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Equity benchmarks the Sensex and the Nifty traded on a bullish note on February 2, jumping over a percent each with an end to Budget uncertainty and amid strong global cues.
With the budget and the US Fed’s interest rate meeting over, corporate earnings and elections later in the year will shape market momentum, say analysts.
On February 2 intra-day deals, Sensex jumped 1.7 percent to touch day’s high of 72,952, while NSE Nifty 50 rose 1.8 percent to day’s high of 22,097.
Bank Nifty, which commands around 38 percent weightage in Nifty also gained by over 1 percent to top 46,800 in intra-day trade, pulling Nifty ahead.
Sameet Chavan, Head Research, Technical and Derivative – Angel One, expects the Nifty to rise to 22,000-22,100 as it went 21,850 points.
Analysts at ICICI Securities also believes that the index would gradually resolve and challenge all-time high level of 22,124 in coming weeks.
ALSO READ: 3 stocks that gained momentum on charts after the Budget
“In the process, we expect volatility to subside and focus to shift towards earning season and global cues. Thus, dips should be capitalised as incremental buying opportunity as we expect Nifty to hold the key support threshold of 21,100,” they added.
Broader markets also fared well within the first hour of trade, with Nifty Midcap 100 and Nifty Smallcap 100 indices rising up to 1 percent. India VIX, a measure of volatility in the next 30 days cooled to 14 levels, down by 1 percent.
All sectors contributed to the bullish trend of market. Nifty Media and Realty indices emerged to be top sectoral performers as they surged 2 percent each.
ALSO READ: What Shankar Sharma, Madhu Kela, Sandeep Tandon & Prashant Jain are betting on post-Budget
Bank Nifty exhibiting bullish trend, can rise up to 47,200, say experts
Bank Nifty index, which was rangebound in the last few weeks was seen up by a percent led by gains in ICICI Bank, PNB, Bandhan Bank, and IDFC First Bank. “Bank Nifty has bounced from key support threshold of 200 days EMA amid oversold conditions, indicating impending pullback which would fuel the pullback rally in Nifty,” said ICICI Securities.
Going ahead, Mandar Bhojane, Research Analyst at Choice Broking believes that if Bank Nifty sustained above 46,500, it is likely to further rise to 47,200 in the coming days. “The overall trend in Bank Nifty is bullish,” he expressed.
Global markets ignore Fed’s rate cut delay talks
Overnight, all major US indices ended on a positive note as better-than-expected quarterly results triumphed investors’ attention from Federal Reserve’s rate cut pushback prospects.
As per CME Fedwatch tool, expectations for Fed to cut rate in March slipped to 38 percent from 52.8 percent a day ago while, prospects of no rate cut increased to 62 percent from 45.5 percent a day ago.
Similarly, Asia-Pacific markets also rose this morning, with Australia’s S&P 200, Japan’s Nikkei 225, and South Korea’s Kospi up by 1 percent each.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Nifty, Sensex, Bank Nifty up 1% as budget uncertainty ends – Moneycontrol
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