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Nifty ends Budget week 2.35% higher after falling for two straight weeks

The Nifty ended the Budget week higher (2.35 per cent) after falling for two straight weeks, said Deepak Jasani, Head of Retail Research at HDFC Securities.

Mumbai, Feb 2,2024:  The Nifty ended the Budget week higher (2.35 per cent) after falling for two straight weeks, said Deepak Jasani, Head of Retail Research at HDFC Securities.

Nifty ended on a positive note though off the intra-day high in a volatile session post the Budget Day on Friday. At close, Nifty was up 156.30 points or 0.72 per cent at 21,853.80, while Sensex was up 440.33 points or 0.61 per cent at 72,085.63, .

Cash market volumes on the NSE rose to Rs 1.45 lakh crore. The Smallcap index rose less than the Nifty even as the advance decline ratio rose to 1.17:1, he said.

Global shares mostly rose on Friday, helped by optimism about technology shares following a Wall Street rally led by big tech stocks.

However, China shares fell to fresh five-year lows on Friday and posted their worst weekly drop in five years (down 6.2 per cent) despite late-session signs of state support.

Investors look forward to a US jobs report due later in the day, expected to show further cooling in the labour market in a boost for hopes of interest-rate cuts, he said.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said after showing consolidation type movement on the day of Interim Budget on Thursday, Nifty witnessed high volatility with positive bias on Friday and closed the day higher by 156 points.

Nifty opened the day with an upside gap of 112 points, as the market showed sharp further upmove in the early-mid part of the session. A new all-time high was registered at 22,126 levels and that triggered market slip into intra-day weakness from the new highs in the mid part of the session.

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