Sensex surges over 700 points in response to interim budget announcement
Sensex was trading at 72,422.09 points, up 776.79 points or 1.08 per cent.
New Delhi: BSE Sensex jumped more than 700 points to cross the 72k mark on Friday, a day after the presentation of the Interim Budget 2024-25.
Sensex was trading at 72,422.09 points, up 776.79 points or 1.08 per cent.
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Powergrid is the top gainer, up by more than 4 per cent. Infosys is up more than 2 per cent.
The Nifty top gainers are BPCL, Adani Ports, up by more than 4 per cent.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said the non-populist Budget focused on fiscal consolidation is a big positive.
“The big allocation for rural housing will benefit all construction-related segments like cement, steel, paints etc. Another important budget takeaway is the sharp decline in bond yields consequent to the net market borrowing kept low at Rs 11.75 trillion. This is beneficial for banks,” he said.
He said that the global cues are better since the mother market US is appreciating the favourable trends in the US economy after the brief disappointment with the cautious Fed message.
“It is evident that the US is heading for a soft landing and rate cuts are coming,” he said.
He said that the correction in the dollar index to 103 and the US 10-year falling to 3.88 per cent may restrain the FIIs from selling.
He said that the near-term risk in the market is the high valuation which can trigger corrections on some negative news.
“Expect high volatility in the near-term,” he added.
