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Markets Erase Budget Day Loss as Indices End Higher for 2nd Day

The Indian rupee also opened higher against the US Dollar.

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After a rather modest opening, the Benchmark indices rallied for the second consecutive day on 4 February, erasing all the budget day losses, as the NSE Nifty 50 ended above 11,950 points.

Sensex closed 917.07 points above at 40,789.38 points, while the Nifty closed 271.80 points higher at 11,979.70. About 1590 shares advanced while 875 shares declined. 178 shares remained unchanged on Tuesday.

Keeping up with its strong start, the Indian Equity Benchmarks soared mid-session, trading at a higher than usual number, with the Sensex surging to more than 800 points, while the NSE Nifty 50 crossed the 11,900 points mark during mid-day trading.

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Sensex had surged over 400 points upon opening on Tuesday, 4 February, led by gains in index-heavyweights Reliance Industries, HDFC twins and ITC amid firm global cues.

Reclaiming the 40,000 mark, the 30-share BSE index was trading 438.16 points or 1.10 percent higher at 40,310.47 on opening trade.

Similarly, the broader NSE advanced 120.15 points, or 1.03 percent, to 11,828.05.

In the previous session, Sensex rose 136.78 points or 0.34 percent to settle at 39,872.31, and Nifty gained 46.05 points or 0.39 percent to close at 11,707.90.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 1,200.27 crore, while domestic institutional investors purchased shares worth Rs 1,286.63 crore on Monday, data available with stock exchanges showed.

HDFC was the top gainer in the Sensex pack, rising up to 2.5 percent, followed by Reliance Industries, UltraTech Cement, Hero MotoCorp, ITC, IndusInd Bank and HDFC Bank, On the other hand, Bajaj Auto, HUL, Nestle India and Asian Paints were trading in the red.

According to analysts, market finding some ground after a disappointing Union Budget.

Besides, manufacturing activity hitting an eight-year high eased investor concerns over economic recovery.

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Further, positive opening of other Asian stocks too, buoyed domestic benchmarks, traders said.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with gains. Brent crude oil futures rose 0.51 percent to USD 54.73 per barrel. The rupee appreciated 17 paise to 71.20 against the US dollar in morning session.

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Topics:  BSE Sensex   Nifty 50 

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