Sensex, Nifty 50 on Budget day: The stock market went red after trading began on Budget day; Saturday, February 1, 2025; Saturday, February 1, 2025, with oil & gas, FMCG, and PSU Banks falling the most.
Interestingly, these three sectors were the same ones which opened the most into the red during yesterday’s session.
At 9:20 am IST, the benchmark BSE Sensex was down by 63.06 points or 0.08%, reaching 77,437.51. The broader NSE Nifty opened 19.30 points down or 0.08% in the red, reaching 23,489.10.
The Union Budget 2025, which will be the second full budget of Modi 3.0, will be presented by Finance Minister Nirmala Sitharaman in Parliament at 11 am on Saturday, February 1, 2025, marking her eighth consecutive presentation of a Union Budget.
The market is also open today despite it being a Saturday to give it enough time to react to the budgetary announcements.
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Which stocks rose the most?
Among the 30 Sensex stocks, Nestle India Ltd fell the most by 1.08%, trading at ₹2,288. This was followed by Titan Company Ltd, which fell 1%, trading at ₹3,454.75, and Hindustan Unilever Ltd, which fell 0.54%, trading at ₹2458.
Though the Sensex was in the red as a whole, only 12 out of the 30 Sensex stocks were in the red, showing the remaining gains are muted.
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How did individual sectors perform?
Among the Nifty sectoral indices, the Nifty Oil & Gas Index fell the most by 0.34%, reaching 10,552.05, followed by Nifty FMCG, which fell 0.27%, reaching 56,537.70, and Nifty PSU Bank, which fell 0.20%, reaching 6,304.45.
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How did stock market perform in the previous session?
The stock market rallied towards the close on Friday, January 31, 2025. This was the fourth consecutive close in the green this week and was led by consumer durables, mid and small cap financial services, real estate, and oil & gas stocks.
Akshay Chinchalkar, Head of Research at Axis Securities said that the Nifty closing four consecutive times in the green is “a streak not seen since December 4th. In doing so, we also managed a close above the 10th January breakdown area, which is a start for bulls looking to extend the rebound.”
“The ranges are wider than usual since its budget day,” he added.
The Sensex closed 740.76 points or 0.97% up, reaching 77,500.57. The Nifty was up by 258.90 points or 1.11%, reaching 23,508.40.
Among the 30 Sensex stocks, Larsen & Toubro Ltd rose the most by 4.31%, closing at ₹3,567.20. This was followed by Nestle India Ltd which was up 4.25%, closing at ₹2,313.05, and IndusInd Bank Ltd which was up 3.66%, closing at ₹992.15.
Only 6 of the Sensex stocks were in the red . These included ITC Hotels Ltd, Bharti Airtel Ltd, Bajaj Finserv Ltd, Bajaj Finance Ltd, ICICI Bank Ltd, and Sun Pharmaceutical Industries Ltd.
In the consumer durables index, Kalyan Jewellers India Ltd rose the most by 14.15%, followed by Titan Company Ltd at 3.65%, and Amber enterprises India Ltd at 2.64%.
In the Midsmall financial services index, HDFC Asset Management Company Ltd rose the most by 6.12%, followed by PB Fintech Ltd at 4.87%, and Piramal Enterprises Ltd at 4.68%.
In the realty index, Macrotech Developers Ltd rose the most by 4.44%, followed by Brigade Enterprises Ltd at 4.16%, and Prestige Estates Projects Ltd at 3.37%.
In the Oil & Gas index, GAIL (India) Ltd rose the most by 6.04%, followed by Mahanagar Gas Ltd at 5.72%, and Petronet LNG Ltd at 5.16%.
This comes amid a drop in oil prices after yesterday’s rise.
Brent Crude was at $76.76 per barrel, which is down by 0.14% or $0.11, while WTI Crude was at $72.53 per barrel, which is down by 0.28% or $0.20, according to Bloomberg data.
Yesterday, global oil prices rose. Brent Crude was at $77.31 per barrel, which is up by 0.57% or $0.44, while WTI Crude was at $73.34 per barrel, which is up by 0.84% or $0.61.
