Indian Markets Rally on Positive Budget Sentiment; Paytm Hits Record Lows, Oil Prices Rise

2 Feb 2024 , 01:58 PM

Domestic benchmark indices traded positively on Friday, driven by strong global market cues and gains in key stocks like RIL and bank stocks.

The fiscally prudent Budget, without populist measures, boosted market sentiment.

All sectoral indices were in the green, and India VIX eased by 2%.

At the time of writing, the stocks were trading at Rs 72,125, reflecting a 0.67% increase from the previous close. The Nifty was trading at Rs 21,867, marking a 0.78% hike from the previous close.

Top gainers included BPCL (9.28%), IOC (8.75%), AB Capital (8.21%), and Abbott India (7.99%).

Top losers included CUB (-3.82%), Shree Cements (-3.34%), Eicher Motors (-2.45%), and DR Lal PathLab (-2.49%)

Paytm shares dropped to near record lows, reaching 487.2 rupees, the lowest in over a year, amid concerns about the central bank's actions affecting its payments bank.

Oil prices rose after OPEC+ maintained its oil output policy, with Brent crude futures up 0.5% at $79.07 a barrel and WTI crude futures gaining 0.4% at $74.12 a barrel.

Gold prices set for their best week in seven, as the dollar and Treasury yields retreated, while the market awaited key U.S. jobs numbers.

The rupee appreciated by 6 paise to close at 82.98 against the US dollar, following the government's indications of faster fiscal consolidation and lower borrowings in the interim Budget for 2024-25.

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