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Stock Market LIVE Updates: Sensex, Nifty50 make a strong start; Tech Mahindra falls 3%, ITC up 1%
Rupee down: Crude oil gains.
Stock Market LIVE Updates: Indian equity benchmarks Sensex and Nifty50 are likely to start Wednesday’s session on a positive note, a day after Finance Minister Nirmala Sitharaman presented the Union Budget for FY23 in Parliament. At 7:44 am, Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty index — were up 114.5 points or 0.7 percent at 17,712. With the Budget now behind, investors focus returned to quarterly earnings on Dalal Street. HDFC, Tata Consumer and Dabur are among the corporates due to report their financial results on February 2.
Budget is received with aplomb by Industries resulting in the boost in Indices. No new taxes and no relief to the salaried class as well.
Kotak Mahindra Bank, Eicher, Bajaj twins, PowerGrid, ITC among top blue-chip gainers
IndusInd Bank, Axis Bank, Tata Motors, HDFC Bank, BPCL and IOC were also among the gainers. Tech Mahindra, Britannia, Adani Ports and Tata Steel were among the few laggards in the Nifty50 pack.
Sensex, Nifty50 make a strong start
The Sensex rose as much as 502.3 points or 0.9 percent to 59,364.9 in the first few minutes of the session following a positive opening. The Nifty50 climbed to as high as 17,723.6, up 146.8 points or 0.8 percent from its previous close.
Pre-Open Market | Sensex up over 400 points, Nifty above 17,700
In the pre-opening session, the 30-scrip index was up 430.9 points or 0.7 percent at 59,293.4 and the broader Nifty50 benchmark at 17,706.2, up 129.4 points or 0.7 percent from its previous close.
Rupee slipped by 17 paise vs US dollar on Tuesday
The rupee depreciated by 17 paise to end at 74.82 against the greenback on Tuesday
Bond Deals | IDFC First Bank, HDFC Securities, Tata Capital Housing Finance in focus
–IDFC First Bank will raise at least Rs 1,000 crore through 10-year Tier II bonds.
–HDFC Securities will raise funds through a one-year commercial paper at a 5.25 percent coupon.
Commodities | Crude oil in focus ahead of OPEC meeting
Crude oil gained 17 percent in January amid Russia-Ukraine tensions. A meeting of the Organization of the Petroleum Exporting Countries (OPEC) on February 2 is the major focus where the 23-nation alliance is expected to announce an addition of 4,00,000 barrels per day in March.
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