Vinod Nair, head of research at Geojit Financial Services, said taking positive cues from global markets and favourable takeaways from the Economic Survey report, the market rallied ahead of the Budget day
Mumbai:
Investors’ wealth on Monday gained over Rs 3.33 lakh crore as markets witnessed heavy buying a day ahead of the Union Budget, with the 30-share BSE benchmark rallying about 814 points.
The BSE benchmark index jumped 813.94 points or 1.42 per cent to settle at 58,014.17. During the day, it zoomed 1,057.4 points to 58,257.63.
Cheering the gains in equities, the market capitalisation of BSE-listed companies jumped by Rs 3,33,502.95 crore to Rs 2,64,41,207.18 crore.
”The Indian equity market witnessed decent gain one day ahead of the Union Budget as there is calmness in the global market. Investors are looking for value in many pockets after a recent correction,” Tradingo founder Parth Nyati said.
Vinod Nair, head of research at Geojit Financial Services, said taking positive cues from global markets and favourable takeaways from the Economic Survey report, the market rallied ahead of the Budget day.
The Economic Survey on Monday said India’s economy is expected to grow 8-8.5 per cent in the financial year beginning April 1 and is well placed to meet the future challenges on the back of widespread vaccine coverage, supply-side reforms and easing of regulations.
The Survey, tabled by Finance Minister Nirmala Sitharaman in Parliament, expects the economy to grow by 9.2 per cent during the current financial year, indicating a recovery to the pre-pandemic level.
Tech Mahindra was the biggest gainer among the BSE 30-share frontline companies pack, rallying 4.88 per cent, followed by Wipro, Bajaj Finserv, Infosys, SBI, PowerGrid and Reliance Industries.
In the broader market, the mid-cap and small-cap indices jumped up to 1.76 per cent.