Market maintains the Budget Day rally

After a very successful day yesterday, the markets have managed to still stay strong today.
Sensex today opened 727 points high at 49,327 while Nifty was also hovering healthily above 14,450 as a result of yesterday’s budget announcement.

Among the large-cap stocks, Tata Motors, HDFC, L&T, ICICI Bank and SBI were among the top gainers with HDFC making a 5% rally again after having done so yesterday. The Nifty Auto Index and the Nifty Financial Services indices were both up by over 2% each.

Manappuram Finance was trading at a high of 2.34%, among other gold-loan companies. TCS (Tata Consultancy Services) was also up by 1.56% reaching Rs 3190.85.

The Rs 1,170-crore Indigo Paints Initial Public Offer (IPO), did a splendid debut rally as the share price listed at a massive premium over the issue price. Indigo Paints share opened Rs 2,607 today morning while standing 75% above the IPO price. Indigo Paints IPO was subscribed 117 times during the issue period making it the most subscribed IPO of 2021.

Gold prices fell down to Rs 1,800 per 10 gram today after the customs duty cut was announced in Budget yesterday. The rates fell for the second consecutive day today going against the stock market which has been healthily rising since yesterday’s Budget Day speech by the Finance Minister Nirmala Sitharaman.

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