Fiscal Push: Budget FY23, value buying lift equity indices

Mumbai, Feb 2 Stock buying sentiment triggered by Union Budget as well as attractive valuations lifted India's key equity indices S&P BSE Sensex and NSE Nifty50 on Wednesday.

Initially, the domestic equity market opened higher and remained in the green without any major correction.

Globally, shares rose in Europe on Wednesday as investor sentiment continued to steady after a rout last month.

Amongst sectors Realty, Consumer Durables, Banks, IT and healthcare indices rose the most.

Consequently, the Sensex closed at 59,558.33 points, up by 695.76 points or 1.18 per cent.

Similarly, Nifty made gains during the day's trade session. It rose by 203.15 points or 1.16 per cent to 17,780 points.

"After three consecutive days of gains, Nifty could consolidate or correct a bit over the next few days," said Deepak Jasani, Head of Retail Research, HDFC Securities.

According to Vijay Dhanotiya, Category Lead- HNI Products at CapitalVia Global Research: "We witnessed market extended the gain further after the decisive breach of Nifty 50 Index level of 17,600. Our research suggests the market is likely to hold the momentum and reach the level of 18,000."

"We expect the 17,550-17,600 level to act as a support zone from the short-term perspective."

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