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On February 2, 2024, the Nifty 50 and the Sensex surged during intraday trading, propelled by heavyweights like Reliance Industries, Infosys, TCS, Power Grid, and NTPC.
Nifty 50 hit a fresh all-time high of 22,126.80, closing with a gain of 156 points (0.72%) at 21,853.80.
The Sensex jumped over 2%, reaching an intraday high of 73,089.40, settling at 72,085.63, up 440 points (0.61%). Despite the gains, the Sensex remains 1,342 points below its all-time high of 73,427.59 on January 16.
Positive global cues and the pro-growth Interim Budget contributed to the widespread buying.
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Impact on the stock market
Nifty sectors recorded varied performances, with notable gains in Oil & Gas (3.58%), Metal (2.37%), PSU Bank (2.22%), and IT (2.16%).
Conversely, Nifty Private Bank (down 0.72%), Bank (down 0.47%), Financial Services (down 0.40%), and FMCG (down 0.18%) registered losses.
| Sector/Index | Performance |
| Information Technology | +2.16% |
| Healthcare | +0.19% |
| Oil & Gas | +3.58% |
| Realty | +0.95% |
| PSU Banks | +2.22% |
Top gainers today
| Company | Price | Change (%age) |
| BPCL | 558.35 | +9.81% |
| Power Grid Corp | 277.10 | +4.25% |
| ONGC | 257.25 | +3.88% |
| Adani Ports | 1,261.45 | +3.50% |
| NTPC | 332.50 | +3.26% |
Top losers today
| Company | Price | Change (%age) |
| Eicher Motors | 3,825.55 | -2.74% |
| Axis Bank | 1,067.05 | -1.59% |
| HDFC Life | 578.80 | -1.41% |
| HDFC Bank | 1,446.15 | -1.38% |
| HUL | 2,452.60 | -0.85% |
Market aftermath: Impact on stocks
Spicejet shares soar to 52-week high, surge over 13%
SpiceJet shares hit a 52-week high, reaching ₹72.50, a surge of over 13% during Friday’s post-budget session. Experts suggest the stock may reach ₹77, citing a fresh breakout at ₹69.
The rise is attributed to Budget 2024’s UDAN scheme proposals, focusing on airport expansion and air connectivity in tier-2 and tier-3 cities. As one of the limited listed aviation companies, SpiceJet is expected to benefit from the long-term implications of these measures, drawing bullish sentiments in the market.
HUDCO shares jump 30% in 2 days on budget 2024
HUDCO’s share price surged over 30% in two days, reaching a new lifetime high of ₹226.45 on NSE. The post-budget rally followed Finance Minister Nirmala Sitharaman’s announcement of a new housing scheme for the middle class in Budget 2024.
HUDCO, a government-backed financial company with significant exposure in affordable housing finance, witnessed a sharp upward move after the proposal, rising around 20% on Thursday and continuing the upward trend.
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Paytm’s stock nears 80% drop from IPO price
Paytm’s stock faces challenges, plunging 80% below its IPO price after RBI restricted Paytm Payments Bank operations. Trading at ₹487.20, it’s 77.34% below the IPO price ₹2,150, causing significant losses for investors.
The stock is 11% away from an all-time low of ₹438 in November 2022. Mutual funds, with a 4.99% stake, faced a ₹869 crore loss due to the sharp fall. Major ownership by FIIs (63.7%) and retail investors (30.2%) resulted in losses of ₹11,000 crore and ₹5,332 crore, respectively. Notably, SoftBank’s SVF India Holdings reduced its stake to 5.01% weeks before RBI’s restrictions.
Crude oil prices rally
Crude oil futures rose on Friday as OPEC+ maintained unchanged production output policies. At 9:09 am, April Brent oil futures were at $79.27, up 0.72%; March WTI crude oil futures were at $74.31, up 0.66%.
On MCX, February crude oil futures traded at ₹6172, down 0.55%, and March futures at ₹6191, down 0.21% from the previous close.
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Conclusion
In today’s market report, Indian indices experienced a surge with Nifty 50 reaching an all-time high and Sensex rising over 2%, driven by positive global cues and the pro-growth Interim Budget.
SpiceJet shares soared on Budget 2024’s UDAN scheme, while HUDCO and Paytm faced contrasting fates. Crude oil prices rallied following OPEC+ decisions.
Stay tuned for more such dynamic market updates on StockGro!
