Markets finally showed sign of recovery from previous trading sessions heavy selloff during Friday's opening bell as investors now await with bated breath for various reforms and policies in the Union Budget 2021. The Finance Minister Nirmala Sitharaman will present the budget for current fiscal on February 01. This budget is seen as a game-changer amid Covid-19 pandemic as investors expect vital measures to revive economy, stimulus for various sectors and limited fiscal headroom.
In early trade, Sensex has gained by at least 549.3 points and even touched an intraday high of 47,423.66. Similarly, Nifty 50 advanced by a little over 149 points so far in opening bell with an intraday high of 13,966.85 compared to the previous closing. Nifty 50 eye 14,000-level again.
At around 9.38 am, Sensex was trading at 47,074.23 higher by 199.87 points or 0.43%.
Auto and banking stocks are top picks of the day. BSE Auto is trading at 23,001.76 up 201.96% and BSE Bankex is performing at 34,692.67 up 259.41 points. Substantial gains were also contributed by financial stocks.
Top gainers on Sensex were -
IndusInd Bank (+3.5%) followed by Bajaj Finance (+2%), M&M (+1.5%), HDFC Bank (+1.3%) and ONGC (+1.2%).
Other stocks like Kotak Bank, HDFC, ICICI Bank, L&T, Asian Paint and Bajaj Finserv also advanced around 1% each.
Top underperformers on Sensex were -
Axis Bank (-2%) followed by HUL (-1.24%), Maruti Suzuki (-1.03%), TCS and Dr Reddy down by 0.8% each.
Companies that will be in focus due to the December 2020 quarterly announcement are - Bajaj Healthcare, Cholamandalam Investment and Finance, Cipla, Dabur, Dish TV India, DLF, Dr. Reddy's Labs, Exide Industries, Grindwell Norton, Heritage Foods, IndusInd Bank, Indian Oil Corporation, JSW Energy, Just Dial, Dr. Lal PathLabs, LIC Housing Finance, Manappuram Finance, Shankara Building Products, Sun Pharma, Tata Motors, Tech Mahindra, Union Bank of India, UPL, Vaibhav Global, UTI Asset Management Company, Vedanta and Wockhardt.
At around 09.47 am, Nifty 50 was trading at 13,862.20 up 44.65 points or 0.32%. The index has 31 advances and 18 declines. Gaining stocks were - IndusInd Bank, Tata Motors, BPCL, M&M and Adani Ports in the range of 2-3.5%. Underperforming stocks included Axis Bank, Maruti, JSW Steel, TCS and Britannia down by 1-2%.