Stock Market Today: Sensex Gains 612 Points; Nifty Settles Around 21,700 Ahead Of Interim Budget

Stock update: On the 30-share Sensex platform, Sun Pharma, Tata Motors, SBI, M&M, Maruti, Bajaj Finserv emerged gainers. On the down side, Titan and L&T were the two losers

The two key equity benchmarks, Sensex and Nifty, on Wednesday pared early losses and closed in the green firmly, ahead of interm Budget and US Fed outcome. The S&P BSE Sensex rallied 613 points to end at 71,753. On the other hand, the NSE Nifty50 was settled at 21,726, up 204 points.

On the 30-share Sensex platform, Sun Pharma, Tata Motors, SBI, M&M, Maruti, Bajaj Finserv emerged gainers. On the down side, Titan and L&T were the two losers.

A total of 2,113 shares advanced, 1,137 shares declined, while 63 shares unchanged.

In the broader markets, the BSE Midcap and Smallcap indices advanced 1.57 per cent and 1.83 per cent, respectively.

Sectorally, except capital goods, all other indices closed in the green. Nifty Pharma index gained 2.5 per cent, Nifty PSU Bank jumped 2.28 per cent, and the Nifty Realty index went up 1.9 per cent.

In the previous session on Tuesday, the S&P BSE Sensex tumbled 802 points to close at 71,139, while NSE Nifty50 declined 216 points to end at 21,522.

"A positive build-up was reflected in Indian markets prior to the interim budget, although expectations are low, the market anticipates a lower fiscal deficit supported by buoyant tax revenues. The overall trend in the market is akin to a see-saw, and the buy-on-dips strategy is effective as of now. Global market cues are mixed ahead of the FOMC meeting, and US 10-year yields were marginally down," said Vinod Nair, Head of Research, Geojit Financial Services.

In Asian markets, Tokyo, Shanghai, and Hong Kong ended lower, while Seoul settled in the green. European markets were trading on a mixed note. The US markets ended mostly down on Tuesday.

Global oil benchmark Brent crude declined 0.91 per cent to $82.12 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,970.52 crore on Tuesday, according to exchange data.

Meanwhile, the rupee appreciated 6 paise to 83.04 against the US dollar on Wednesday, supported by a firm trend in domestic equities. Market participants remained cautious ahead of the interim Budget, scheduled to be presented on February 1, traders said, adding that a strengthening American currency in the overseas market also capped the sharp gain in the local unit.

At the interbank foreign exchange market, the local unit opened at 83.11 against the greenback. The unit hit an intraday low of 83.12 and a high of 83.01. The local unit finally settled at 83.04 against the dollar, higher by 6 paise from its previous close of 83.10.