Sensex Rises 814 Points Ahead Of Budget Day, Nifty Settles At 17,340

In the broader markets, the BSE Midcap and Smallcap indices advanced 1.7 per cent and 0.9 per cent, respectively

New Delhi: A day ahead of the Union Budget, the key Indian equity benchmarks rallied on Dalal Street on Monday, after the economic survey said that the economy is well placed to take on the challenges of 2022-23.

The Economic Survey, which was tabled on Parliament by Finance Minister Nirmala Sitharaman on Monday, projected a growth rate of 8 - 8.5 per cent in 2022-23, which have uplifted the mood of the investors.

The 30-share BSE Sensex platform surged 814 points to settle at 58,014, while the broader NSE Nifty moved 238 points to close at 17,340.

In the broader markets, the BSE Midcap and Smallcap indices advanced 1.7 per cent and 0.9 per cent, respectively.

All sector gauges, compiled by the NSE, settled in green. Nifty PSU Bank and Nifty IT outperformed the index by rising as much as 2.94 per cent and 2.87 per cent, respectively.

IT stocks such Tech Mahindra (up 5 per cent), Wipro, Infosys, and HCL Tech; financials stocks such as Bajaj twins, SBI, and index heavyweights Reliance Industries and Bharti Airtel are the prominent gainers.

On the flipside, shares of IndusInd Bank were the worst hit among the lot, down 3.5 per cent, on profit booking after Q3 results. Kotak Bank, HUL, and Tata Steel were the other losers on the Sensex.

In the previous session, the BSE index finished 76.71 points lower at 57,200.23. Similarly, the broader NSE Nifty slipped 8.20 points to 17,101.95.

Elsewhere in Asia, bourses in Hong Kong and Tokyo were trading with gains in mid-session deals. Asian share markets made guarded gains ahead of a week that is may see a rise in UK interest rates and mixed reports on US jobs and manufacturing, while surging oil prices add to worries over inflation.

Meanwhile, markets in China and South Korea are closed for a holiday.

International oil benchmark Brent crude rose 1.31 per cent to $91.21 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 5,045.34 crore Friday, according to provisional data.

Meanwhile, Finance Minister Nirmala Sitharaman will present the Union Budget on February 1.