Mumbai: The bullish trend in the stock markets, buoyed by the budget, continued on Wednesday and the benchmark index Sensex jumped about 696 points and again crossed the level of 59,500 points. Sensex was strengthened by heavy buying in shares of banking and financial companies. Apart from this, favorable global cues also gave rise to the market. The BSE 30-share Sensex closed at 59,558.33 points, up 695.76 points, or 1.18 per cent, at the end of trading.
Similarly, NSE’s Nifty also closed at 17,780.00 with a gain of 203.15 points or 1.16 percent. IndusInd Bank was the biggest gainer among the Sensex companies, with shares jumping up to five per cent. Shares of Bajaj Finserv, HCL, Bajaj Finance, Kotak Mahindra Bank and Axis Bank were also gainers. On the other hand, shares of Tech Mahindra, Nestle India, Maruti Suzuki and L&T closed with losses.
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Of the 30 companies included in the Sensex, 21 stocks were in profit while nine suffered losses. Experts say that increasing the allocation for infrastructure development in the budget presented on Tuesday for the year 2022-23 is expected to accelerate the economic revival. This is giving a boost to the market.
Japan’s Nikkei ended with gains in other Asian markets. On the other hand, markets in China, Hong Kong and South Korea remained closed on the occasion of Lunar New Year. The markets in Europe witnessed a bullish phase in the afternoon session. Meanwhile, international oil standard Brent crude was up 0.27 per cent at $89.40 per barrel. According to information received from the stock markets, foreign institutional investors withdrew Rs 21.79 crore on Tuesday. (agency)