Sensex, Nifty close at record highs; clock 9% weekly gain on Budget

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Stock Market: Stock Market Today | Stock Market Live News Update

Market indices closed at record highs on Friday in line with positive global equities. Gaining for a fifth straight day post the Union Budget and RBI MPC policy outcome, Sensex ended 117 points higher at 50,723 and Nifty gained 28 points to 14,924. Both benchmarks hit fresh lifetime highs of 51,073 and 15,014 earlier today.

Yesterday, Sensex ended 358 points higher at 50,614 and Nifty gained 105 points to 14,895.

Sensex and Nifty continued hitting new all-time highs in each session this week as investors were enthused by a Budget aimed at economic recovery amid Covid -19 crisis. During the week, Sensex rose 4,445 points or 9.6% and Nifty gained 1,293 points or 9.49%.

After Union Budget 2021, markets were enthused by the RBI Monetary Policy Committee (MPC) outcome of keeping the repo rate unchanged at 4% on February 5.

The NSE’s India VIX, a gauge of market’s expectation of volatility over the near term, rose 1.96% to 23.5775. Gains in PSU Banking, pharma and metal sectors were capped by losses in auto, IT, media and private banking.

Ashis Biswas, Head of Research at CapitalVia Global Research said,”The market witnessed a lacklustre movement after testing the resistance level around the Nifty 50 Index level of 15000. While It is subject to further price action confirmation, A decisive breakout above the 15000 levels would lead to a rally till the levels of 15230-15250. Expected14730-14750 level to act as a support zone from the short-term perspective. the momentum indicators like RSI, MACD indicating the market’s momentum to continue further.”

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