Nifty above 17,300, Sensex surges 800 points at closing ahead of Budget 2022; IT, realty top performers

Snapping two days losing streak, domestic equity benchmarks ended nearly 1.5 per cent higher on Monday amid positive global cues and in anticipation of a pro-market Budget.  Union Finance Minister Nirmala Sitharaman will present the Budget 2022-23 on Tuesday, February 1. After breaching, 17,400, the broader Nifty ended with 237.90 points or 1.39% gain to 17,339.85. Similarly, the 30-share Sensex climbed 813.94 points to 1.42% points to close at 58,014.17. 

The rally was led by IT, Realty, financial and auto shares as all broader market and sectoral indices ended in the green on Monday.  

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Tech Mahindra, Tata Motors, BPCL, Wipro, Infosys, State Bank of India, Bajaj Finserv, Dr Reddy's, Powergrid, Reliance, Mahindra and Mahindra were among top shares Fuelling the rally.  

IndusInd Bank, Kotak Bank, UPL, Coal India, Tata Steel, HDFC Limited and Hindustan Unilever were top losers in a positive market, declining due to multiple factors, including Q3 results.  

The market continues to trade in a narrow range. Nifty breached the level of 17400 but could not maintain the crucial levels and saw a sideways movement thereafter, said Vijay Dhanotiya, Category Lead- HNI Products at CapitalVia Global Research Limited, in post market commentary. 

On the technical front, Dhanotiya said, "The bullish movement in the market is still likely to continue after a decisive breakout above the zone of 17400-17450. The momentum indicators like RSI, MACD indicate that a positive outlook is likely to continue and market breadth to improve further after the decisive level breakout of the resistance zone."