Sensex, Nifty Highlights on February 2: Market indices rose another 2.5% each on Tuesday after a 5% budget driven rally in the previous session, with Sensex back at 50K mark and Nifty breaching 14,700. Extending gains for second session after Union Budget 2021, Sensex ended by 1,197 points to end at 49,797 and Nifty gained by 366 points to 14,647, amid positive global equities. Earlier today, Sensex and Nifty have hit intraday highs of 50,154 and 14,731. Sensex and Nifty have hit fresh lifetime highs of 50,184 and 14,753, on 21 January. Yesterday, benchmark indices Sensex and Nifty closed 5% higher as market participants reacted positively to the announcements by Finance Minister Nirmala Sitharaman in Union Budget 2021. BSE Sensex ended 2,314 points higher at 48,600 and NSE Nifty 50 index gained 646 points to 14,281. After Budget 2021-2022, macro data, ongoing corporate earnings season and global market performance will impact stock markets movement this week. Meanwhile, December quarterly earnings announcements by HDFC, Ajanta Pharma, Balrampur Chini Mills, Carborundum Universal, Dhampur Sugar Mills, Dixon Technologies, Escorts among others will also set the tone for the stock market today.
Here's a look at the LIVE updates of the market action on BSE and NSE today
3. 58 PM: Closing session
Market indices rose another 2.5% each on Tuesday after a 5% budget driven rally in the previous session, with Sensex back at 50K mark and Nifty breaching 14,700. Extending gains for second session after Union Budget 2021, Sensex ended by 1,197 points to end at 49,797 and Nifty gained by 366 points to 14,647, amid positive global equities.
3. 46PM: Market closing outlook
Vinod Nair, Head of Research at Geojit Financial Services said,"Start of a new rally is noticed in sectors like banking, infra and auto, supported by a renewed traction provided by a growth oriented budget. After consecutive selling by FPIs last week, the market witnessed a reversal in trend becoming net buyers post the budget. Positive global sentiments ahead a new US COVID support bill also lifted the market."
3. 34PM: DLF Q3 outlook
JMFL in its note said,"J DLF Limited (DLF) reported yet another strong quarter led by healthy bookings (INR 10.2bn in 3QFY21; +40% YoY) and collections (INR 6.5bn;+18% QoQ) in the residential segment. The annuity office portfolio continues to hold up well (98% collections) and retail showed improvement (c.99% collection; on agreed rentals). DLF continues to benefit the internal initiatives taken the years including i) reduction in operating expenses and ii) selling down of completed inventory. Further, it plans to lower cost of borrowings, complete REIT listing over the near term (1-2 years) and scale-up residential business with planned new launches as the real estate market (especially Gurgaon, NCR) undergoes significant consolidation. We believe DLF remains well poised to deliver on these parameters in the coming years. We maintain BUY with a Mar22 TP of INR 280 (10% upside). Key risk any slowdown in residential / commercial segments."
3. 24 PM: Ashok Leyland share hits new 52-week high
Ashok Leyland shares hit a new 52 week high of Rs 133 hit today after the Hinduja group flagship firm on Monday reported an 11% increase in total vehicles sales at 13,126 units for January month as against 11,850 units sold in the corresponding month a year ago period.
Ashok Leyland stock has risen 16.54% in the last 2 days. On Tuesday, the stock touched an intraday high as well as new 52 week high of Rs 133, rising 8.79% on BSE.
Total domestic vehicles sales rose 14% to 12,359 units in January as against 10,850 units in the year-ago period, Ashok Leyland said in a regulatory filing.
3. 18 PM: Just Dial: outlook- Buy rating
JMFL in its note said,"Just Dial's 3QFY21 operating performance missed both street and JMFe. Both revenues and paid campaigns reported only a marginal improvement during the quarter (+1.2% QoQ). However, collections trends continued to improve sequentially (+22% QoQ) and stood at ~80% of pre Covid levels' (~75% in 2Q), with comparatively better recovery trends in premium paid campaigns. Company will launch the beta version of the 'JD Mart' platform in the next few days, thus pulling curtains from a keenly awaited event. Management stated that it remains committed to aggressively promoting the new platform. Accordingly, it ramped-up its employee base in 3Q and plans to significantly spend on advertising and promotions in FY22. While we remain optimistic of the value creation potential of the new platform over the long run, given Just Dial's sketchy execution in the past on new initiatives we are factoring limited success from a monetisation standpoint in the near term. The net impact is that we cut our FY21E-23E EPS by 4%/17%/12%. However, our EPS roll over to Mar'23 drives a raise in TP to INR 700 (versus INR 680 earlier) based on 15x core Mar'23E EPS+ cash as of FY22 end."
3.03 PM: Chemicals : Fertilisers sector update
On the Union Budget -Key announcements, JMFL said,"The budget presented today has provided for FY21 revised estimate (RE) of fertiliser subsidy at INR 1.34 trn against FY20A / FY21Budget Estimate (BE) / FY22 BE of INR 811bn / INR 713 bn / INR 795 bn respectively. We understand that the higher provision for FY21RE is in-line with GoIs announcement during Atmanirbhar 3 package in November and will likely clear up the entire outstanding Fertiliser subsidy upto end of FY21 and from FY22, there will be no backlog of subsidy. The implementation of the DBT for fertiliser means that the fertiliser companies will receive the subsidies within a few days of the sale from FY22. This will likely provide certainty of cash flows and will be positive for the fertiliser companies, specifically for Urea companies like Coromandel, Chambal, Zuari etc."
2. 58 PM :Indian banking sector update
On the Union Budget 2021- Key announcements, JMFL said,"Following are the key announcement for the banking sector: Stressed asset resolution by setting up ARC and AMC, Privatisation of 2 PSU banks and Recapitalization of PSBs. We remain positive on the sector given lower than expected stress formation, strong capital levels and improving economic activity. Our top picks are ICICI Bank, HDFC Bank and SBIN among large caps."
2. 46 PM: Market rises further
Market indices continued trading at record levels on Tuesday, with Sensex back at 50K mark and Nifty breaching 14,700. Extending gains for second session, Sensex gained by 1,320 points to trade at 49,915 and Nifty gained by 400 points to 14,680, amid positive global equities.
2. 25PM: Indian shares sharply extend post-budget gains
Indian shares extended their post-budget gains to a second session on Tuesday, led by advances in finance and infra stocks, as investors cheered the government's move to step up spending to aid the economy's recovery from the COVID-19 pandemic.
The NSE Nifty 50 index rose 2.14% to 14,586.55 by 0352 GMT, while the benchmark S&P BSE Sensex was up 2.1% at 49,621.80. Both the indexes had gained 4.7% and 5%, respectively, after the federal budget was announced on Monday.
Indian shares sharply extend post-budget gains led by HDFC Bank advances
2.09 PM: Why Tata Motors share rose over 11% today
Tata Motors share rose over 11% in trade today after the auto firm reported a 25.27 per cent increase in total sales for January. Share of Tata Motors gained 11.2%, a fresh 52-week high, to Rs 312 against previous close of Rs 279.75 on BSE.
The stock has gained 17.48% in the last 2 days. The share opened with a gain of 4.65% at Rs 292.75 today. Tata Motors share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Tata Motors share has gained 87% in one year and risen 70% since the beginning of this year. In a month, the stock has climbed 66.85%.
Why Tata Motors share rose over 11% today
1. 47 PM : YES Bank share falls after 2 days of gain
YES Bank share tad lower on Tuesday's early trade. The stock of YES Bank opened at Rs 16.50, and touched a day's high of Rs 16.70, rising 2% in early session. Later, the stock fell 1.8% to day's low of Rs 16.10 as against the last close of Rs 16.40.
The stock has fallen after 2 days of consecutive gain. YES Bank stocks have gained nearly 10% in the last two trading sessions.
YES Bank stock trades higher than 5 and 100-day moving averages but lower than 20, 50 and 200-day moving averages.
The share has fallen 9.7% in a month. Year-to-date, the stock is down 8.7%.
YES Bank share falls after 2 days
1. 37 PM: Nifty technical outlook
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said," We had a decent correction in the week before the Budget and the market participants had high expectations as the Finance Minister had indicated a 'budget like never before'. There was no unfavourable announcement and the market participants gave a big 'Thumbs Up' to the budget. The Banking sector witnessed a 'Once in a blue Moon' kind of move and the heavyweights from this sector witnessed soaring moves to take the Bank Nifty higher which posted its new all-time high and ended with gains of over 8 percent. All the sectors (except Pharma) participated in the rally with many stocks posting phenomenal intraday gains. With leadership back from the Banking heavyweights, the markets seem to have resumed its uptrend and thus, another 'Higher Bottom' is in place at last week's low. Thus, one should prefer to trade with the trend now until any negative signs seen and look for opportunities which could continue to outperform. The near term trading range could be wide given the recent volatility wherein the supports are now placed around 14140 and 14000, wheres resistance could be seen around 14500."
1. 27 PM: Brent crude futures
Brent crude futures, the global oil benchmark, rose 0.91 per cent to USD 56.86 per barrel. Oil price gained after oil producers moved in line with their committed output cuts shrugging off concerns regarding weak demand.
1. 16 PM:Budget 2021 outlook
Jaspal Bindra- Executive Chairman, Centrum Group said,"Budget 2021 struck the perfect balance between maintaining investor sentiment, reducing fiscal deficit, boosting job creation and increasing Government spending. Though direct taxes remained unchanged, a commitment to simplification and dispute resolution was welcoming. On the expenditure side, the Budget met expectations. With a slew of key divestments in place, increase in FDI limits, an asset monetization pipeline, planned increased borrowings and the proposed LIC IPO, the Government is building up the arsenal it needs to keep inflows in place as well. Liquidity pressures will need to be kept under check owing to higher deficit and proposed increase in borrowings."
1.02 PM: PVR raises Rs 800 cr from investors via QIP
Multiplex operator PVR Ltd has raised Rs 800 crore by issuing shares to a set of investors through qualified institutional placement (QIP).
The QIP witnessed an allotment of over 55.55 lakh equity shares to eligible qualified institutional buyers (QIBs) at a price of Rs 1,440 apiece.
"The fund raise committee of the company... approved the issue and allotment of 55,55,555 equity shares to eligible QIBs at the issue price of Rs 1,440 per equity share, aggregating to approx Rs 800 crore," PVR said in a regulatory filing late on Monday night.
PVR raises Rs 800 cr from investors via qualified institutional placement
12. 50 PM: Post budget reaction
Rohan Mittal, Chief Financial and Transformation Officer, Gati Ltd said," FM has proposed steps in the right direction in the budget to boost investment led consumption which will positively impact the domestic logistics industry. The Finance Minister has rightly pointed out the need for the manufacturing sector to grow in double digits in order for India to become a $5 trillion economy. this requires supply chain to remain globally competitive.
The sharp increase in capital expenditure, if incurred under right heads, will boost domestic consumption. Setting up faceless tax dispute resolution teams will ensure efficiency and transparency. Fund infusion of Rs 15,700 crore for MSME, increasing import duty on products will help promote manufacturing that will further act as key enablers for growth for the economy.
The investment outlay for highway construction, building more airports in tier 2 and tier 3 cities will not only drive consumption further but also reduce turnaround time for logistics companies. Such infrastructure development will facilitate the development of multimodal logistics systems. Vehicle scrappage policy announced in the budget will efficiency of the warehousing and moveable assets involved in the logistics operations."
12. 41 PM: Budget 2021-22 reaction for real estate sector
Prasoon Chauhan, Founder & CEO, BlackOpal says, "After the announcement of easing norms for InvITs/REITs, we are hoping that steps will be taken to regarding the lock-in period of units allotted on a preferential basis, and pricing related to the allotments arising out of the approval of the same unit holders. We are sure that the fresh norms will make more REITs to enter the market as the demand for commercial properties is already high, especially after the pandemic situation that has led people to realize the sound investment opportunity that commercial segment offers. The FM has also announced a new asset reconstruction and asset management company, which is set to ease out the liquidity issue in the market.
Overall, the Budget focused on jobs and fund infusion in MSMEs, which would help the market recover. The real estate sector, being an inseparable part of the economic growth, will also gain from the measures taken to expedite growth in other industries."
12. 34 PM: Nifty outlook
Geojit financial said in its note today," The ongoing upside move has room for upside till 14420-14558, before a pause. Meanwhile a reversal is not expected right away, but 13960 appears as the downside range extremity, in the event of a loss in momentum."
12. 22PM: Sebi slaps Rs 2.38 crore penalty on 23 entities, individuals
Stock market regulator has slapped a total penalty of Rs 2.38 crore on 23 entities for indulging in fraudulent trading activities in the shares of Steel Exchange India Ltd (SEIL).
The fine has been levied in the range of Rs 5 lakh to Rs 8 lakh on 23 entities and individuals. An investigation was carried out by the regulator into the shares of SEIL during July to December 2017 period.
It was observed that certain promotional SMSes were circulated among investors during October to November 2017 while the company's share price was around Rs 100, which then reached to Rs 133 before falling to Rs 42.95.
Sebi slaps Rs 2.38 crore penalty on 23 entities, individuals for fraudulent trading in SEIL shares
12. 11 PM: Infrastructure sector post Budget announcement
Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"Government has highlighted their intent to invest in infrastructure. The NIP was launched with 6835 projects; the project pipeline has now expanded to 7,400 projects. In the budget estimates 2020-21, Government had provided 4.12 lakh crores for Capital Expenditure. Government is likely to end the year at around 4.39 lakh crores in the revised estimates 2020-21. For 2021-22, Government proposed a sharp increase in capital expenditure by providing 5.54 lakh crores which is 34.5% more than the budget estimates of 2020-21. Government provided an enhanced outlay of 1,18,101 lakh crores for the Ministry of Road Transport and Highways, of which 1,08,230 crores is for capital, the highest ever. By March 2022, the Government would be awarding another 8,500 kms and completing an additional 11,000 kms of national highway corridors.
Budget was positive for the Infrastructure sector. Addition in infrastructure projects will lead to increase in order book for the companies. Infrastructure companies such as L&T, PNC Infratech, KNR Constructions etc would be benefited due to the budget."
12.07 PM: Rupee opens on flat note at 73.01
The rupee opened on a flat note and rose marginally by 1 paisa to 73.01 despite a weak dollar on Tuesday. Traders remained cautious ahead of Reserve Bank of India (RBI) monetary policy outcome to be announced on Friday, after the Union Budget announcement.
The domestic unit opened at 73.02 per dollar at the interbank forex market and inched 1 paisa higher to 73.01 over its previous close.
On Monday, the rupee depreciated by 6 paise to end at 73.02 per dollar on Monday due to fiscal concerns after the government projected a higher fiscal deficit of 6.8 per cent of the GDP for 2020-21 and increased borrowing target in the budget.
Rupee opens on flat note at 73.01 per dollar
11. 56 AM: Sensex reclaims 50,000 mark, Nifty crosses 14,700
Sensex reclaimed the key 50,000 mark in early trade today extending gains for the second consecutive session after FM Nirmala Sitharaman presented her third Budget speech. Sensex rose 1,554 points to touch a fresh high of 50,154 and Nifty gained 450 points to 14,731.
In two sessions, Sensex has risen 3,868 points and Nifty has climbed 1,096 points. On Monday, Sensex ended 2,314 points higher at 48,600 and Nifty 50 index gained 646 points to 14,281. Sensex has reclaimed the 50K mark after six sessions. On January 21, Sensex breached 50,000 mark for the first time ever and touched record high of 50,184.
Sensex reclaims 50,000 mark, Nifty crosses 14,700 after investors cheer Budget 2021
11. 41 AM: Bouyed global markets
Asian markets are trading higher taking cues from overnight jump in US markets. Japan to extend state of emergency till March to contain covid-19. RBA rate decision today. US markets bounced back from last week's lows and focus shifts to Silver. Pfizer, Amazon and Alphabet to come out with earnings today.
European markets closed higher supported by global positivity and as investors shrugged off concerns regarding recent speculative trading frenzy with IT stocks leading the pack
11. 33 AM: Indigo Paints shares debuts at 75% premium
Shares of Indigo Paints listed at a 75% premium at Rs 2,607.50 from its issue price of Rs 1,490 a share on BSE and NSE today, given the strong IPO subscription and 2021 Budget-driven bullish broader market.
The stock hit day's high at Rs 2756.30 on BSE and at Rs 2,747 on NSE.
The share later fell on profit booking and touched day's low at Rs 2428.20 and Rs 2,436.05 on BSE and NSE, respectively.
Indigo Paints share lists at 75% premium to issue price
11. 21 AM: Market stocks & bonds see foreign net inflows of $53.5 billion in Jan
Emerging market stocks and bonds saw foreign net inflows of about $53.5 billion in January, building on the momentum from year-end 2020, data from the Institute of International Finance showed on Monday.
Non-resident portfolio inflows to emerging market equities hit $9.4 billion last month and debt instruments attracted $44.2 billion, according to the IIF.
It is the tenth consecutive month of net positive flows to emerging markets.
Market stocks & bonds see foreign net inflows of $53.5 billion in Jan, says IIF
11. 12AM:Gold and silver outlook
Anuj Gupta- DVP- Commodities and Currencies Research, Angel Brokingnsaid,"On Monday, Spot Gold prices dipped by 0.8 percent to close at $1860 per ounce despite of an appreciating Dollar as stimulus hopes kept its demand elevated. However, strengthening of the US Currency made the Dollar denominated Gold less desirable for other currency holders. The yellow metal gained as additional stimulus measures might lead to inflation. Gold is considered as a hedge against inflations and currency debasement. Also, stricter lockdowns in major economies like UK, Germany, France and China due to resurgence of the virus dampened the outlook which underpinned Gold prices.
As of today Traders can go for buy in Gold at 48200 levels with the stop loss of 47700 levels for the target of 49000 levels. They can also for buy in Silver at 71800 levels with the stop loss of 70900 levels for the target of 73500 levels. In international market gold may test $1900 levels soon."
10. 59 AM: Outlook on affordable housing Update in Budget 2021-22
Yash Gupta Equity Research Associate, Angel Broking said,"Government extended the deadline of purchasing the affordable house from 31st March 2021 to 31st March 2022. So an affordable house purchaser will get an additional deduction of interest, amounting to 1.5 lakh, for loan taken to purchase an affordable house. Government sees Housing for All and affordable housing as priority areas. Further, to keep up the supply of affordable houses, the government proposes that affordable housing projects can avail a tax holiday for one more year-till 31st March, 2022. This will be positive for the real-estate companies like Brigade enterprises and Sobha developers."
10. 32 AM: Market outlook
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"The 5% thumps up given by the Sensex reflects the market's resounding approval of the bold reform-growth-orientation of the budget. Like the 1991 Budget which initiated liberalization in India, this budget marks a clear turn to the right in economic policy in India. The stage is set for India embracing privatization in right earnest. There are concerns regarding the high fiscal deficit. Also, implementation holds the key in achieving the targets. The present global liquidity construct and the historically low-interest rate regime favour the continuation of the bull market. So stay invested, particularly in sectors like financials especially private sector banking ( PSU banks will give trading opportunities) IT, pharma, autos, cement and segments of FMCG. Domestic cyclicals appear to be strong bets"
10. 17 AM:Stocks to watch today on February 2
Power Grid, Axis Bank, Hero MotoCorp, Indian Bank, Coal India among others are the top stocks to watch out for in Tuesday's trading session
Stocks in news: PowerGrid, Axis Bank, Hero MotoCorp, Indian Bank, Coal India
10.06 AM: Opening session outlook
On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"After a stellar run yesterday, the markets have opened with a gap up this morning. Traders should not be hasty as the run up has been sharp and the stops are wide at this point in time. While the overall trend remains positive, a 'buy on dips' strategy would be advisable. The Nifty would gain further momentum after it crosses the high of 14750 as that would lead the index to 14900-15000. The current support for the Nifty is as low as 14100 so cautious trading should be implemented."
9. 50 AM: Market at record highs post Budget
Earlier today, Sensex rose above the psychological key level of 50,000 and Nifty neared 14,154. Today, Sensex and Nifty have hit intraday highs of 50,058 and 14,699. Sensex and Nifty have earlier hit fresh lifetime highs of 50,184 and 14,753, on 21 January.
9. 47 AM: Results today
HDFC, Ajanta Pharma, Balrampur Chini Mills, Carborundum Universal, Dhampur Sugar Mills, Dixon Technologies, Escorts, IIFL Wealth Management, Intellect Design Arena, Neuland Laboratories, NOCIL, PI Industries, Tata Consumer Products, Vinati Organics and Wonderla Holidays are among 69 companies to announce their quarterly earnings.
9. 40 AM: Market update
Market indices continued trading at record levels on Tuesday, with Sensex back at 50K mark, in line with positive global equities. Extending gains for second session, Sensex gained by 1,200 points to trade at 49,870 and Nifty gained by 365 points to 14,650. Today, Sensex and Nifty have hit intraday highs of 50,058 and 14,699. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating a positive trend in domestic grounds today.
9. 33AM: Global markets
Asian stocks are trading higher on Tuesday following an overnight jump on Wall Street. European markets reversed trend and closed higher today as Chinese manufacturing activity in January came in at 51.5.
US stocks jumped on Monday, the first session of February. Meanwhile, a group of 10 Republican senators sent President Joe Biden a letter on Sunday, urging him to consider a smaller, scaled-down Covid-19 relief proposal. His current plan calls for $1.9 trillion in additional fiscal stimulus.
9. 20 AM:FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 1,494.23 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 90.46 crore in the Indian equity market on 1 February, provisional data showed.
9. 16 AM: Nifty technical outlook post Budget
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,"The Finance Minister stood by her words and has delivered 'like never before' budget. Since the market had lighten up ahead of the event, market participants had all the reason to grab this opportunity with both hands and hence, we could see a gargantuan move to clock probably the biggest gains ever on the budget day. As far as Nifty is concerned, as long as we are above 14000-14100, there is no reason to worry for. Purely looking at Nifty's price structure, we would have stayed cautious at the current level but the way BANKNIFTY has taken off, it's better to be on the positive side. The banking was a real charioteer today and the way it's hastened towards record highs, all eyes would be on this space going forward."
9. 10 AM: Nifty technical outlook
Reliance Reserach said in its note," NSE-NIFTY breached its prior daily falling trend amidst upbeat union budget. Yesterday, the index rose to one-week closing high. Overall market breadth turned in favour of the bulls and major sectors remained positive. Due to such a strong up-move in the index, its major technical indicators reversed from their lower levels and given buy signal. This could take the index towards 14,500-level initially and 14,650-level subsequently. In case of decline, the index will find support at around 13,950-level.
As for the day, support is placed at around 13,850 and then at 13,419 levels, while resistance is observed at 14,524 and then at 14,768 levels. "
9.05 AM: Rupee closing yesterday
On the currency front, the Indian rupee depreciated by 6 paise to end at 73.02 per dollar on Monday due to fiscal concerns after the government projected a higher fiscal deficit for 2020-21 and increased borrowing target in the budget
8. 50 AM: Budget outlook for market
V.P. Nandakumar, MD & CEO, Manappuram Finance said,"A progressive and growth-oriented budget presented under difficult circumstances that has also given serious consideration to some of the persistent problems of the banking and financial services sector. We are pleased that the FM has reduced the eligible loan amount for recovery under the SARFAESI Act for NBFCs. It will help in strengthening the NBFC sector by improving credit discipline among borrowers. The one concern we have is about the elevated fiscal deficit and its potential inflationary impact. Going forward, the onus will be on the government to ensure that the deficit levels are progressively brought down in tune with its projections."
8. 45 AM: Closing on Budget Day
Yesterday, benchmark indices Sensex and Nifty closed 5% higher on Monday as market participants reacted positively to the announcements by Finance Minister Nirmala Sitharaman in Union Budget 2021. BSE Sensex ended 2,314 points higher at 48,600 and NSE Nifty 50 index gained 646 points to 14,281. After Budget 2021-2022, macro data, ongoing corporate earnings season and global market performance will impact stock markets movement this week.
Indices recorded the biggest Budget Day gain ever since 1997 as the first digital Budget 2021 ticked all the right boxes for the equity market, with heavy buying seen in PSU banks, banking, infra and metal stocks. On last year's budget announcement, Sensex had crashed 2.43% and closed right below 40K.
Sensex, Nifty clock strongest Budget day rally after FM's speech cheers investors