The NSE Nifty 50 rose gained 152.30 points or 0.73% at 21,855. While the BSE Sensex was trading 405 points or 0.60% higher at 72,086.

BPCL, ONGC, Adani Ports, Power Grid, and Coal India were the top gainers in the Nifty 50. On the flip side Eicher Motors, Axis Bank, HDFC Life Insurance, HDFC Bank, and Hindustan Unilever were the key losers in the Nifty 50.

Railway-linked stocks, including IRFC, Rail Vikas Nigam (RVNL), Railtel, and others, witnessed a dip in their stock prices following Finance Minister Nirmala Sitharaman’s conclusion of her interim Budget speech in the Lok Sabha on Thursday.

Shares of IRFC, RVNL, Railtel, and other related stocks are grappling with losses ranging between 3% and 5% post budget speech.

Also Read: Railway stocks dip post-Budget announcement as railway expenditure less than market estimate; should you invest now?

Shares of Abbott India rose 9.2% to hit an all-time high of Rs 28,280.20. The stock was the top gainer in the Nifty 50.

USDINR CMP- 82.86 (spot) “Indian Rupee gained by 0.15% on strong domestic markets and a weak US Dollar. A decline in crude oil prices also supported the domestic unit. US Dollar declined on hawkish Bank of England monetary policy. Bank of England (BoE) kept interest rates unchanged at 5.25%. BoE Governor, Andrew Bailey said that there is more evidence required that inflation is set to fall to their target of 2% stay there before they start to cut rates.

We expect Rupee to trade with a slight positive bias on weak tone in the US Dollar and rise in risk appetite in global markets. Weakness in crude oil prices may also support Rupee. However, profit booking by FIIs may lead for outflows, which may cap sharp upside in Rupee. Any recovery in crude oil prices may also weigh on Rupee at higher levels. Traders may take cues from US non-farm payroll report and factory orders data. US is expected to add jobs but at a slower pace. USDINR spot price is expected to trade in a range of Rs 82.50 to Rs 83.20,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

“The stock market is currently experiencing volatility, albeit at a lower level compared to previous fiscal periods. The market’s response has been more pronounced in the bond sector than in stocks, following the Financial Minister’s commitment to curbing the fiscal deficit and reducing borrowings. This has notably eased pressure on the debt market. The budget primarily emphasizes capital expenditure and consolidation. In the long run, key sectors poised to benefit include infrastructure, renewable energies, aviation, railways, metros, power, and capital goods, as they receive government support through increased spending. Additionally, the government is fostering tourism by offering long-term interest-free loans to promote renowned tourist destinations. With no tax relief provided in the budget, investors are likely to redirect their attention to inflation, and an ongoing control of inflation could potentially stimulate future demand. The budget reinforces its commitment to green growth, introducing initiatives to enhance the environment for electric vehicles and biomanufacturing. Particularly noteworthy is the emphasis on rooftop solarization, expected to indirectly augment income by saving households an estimated Rs 15–18,000 annually on electricity bills,” said Harjeet Singh Arora, Managing Director at Mastertrust Ltd.

“Despite the Federal Reserve in the US indicating about no rate cuts till March ’24 & relatively disappointing earnings growth from the Nifty50 companies, strong earnings from Amazon have led to a further rally in Nifty as well leading it to an all time high. Technically though, Nifty looks bearish with strong resistance at 22125 on the Daily charts. A daily close below support of 21450 could lead to a fall till 21100-20750 in the near term,” said A R Ramachandran, co-founder of Tips2trades,

“There may be this impression that Paytm and Paytm Payment Bank is one, but by design and by structure, it is not and it cannot be. First it is an associate company and second is not an associate company in the sense that is some Bank. And first and foremost for a bank is that, it has to follow the governance that a bank is supposed to follow, which is to say that has to has its independent management team, which reports to the board and the matters that have to go to committees of the board where can only be independent directors,” said Madhur Deora, Paytm’s president and Group chief financial officer.

Paytm is in talks with major banks for nodal account migration and expects completion in some days, according to a press release by the company.

BPCL, Power Grid Corp, Adani Ports, ONGC, and Hero MotoCorp were the top gainers in the Nifty 50. Eicher Motors, HDFC Bank, HDFC Life Insurance, Hindustan Unilever, and Axis Bank were the key laggards in the Nifty 50.

“The Nifty has recently reached a new all-time high, reaching 22,126. However, for a sustained upward momentum, it’s crucial for the index to maintain this level; otherwise, it might revert to a sideways trend. Should it successfully hold above 22,125, the next potential targets for the February series are identified at 22,500 and 22,700,” said Santosh Meena, head of research at Swastika Investmart.

Conversely, on the downside, the range between 21,640 and 21,500 presents an immediate demand zone. Further down, the key demand zone is situated between 21,200 and 20,800, Meena added.

Shares of BPCL rose 9.2% to hit a fresh 52-week high of Rs 555. The stock was the top gainer in the Nifty 50.

Shares of Hero MotoCorp rose 3.8% to hit a new 52-week high of Rs 4,760. The company reported a 22% growth in its two-wheeler sales.

The sectoral-index Nifty Midcap 100 hit an all-time high of 48,796.35.

The NSE Nifty 50 touched the mark of 22,126.80, crossing the earlier mark of 22,124 points.

Shares of BPCL rose 6.2% to hit a fresh 52-week high of Rs 540. The stock was the top gainer in the Nifty 50.

Shares of Eicher Motors and HDFC Life Insurance were the only laggards in the Nifty 50.

The sectoral index Nifty Oil & Gas was trading higher. The index rose 2.6% to 11,014.25. The index was trading highest among its peers.

Shares of Power Grid Corp rose nearly 6% to hit a new 52-week high of Rs 281.40. The stock was the top gainer in the Nifty 50.

“Bank Nifty witnessed continuation of the positive momentum. During the day, it was the bank Nifty which held on the crucial support zone of 45660 – 45700 where the hourly moving averages were placed and resumed its upmove. We believe that the bank nifty is likely to move higher towards 46570 – 46800 from short term perspective. The Daily momentum indicator has triggered a positive crossover which is a buy signal and is likely to provide speed to the upmove,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.

Shares of Paytm are locked in another lower circuit of 20% on Friday after a 20% drop on Thursday. The stock is now trading at Rs 487 hitting a new 52-week low.

Commenting on the Technical outlook of Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened on a positive note and witnessed range-bound price action during the day. Despite being an event day, the range was narrow as compared to the recent trading sessions and the Nifty closed marginally in the red, down ~36 points.

“On the daily charts we can observe that the Nifty has been broadly stuck in the range of 21200 – 21900 for the last couple of weeks. The Nifty has been facing selling pressure at the 61.82% Fibonacci retracement level (21747) and has been unable to close above it on a closing basis. We believe that the range bound action is likely to continue. The daily momentum indicator has triggered a positive crossover while the hourly has a negative crossover. Moreover, prices are stuck in a range. Considering the divergent signals from price and momentum indicator, the Nifty is likely to witness range bound price action. Key support levels are 21550 – 21500 while immediate hurdle zone is placed at 21850 – 21900,” said Gedia.

The NSE Nifty 50 opens higher by 0.53% to settle at 21,812.75, while the BSE Sensex jumps 0.46% to 71,977.56 in the opening trade.

Foreign institutional investors (FII) sold shares worth net Rs 1,879.58 crore. Domestic institutional investors (DII) bought shares worth net Rs 872.49 crore on February 01, 2024, according to the provisional data available on the NSE.

Shares in the Asia-Pacific region were trading in positive territory. The Asia Dow was trading up by 0.36%. Japan’s Nikkei 225 was trading up by 1.01% and Hong Kong’s Hang Seng index was trading higher by 1.61%. The benchmark Chinese index Shanghai Composite was trading higher by 0.05% during the early trade hours.

WTI crude prices are trading at $74.24 up by 0.54%, while Brent crude prices are trading at $79.36 up by 0.85%, on Friday morning.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded flat, 0.01% at 103.04.

The three major US benchmark indices closed in green. The 30-stock Dow Industrial Average closed 369.54 points, or 0.97% lower at 38,519.84. The S&P 500 gained 1.25% to 4,906.19. The tech-heavy Nasdaq Composite jumped 1.3% at 15,361.64.