Sensex surges 1100 pts, Nifty surpasses 17970 as investors cheer 2023 Budget; Bank Nifty jumps 3%, Gold gains

Sensex surges 1100 pts, Nifty surpasses 17970 as investors cheer 2023 Budget; Bank Nifty jumps 3%, Gold gains

Domestic indices rallied over 1.5%, cheering India’s 2023 budget. Markets opened higher and remained in positive territory as Finance Minister Nirmala Sitharaman didn’t surprise investors with any negative news related to capital markets. The BSE Sensex surpassed the 60,750 mark and NSE Nifty was trading above 17,970. The volatility index India VIX fell 11% to 16.88. All the broader market indices were trading in green with Nifty Next 50 rising 1.75% to 17,971.40, Nifty 100 up 1.51%, Nifty Midcap 50 up 1.74%, Nifty Smallcap 250 up 1.33%, Nifty Total Market up 1.46%

In the sectoral indices, Bank Nifty skyrocketed over 1200 pts or 3% to 41,891, Nifty Auto rose 0.78%, Nifty IT up 0.83%, Nifty Metal up 0.78%, Nifty Pharma up 0.09%, Nifty Realty up 1.87%. The NSE Nifty 50 climbed over 300 pts or 1.68% to 17,972.20. It touched an intraday high of 17,972.20 and a low of 17,731.65. The top gainers of the index were ICICI Bank, Larsen & Toubro, HDFC Bank, HDFC and JSW Steel while HDFC Life, SBI Life, Adani Enterprises, Adani Ports and Sun Pharma were the top losers.

Asian markets closed higher on Wednesday. China’s Shanghai Composite index rose 29.90 pts or 0.90% settling at 3,284.92, Japan’s Nikkei 225 closed 19.77 pts or 0.07% higher at 27,346.88 and Hong Kong’s Hang Seng was trading 150.52 pts or 69% higher at 21,992.85. Gold futures on the Multi Commodity exchange (MCX) for April delivery rose 467 pts or 0.82% to 57,657.00 and Silver futures for March delivery rose 1033 pts or 1.50% to 69,862.00.