BSE Sensex and Nifty 50 surged 5 per cent, posting the most significant Budget day gains in absolute terms on Monday. The total market place capitalisation of the BSE-listed firms surged Rs 6.4 lakh crore to Rs 192.53 lakh crore. Earlier, on Friday at closing, the total market place cap stood at Rs 186.12 lakh crore. Sensex surged 2,315 points or 5 per cent to 48,600.61, when Nifty 50 ended at 14,281, up 646 points or 4.74 per cent. During intraday bargains, Sensex hit a higher of 48,764, when Nifty touched 14,336.35. Market breadth remained in favor of bulls, as 1,943 stocks sophisticated, and 990 scrips declined. While 196 shares remained unchanged. The broader market place indices underperformed the equity benchmarks. S&P BSE Midcap rose 3.03 per cent or 548 points to 18,630, when S&P BSE SmallCap index jumped 2.03 per cent or 365.12 points to finish at 18.353.32.
Vinod Nair, Head of Research at Geojit Financial Services
The Union Budget 2021 is a boon for the equity market place with all the crucial elements of development supported by an enhance in government spending without having an enhance in indirect taxes. Proposal for the privatisation of 2 PSU banks and measures to curb the influence of NPAs helped the banking index to lead the soaring rally. Higher government spending in Infrastructure and enhanced FDI limit in Insurance enhanced the general outlook of these sectors. Although Cess can have a marginal influence on the connected sectors, the price range gives incentives to create wealth in the economy without having giving a higher burden on households and private sectors.
Rohit Singre, Senior Technical Analyst at LKP Securities
Super positive session is witnessed on Indian bourses, each nifty and bank nifty has shown a sturdy move and closed a day with gains of 5 & 8 per cent respectively. Strong breakout is witnessed in the nifty bank even nifty has noticed tiny falling trend line breakout, going forward quick help is formed close to 14200-14070 zone holding above mentioned levels we may possibly see pull back to continue and resistance is placed at 14400-14500 zone.
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)
BANKNIFTY has been bucking the trend given that final couple of sessions, when the broader market place was correcting brutally. This outperformance has now turned into a leadership and therefore, staying beyond 33000, unfolds fresh leg of the rally for the banking index. Above this, next levels to watch would be 34500-35000.
Ashis Biswas, Head of Research at CapitalVia Global Research Limited
The market place witnessed positivity given that the starting of the session. Following the price range, market place has noticed a decisive positive movement. Market closing above 14200 will be decisive. 14170-14200 will be an crucial help zone, when 14600 will be the next resistance the market place will stay positive in the close to future.