- By Aditya Pratap Singh
- Fri, 02 Feb 2024 12:05 PM (IST)
- Source:JND
Stock Market Surge: Indian stock market indices are trading in a green post-budget day. Both major indices Sensex And Nifty 50 have gained over 1 percent. The Market closed in marginal red on the previous day i.e. budget day.
At around 11:37 AM, Sensex was trading over 72900, up by 1.7 per cent, while Nifty 50 was trading over 22000, up by 1.7 per cent.
Major factors behind the stock market rally
Robust gain in US markets
The rally was boosted by US markets, as major indices on Wall Street ended with strong gains. Dow 30 closed at 38,519.80, up by 369.54, S&P 500 ended at 4,906.19, up by 1.25%. While the Nasdaq Composite jumped by 1.30% to close at 15,361.60 on Thursday.
Asian Market
The majority of Asian indices traded in gain with Japan's Nikkei surging by 281.11 points or 0.78%. Hong Kong's Hang Seng was also traded in the green. However, China's Shanghai Composite was trading in the red.
RIL shares surge
Stock Market heavyweight Reliance Industries (RIL) played an instrumental role in triggering today's surge in the stock market. The RIL stock hit its fresh 52-week high of Rs 2,930.60, with a gain of 2.5% in the early trade.
Union Budget
The announcement done in the interim budget 2024, showed a path to today's gain as the government decided to maintain fiscal deficit as low as below 5 per cent. The EV and real estate sectors did get some favourable announcements too.
Also read: Paytm Will Continue Working Beyond Feb 29, Claims Founder Vijay Shekhar Sharma; Shares Plunge 20%