Market Rally Continues, Budget Supports Bull-Ride; Investors Add Rs 2.7 Lakh Cr

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Market Rally Continues, Budget Supports Bull-Ride; Investors Add Rs 2.7 Lakh Cr
Credit: © Reuters.

By Malvika Gurung -- The Indian equity benchmark indices ended higher for the third consecutive day on Wednesday, extending gains post the Budget session while mirroring an overnight rise in the US stocks.

Domestic indices Nifty50 and Sensex opened and traded strongly on Wednesday, ending 1.16% and 1.18% higher, respectively, led majorly by banking and financial stocks. A ‘growth-oriented’ Budget managed to snap the lack of populist measures, propping up spending and an amped push on spending.

The midcap and smallcap indices zoomed 1.2% and 1.5%, respectively, supporting the rally in broader markets.

Investors on D-Street gained Rs 2.67 lakh crore on Wednesday, and over the past three positive sessions, they have added a total of Rs 9 lakh crore to their wealth.

All sectoral indices on the Nifty basket ended in the green, led by Nifty PSU Bank and Nifty Private Bank , up 3.4%-2.3%. Nifty Bank surged 2.14%. Financial, banking and realty stocks propelled.

90% stocks on Nifty50 ended higher, led by Bajaj Finserv (NS: BJFS ) and IndusInd Bank (NS: INBK ), almost 5% up, while Tech Mahindra (NS: TEML ) slumped post unimpressive Q3 results. On the 30-scrip Sensex, 21 stocks ended in green.

A key official from Axis Securities stated that the Union Budget laid a strong platform for capacity creation and productivity improvement for the economy, and pegs banks like ICICI Bank (NS: ICBK ), SBI (NS: SBI ), HDFC Bank (NS: HDBK ) to witness strong lending growth.

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