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Home Money Finance

Nifty on alltime high- Budget, RBI policy, big support for Q3 results

Shehnaz by Shehnaz
February 6, 2021
in Finance, Share Market
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Nifty on alltime high- Budget, RBI policy, big support for Q3 results
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India’s leading indices rose more than 9 percent in the week ended February 5 due to strong global cues and good domestic factors. The rally started with the growth based union budget on 1 February. After that, the quarterly results of companies buying continuously from the FII side and RBI’s monetary policy gave further support to the market.

Last week, the BSE Sensex closed at the level of 50,731.63, up by 4,445.86 points, or 9.6 percent. Nifty50 closed at 14,924.30, up 1,289.7 points, or 9.4 per cent. During this entire week, Cessanx and Nifty set new record highs. Sensex crossed 51000 level while Nifty saw above 15,000 level.

During this week, BSE’s LogCap Index gained 9 percent. State Bank of India, Tata Motors-DVR, Bank of Baroda, IndusInd Bank, Tata Motors and Punjab National Bank contributed to this growth. These stocks saw gains of up to 20–40 per cent.

Similarly, the BSE Midcap index saw a gain of 7.3 per cent in the week ended yesterday. Canara Bank, Bharat Heavy Electricals, Bank Of India, Ashok Leyland, Cummins India, Adani Enterprises, RBL Bank, Tata Power Company and Sun TV Network contributed to this. Each of these stocks saw an increase of over 15 per cent. However, midcap stocks such as Future Retail, Whirlpool of India, Crompton Greaves Consumer Electrical and GlaxoSmithKline Pharmaceuticals saw a decline during this week.

The party also saw smallcap shares in the week ended yesterday. The BSE Smallcap index closed up 6 per cent. MSTC, Indian Bank, NCC, Shriram City Union Finance, Intellect Design Arena, Prince Pipes & Fittings, IIFL Finance and ISGEC Heavy Engineering contributed significantly to this. These stocks saw a 30-48 percent gain during the week. However, Dewan Housing Finance Corporation, The Anup Engineering, KRBL, EPL, Future Enterprises Limited and Coromandel International saw a decline of 10–22 per cent.

If you look at the BSE Cessanx, HDFC Bank’s market value has seen the biggest increase in the past week. It was followed by State Bank of India, Housing Development Finance Corporation and ICICI Bank. Whereas Asian Paints and Tech Mahindra saw a decline in market value.

Looking at the different sectors, the Nifty PSU Bank saw a rise of 25.5 per cent and the Nifty Metal and Realty Index by 11-11 per cent last week. Last week, foreign institutional investors bought Rs 13595.16 crore in the Indian market, while domestic institutional investors sold Rs 4712.60 crore.

The rupee closed flat at 72.92 against the dollar last week amid market fluctuations, while the rupee closed at 72.95 on 29 January.

Tags: All time highbudgetmarketMarket Censauxmarket cessationmarket newsNiftyrbi policy
Shehnaz

Shehnaz

Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing around Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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