Bull Ride Continues Post Budget: Nifty, Sensex Climb Over 1%, Bank Stocks Shine

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Bull Ride Continues Post Budget: Nifty, Sensex Climb Over 1%, Bank Stocks Shine

By Malvika Gurung

Investing.com -- The bull run appears to continue on Dalal Street for the, as the Indian benchmark equity indices opened strong on Wednesday, extending gains from the Budget session and mirroring an overnight rise in the US stocks.

At 1:55 pm, benchmark indices Nifty50 and Sensex were trading 1.15% and 1.19% higher, respectively, led by gains in banking, NBFC and media stocks.

While writing this report, all sectoral indices on the Nifty basket were trading in green, and Nifty Private Bank emerged as the best performer, up 1.96%, led by IndusInd Bank (NS: INBK ). Nifty Bank was up 1.7% and Nifty IT gained 1.2%.

The midcap and smallcap indices traded in green too.

78% stocks on Nifty50 were trading higher, with gains led by IndusInd Bank and Bajaj Finserv (NS: BJFS ), while Tech Mahindra (NS: TEML ) slumped post unimpressive Q3 results. On the 30-scrip Sensex, 23 stocks were trading in green.

With the Budget session done, the market is expected to react more to global cues, and foreign portfolio investors are likely to sell on rallies since they consider Indian valuations excessive, noted a key official at Geojit Financial Services.

Post the Budget session, brokerage Edelweiss (NS: EDEL ) has maintained its overweight position on IT, banks, auto and consumer staples stocks.

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