Stock Market Rises Ahead of Budget Amid Bottom Fishing

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NSE India Image credit X.com

NSE India Image credit X.com

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Heavyweights Lead Gains in Stock Market Today

By S Jha

New Delhi, January 31: Stocks were trading higher ahead of the tabling of the Economic Survey of India in parliament. Nifty was trading with gains of over 120 points.

Consumer goods were leading the gains in the broader markets. The diversified conglomerate Larsen and Toubro was in focus with sharp gains on Friday.

The IT index was also buzzing with LT Mindtree and Infosys leading the bulls back in the street. The sharp gains were coming in several beaten down stocks.

The 30-share index was trading with gains of over 300 points. Market participants claim that there are positive cues from the data of the foreign institutional investors (FIIs).

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After selling aggressively, the FIIs are buying into the Indian stocks. The gains in the bourses are also supported by the rise in the US stocks overnight.

Bank Nifty, however, remained a laggard. The banking index was trading lower by almost 130 points.

The telecom index continues to be under pressure. The telecom stocks were trading lower on Friday.

Cues suggested that investors are buying into badly beaten stocks. The case in point here appears to be of NetWeb Technologies. The scrip continues to climb after sharp crack from the level of ₹2600 to ₹1600 in a span of a few days.

Shares of Waaree Energies, the recently listed solar power company, was trading sharply higher. The scrip was reacting positively to the quarterly results announced in post-market session yesterday.

Shares of Kalyan Jewellers were trading with sharp gains after the stock was hammered this month. Shares of Hitachi Energy extended gains on Friday. This stock is rising for second day in a row.

The power sector stocks were also buzzing with gains in Powergrid Corporation, Suzlon, Voltamp Transformers, and others. The power stocks had seen sharp fall in recent corrections in the stock market.

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Auto stocks were also trading higher with shares of Maruti leading the pack. Mahindra and Mahindra and Tata Motors also led the gains on the street. Bears had mauled shares of Tata Motors in recent correction with scrip now trading above ₹700.

Gains were also seen in stock of two-wheeler companies with shares of Bajaj Auto and Hero Motors climbing on the bourses.

Incidentally, the Union Budget will be unveiled on Saturday. The exchanges in a circular said that both the Bombay Stock Exchange and the National Stock Exchange will be open for full trading session on Saturday on the Budget Day.

Disclaimer: This article makes no recommendation for buy or sell of shares of any company)

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