Share Market: Sensex cross 50000, Pharma stocks rise

Mumbai, February 3, 2021: The stock market is liking the budget of Finance Minister Nirmala Sitharaman this time. Even on the third day of the presentation of the budget, the stock market is trading on the green mark.

Today the Sensex has crossed the level of 50,000 for the third time. Right now the Sensex is trading at 50,001 with a jump of 203 points. Today the shares of pharma companies are rising. Today, Dr Reddy’s shares are up more than 4 percent, Sun Pharma shares are up more than 3 percent.

The major stock index Sensex in the early trade witnessed a first fall during the early trade on Wednesday, but soon the market turned green and was backed by big stocks like Reliance, TCS and Infosys. The BSE Sensex saw a fall of 60 points with the commencement of trading, but soon the index rose by 130.17 points or 0.26 percent to 49,927.89, showing a rise. The Nifty index rose 53.85 points or 0.37 percent to 14,701.70 points.

IndusInd Bank gained the most by 4.50 percent in the Sensex. Apart from this, Dr. Reddy’s, PowerGrid, Tech Mahindra, M&M, Sun Pharma and Axis Bank were also among the leading stocks. At the same time, Maruti, Kotak Bank, SBI and UltraTech Cement were in the red mark.

Foreign portfolio investors (FPIs) were net buyers in the capital market and bought shares worth Rs 6,181.56 crore on Tuesday. Meanwhile, global oil benchmark Brent crude was trading up 0.42 percent at $ 57.70 a barrel.

Sensex closed yesterday by a hike of nearly 1200 points.
Encouraged by the budget, the stock market closed with a strong lead today. The stock market Sensex gained 1197 points to 49,797.72 and the Nifty jumped 366 points to close at 14,647. The Sensex crossed the 50,000 level during trading this morning, but then improved. In the budget yesterday, the stock markets have given a tremendous welcome to promote domestic industries and give relief on dividends to investors investing in stocks.

The Sensex has gained 3,511 points or 7.58 percent in two sessions, including the rally on the Budget day. At the same time, the Nifty has gained 1,007.25 points i.e. 7.38 percent. Most analysts believe that budget proposals such as higher capital expenditure, status quo on the direct tax front and capital gains tax were not increased, have had a positive impact on the market.