Indian shares extended their historic Budget day rally into Wednesday, with key benchmark indexes hitting fresh record closing highs, led by healthcare and financial stocks.
The benchmark S&P BSE Sensex ended a choppy session up by 458.03 points, or 0.92 percent, at 50,255.75 on the back of positive earnings updates and economic recovery hopes after the government presented a pragmatic, bold and visionary budget.
India’s service sector expansion accelerated slightly in January as some establishments were reopened and demand strengthened, survey results from IHS Markit showed earlier today.
Global cues were also quite favorable amid expectations of a vaccine-powered strengthening of activity later in the year and additional policy support in a few large economies.
The broader NSE Nifty index ended up 142.10 points, or 0.97 percent, at 14,789.95.
Coal India, Divis Laboratories, Power Grid Corp and IndusInd Bank surged 4-7 percent in the Nifty pack, while Grasim, Maruti Suzuki, UltraTech, UPL and Shree Cement fell between 0.8 percent and 1.6 percent.
Dr Reddy’s Laboratories jumped 4 percent after Sputnik V, which has already been rolled out in Russia and several other countries, was found to be 91.6 percent effective against symptomatic Covid-19 cases in trial results published by The Lancet, a leading medical journal.
In September 2020, Dr Reddy’s had collaborated with the Russian Direct Investment Fund (RDIF) to conduct the clinical trials of the Sputnik V vaccine and for its distribution rights in India.
Market Analysis
Sensex, Nifty Hit Record Closing Highs
2021-02-03 11:27:16
