Markets rise pre-budget; Godrej surges 9%, Paytm plummets 20%

PTC News Desk: In the early hours of Thursday's trading session, Indian equity benchmarks exhibited a marginal uptrend as investors braced for the presentation of Budget 2024. The BSE Sensex, with a gain of 86 points (0.12%), reached 71,838, while the NSE Nifty rose by 28 points (0.13%) to hit 21,753. The overall market sentiment was influenced by notable movements in specific stocks across sectors.

BSE 500 stocks showcased a mixed performance, with notable gains seen in Godrej Consumer Products, Infibeam Avenues, Data Patterns, and Dixon, all surging up to 9.18%. On the flip side, Paytm, Gravita, KIOCL, and CE Info Systems experienced declines of up to 20%.The mid- and small-cap segments presented a varied picture, with the Nifty Midcap 100 declining by 0.23%, while the small-cap index registered a modest climb of 0.21%.

Global markets, particularly in Asia, displayed a subdued trend following the US Federal Reserve's decision to maintain interest rates, coupled with indications that rate cuts might be deferred until inflation further cools off. Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) played an active role in the market during the previous session, with FIIs purchasing shares worth Rs 1,660.72 crore on a net basis, and DIIs acquiring shares worth Rs 2,542.93 crore, as per exchange data.

Sector-wise, six out of the 15 NSE-compiled sector gauges were in positive territory. Notably, Nifty Auto and Nifty FMCG outperformed, rising by up to 0.82% and 0.48%, respectively, while Nifty Consumer Durables slipped by 0.53%. Stock-specific movements included Eicher Motors emerging as the top gainer in the Nifty pack, witnessing a surge of 2.76% to trade at Rs 3,945.55. Other notable gainers included M&M, Maruti, BPCL, and Cipla, rising by up to 2.26%.

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Conversely, Grasim Industries, L&T, JSW Steel, Mindtree, and ICICI Bank were among the top losers on the Nifty50. The overall market breadth reflected strength, with 1,746 shares advancing and 1,283 declining on BSE.

In the top gainers on the 30-share BSE index, TCS, Maruti, M&M, ITC, Infosys, PowerGrid, NTPC, and HUL showcased positive movements. As the market awaits further developments, investors are closely monitoring key stocks and sectoral movements for insights into the evolving market dynamics.

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(Inputs from agencies)

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