Sensex, Nifty rebound on fag-end buying; auto, tech shares advance
The Hindu
Equity benchmark indices Sensex and Nifty rebounded on Friday to close with marginal gains
Equity benchmark indices Sensex and Nifty rebounded on Friday to close with marginal gains due to fag-end buying in auto, IT and tech shares amid weak global trends.
After remaining in the negative territory for most part of the session, the 30-share BSE Sensex climbed 72.48 points or 0.11% to settle at 64,904.68. During the day, it fell 251.25 points or 0.38% to 64,580.95.
The Nifty went up by 30.05 points or 0.15% to 19,425.35.
Among the Sensex firms, NTPC, Tech Mahindra, UltraTech Cement, Bajaj Finance, ITC, Bajaj Finserv, Axis Bank and Power Grid were the major gainers.
On the other hand, Mahindra & Mahindra, HCL Technologies, Titan and IndusInd Bank were among the laggards.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.
European markets were quoting in the negative territory. The U.S. markets ended lower on Thursday.
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The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.
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