Sensex, Nifty soar to record highs ahead of budget announcement
India's leading stock indices, the Sensex and the Nifty, achieved new record highs on Tuesday. By midday, the Nifty 50 had climbed by 116.55 points trading at 23,656.35, while the Sensex gained 498.4 points to trade at 77,848.25. This surge in the stock market was propelled by purchases made in anticipation of the budget announcement and bolstered by strong global cues. The Nifty Bank also set a new record high earlier in the day, trading above the 52,000 mark.
Key contributors and detractors in the Nifty index
Shares of HDFC Bank, Axis Bank, ICICI Bank, State Bank of India, and Infosys played a significant role in the Nifty index's gains. Conversely, shares of ITC, Bajaj Finance, Oil And Natural Gas, NTPC, and Tata Motors exerted downward pressure on the index. Sneha Seth, senior analyst at Angel One, suggested that either the bank index or Nifty Financial Services Index would be good choices for long-term investments based on their performance over the past four sessions.
Sectoral indices and broader market trends
Most sectoral indices traded lower, with Nifty Realty being the top loser while Nifty Bank rose the most. Broader markets showed mixed trends with S&P BSE Midcap trading 0.30% lower and S&P BSE Smallcap trading 0.39% higher through midday on Tuesday. On BSE, eight sectorial indices advanced and 12 declined, with the S&P BSE Bankex being the top performer and S&P BSE Realty falling the most.
