down 1.6 per cent on the BSE, after the after the IT firm's earnings before interest and tax (ebit) margin declined by 40bps quarter-on-quarter (QoQ) to 14.8 per cent in December quarter (Q3FY22) due to salary hikes, higher sub costs and lower utilization.

Nestle India, Ultratech Cement, L&T, Sun Pharma, and Maruti Suzuki India were the other top drags. 

In the broader markets, the BSE MidCap and SmallCap indices also logged strong gains and ended 1 per cent and 1.6 per cent higher, respectively. 

Individually, the shares of Vodafone Idea (VIL) soared close to 12 per cent to Rs 11.95 on the BSE in Wednesday’s intra-day trade on the back of heavy volumes after Care Ratings (CARE) upgraded its rating on the company’s long term bank facilities and non-convertible debentures (NCD). The rating agency also assigned a 'stable' outlook. The stock closed over 6 per cent higher.

Shares of Tata Teleservices (Maharashtra) were locked at the 5 upper circuit at Rs 149.25 on the BSE on Wednesday after the telecom company said it has decided not to opt for conversion of interest related to adjusted gross revenue (AGR) dues into equity in the name of the government, as planned earlier.

Sectorally, the Nifty PSU Bank index was the top gainer today as it ended  3.4 per cent higher. This was followed by the Nifty Pharma, Metal and Realty indices, all up between 1 and 1.4 per cent.

Overall, 2,299 stocks advanced on the BSE today while 1,062 ended in the red. Less than 100 stocks closed unchanged. Volatility index, India VIX, too eased over 6 per cent to end below 19-mark.

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Markets at 02:30 PM

LIVE market updates: The key benchmark indices were hovering near the high's of the day as financials and IT continued to shine.

The BSE Sensex touched a high 59,571, and was up 625 points at 59,488. The NSE Nifty added 183 points to 17,760.

Also read: Budget 2022 gives wings to these financial stocks

20 out of the 30 Sensex shares were trading in the positive zone, with IndusInd Bank as the top gainer - up 5.5 per cent. Bajaj Finserv and Bajaj Finance had rallied 5.2 per cent and 3.2 per cent, respectively.

HCL Technologies, Kotak Bank and Axis Bank were the other major gainers, up around 3 per cent each. ITC, Wipro and HDFC Bank were up 2 per cent each. Whereas, Tech Mahindra slipped 2 per cent. Maruti and UltraTech Cement were down around a per cent each.



Among sectoral indices, the BSE Bankex was up 1.5 per cent. The FMCG, Healthcare, IT, Consumer Durables and Realty indices were up around a per cent each.

Elsewhere in Europe, the FTSE 100, DAX 30 and CAC 40 were up around 0.4 per cent each. The US futures indicated that Dow Jones could open 0.2 per cent lower, while Nasdaq could jump 1.1 per cent.
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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices were seen consolidating gains led by strong gains in financil and IT shares. Auto stocks, however, were seen underperforming in trades so far on Wednesday.

The BSE Sensex was up 583 points at 59,446, and in the process the BSE benchmark index had surged over 2,100 points so far in the last three trading sessions. The NSE Nifty added 168 points to 17,745.



Bajaj Finserv and IndusInd Bank were the top gainers among the Sensex 30 shares, up around 5 per cent each. HCL Technologies, Axis Bank, Kotak Bank and Bajaj Finance gained around 3 per cent each.

HDFC Bank, Wipro, TCS, HDFC, Titan and Dr.Reddy's were the other prominent gainers. ITC was also trading firm, and was up for the sixth straight trading session. The company is scheuled to announce its results on Thursday.  On the flip side, Tech Mahindra was the sole significant loser.

The broader markets were also holding smart gains in the noon deals. The BSE Midcap index advanced a per cent, and the Smallcap index had jumped 1.5 per cent. The overall breadth too was extremely positive with over 2.2 advancing shares versus every declining stock on the BSE so far.

Among the recently listed stocks, shares of the new-age companies were in limelight. MapmyIndia zoomed over 9 per cent, and Nykaa soared 6 per cent. PolicyBazaar, Zomato and SJS Enterprises were up around 4 per cent each.

In the broader markets, Nahar Polyfilms was locked at the 20 per cent upper limit. Nahar Capital too surged over 18 per cent. Unique Organics, Spandana Sphoorty Financial, Superb Papers, Transformers and Rectifiers, Dredging Corporation, Dhanvarsha Finvest, OnMobile Global, Everest Industries, Star Housing Finance, Safari Industries and Genus Power had surged over 12 per cent each.

On Whereas, GRP, Allied Digital Services, ANG Lifesciences, Anand Rayons, Sintex, Sutlej Textiles, TGB Banquets, Gujarat Ambuja Exports, IFB Industries, Chambhal Fertilisers and Alok Textiles were some of the notable losers, down 3-6 per cent each.
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Markets at 12 noon

LIVE market updates: The key benchmark indices were seen extending gains in noon trade as continued buying across all sectors and buoyed market sentiment aided the upmove. The BSE Sensex was at 59,499, higher by 637 points, and the NSE Nifty had climbed 184 points to 17,761.

Banking and financials kept the indices steady. Bajaj Finserv and IndusInd Bank, both up nearly 5 per cent were the top gainers. Kotak Bank, Bajaj Finance, Axis Bank were the other leading gainers. IT stocks, too, were providing robust support with HCL Tech, Wipro and TCS trading 1-3 per cent higher.

ALSO READ: Budget 2022: Financials to gain from capex push, digital rupee, say experts

The BSE MidCap index was now up 1.2 per cent. The BSE SmallCap index, too, was up 1.56 per cent. Top MidCap gainers included Vodafone Idea, Union Bank, Oracle Financial Services, Honey Automation, Trent, Macrotech Developers, Canara Bank, LIC Housing Finance, Biocon, M&M Financial, and Apollo Hospitals . These stocks were up between 3-8 per cent. 

Sectorally, Nifty Private Bank index had jumped over 2 per cent, while Nifty Bank was up 1.9 per cent. Nifty IT and Consumer Durables indices were other gainers, up 1 per cent each. All indices remained in the green zone. 

ALSO READ: Too conservative or well balanced? How brokerages interpret Budget 2022

Among stocks, Tech M extended losses and dipped 4 per cent to Rs 1,444 on the BSE after the IT firm's earnings before interest and tax (ebit) margin declined by 40bps quarter-on-quarter (QoQ) to 14.8 per cent in December quarter (Q3FY22) due to salary hikes, higher sub costs and lower utilization.READ MORE.

This apart, Jindal Stainless was trading 1.7 per cent higher on the exhange as India Ratings and Research (Ind-Ra) upgraded the company's long-term issuer rating to ‘IND AA-’ with a stable outlook. 

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Markets at 11 AM

LIVE market updates: The headline indices were firm in morning deals and were higher by up to 0.8 per cent. The BSE Sensex was up 523 points at 59,386 and the NSE Nifty was at 17,734, higher by 157 points.

The upmove in the indices stayed steady as gains in banking counters continued to provide support. Meanwhile, the top laggards included Tech Mahindra, Ultratech Cement, L&T, Sun Pharma, HUL, Maruti and Tata Steel. 

Further, Tech M (down 3.4 per cent) and Adani Ports (down 1 per cent) were the top losers on the Sensex and Nifty, respectively, as investors seemed disappointed with the Q3 earnings of both the companies. 

ALSO READ: Indian equities are in a bull-phase; buy on dips: Chris Wood

The broader markets, meanwhile, were outperforming the benchmarks with the BSE MidCap and SmallCap indices trading over 1 per cent each.

Among stocks, Anupam Rasayan India (ARIL) hit a new high of Rs 1,106 and rallied 10 per cent on the BSE after the company’s board approved the acquisition of 24.96 per cent stake in Tanfac Industries from Birla Group Holdings Private Limited and others for Rs 148.14 crore. READ HERE

Shares of Vodafone Idea (VIL) extended gains soaring 10 per cent to Rs 11.75 on the exchange on the back of heavy volumes after Care Ratings (CARE) upgraded its rating on the company’s long term bank facilities and non-convertible debentures (NCD). The rating agency also assigned a 'stable' outlook.READ MORE

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Markets at 10 AM

LIVE market updates: The benchmark indices steadily held their opening gains with broad-based buying. The BSE Sensex was up 546 points at 59,409, while the NSE Nifty was at 17,744, higher by 168 points. The two indices were up 0.9 per cent each.

Banking counters were leading gains on the bourses. Bajaj  twins, IndusInd Bank, Kotak Bank, Axis Bank were the top gainers on the Sensex, followed by HCL Tech, Wipro, Titan, HDFC, and ITC. 

In the broader markets, the BSE MidCap and SmallCap indices had also extended gains and were now up 1.1 and 1.4 per cent, respectively. On the NSE, Nifty SmallCap 50 and SmallCap 100 indices were the top gainers, up 1.87 and 1.7 per cent, respectively. 

Sectorally, among banks, PSUs were leading gainers, with the Nifty PSU Bank index trading 1.7 per cent higher. The Nifty Auto, Realty and Pharma indices were the other gainers.

Among stocks, shares of Tata Teleservices (Maharashtra) were locked at the 5 upper circuit at Rs 149.25 on the BSE after the telecom company said it has decided not to opt for conversion of interest related to adjusted gross revenue (AGR) dues into equity in the name of the government, as planned earlier. READ MORE.

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Opening Bell

LIVE market updates: The key benchmark indices started with strong gains on Wednesday, upbeat on the Union Budget announced a day before. The BSE Sensex was up 494 points at 59,356, while the NSE Nifty was 126 points higher at 17,703.

In the broader markets, the BSE MidCap and SmallCap indices were also in the green and were up 0.5 and 0.8 per cent, respectively.  

Among the Sensex-30 constituents, Bajaj twins, PowerGrid, ITC, Kotak Bank, IndusInd Bank, HDFC Bank, SBI, and Bharti Airtel were the top gainers, up between 0.9-2 per cent. On the Nifty, Eicher Motors, up nearly 2 per cent was the additonal gainer. 

On the flip side, Tech M was the top loser on the bourses, down 3 per cent as the company's Q3 results missed street estimates. It reported a 6.8 per cent rise in net profit at Rs 1,378.2 crore, with the growth in profits being compressed by supply side challenges.

Sectorally, all indices were trading higher, led by the Nifty Private Banks, and Financial services indices, up 1.6 and 1.4 per cent, respectively. Next in line were the Nifty Auto, Realty, and Pharma indices, trading 0.6-1 per cent up. 

Among stocks, Vodafone Idea was trading 4 per cent higher on the BSE after rating agency CARE Ratings reportedly upgraded the company's long term bank facility and NCDs to 'stable'. 

Similarly, shares of VIP Ind were also up nearly 7 per cent after the company posted consolidated profit at Rs 33.47 crore in Q3 against a loss of Rs 7 crore in the year-ago period. Its revenue rose to Rs 397.34 crore from Rs 232.53 crore in the previous year. 

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Pre-open session

LIVE market updates: The benchmark indices were seen holding gains in pre-open trades. The BSE Sensex was up 245 points at 59,108, while the NSE Nifty was 70 points higher at 17,647.

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LIVE market updates: The key benchmark indices are likely to continue a strong start for a second session on Wednesday amid positive global cues and budget euphoria. 

At 8:05 am, the SGX Nifty Futures were quoting 17,718 level, that is 100 points higher than Nifty's spot close on Monday. 

Today, in line with Tuesday's announcements, stocks related to infrastructure, housing, Defence, Railways, Logistics, Shipping, Chemicals and Sugar may see post-budget moves.

Among individual stocks, Adani Green, Apollo Tyres, Adani Total Gas, Balrampur Chini, Dabur, eClerx Services, HDFC, IOB, Tata Consumer Products, and Zee Entertainment are likely to be in focus ahead of December quarter earnings. 

Global cues

The US stocks ended higher for the third straight day overnight amid high volatility, reflecting underlying nervousness in the markets. The Dow Jones and Nasdaq rose 0.8 per cent each, while the S&P 500 was up 0.7 per cent.

After soaring over 17 per cent in January, oil prices started the new month on a flat note ahead of the crucial OPEC+ meeting hoping for a boost in supply. The OPEC+ members will meet tonight. Brent Crude was down 0.1 at $89.16 a barrel, and WTI Crude also added almost unchanged at $88.20 a barrel.