Sensex rallies over 150 points ahead of Union Budget; L&T, Escorts up
The market has started on a positive note, with the Sensex gaining over 100 points ahead of Budget 2018. Equity benchmark indices climbed along with most of the Asian peers after the Federal Reserve left key policy rates unchanged.
At 9:55 AM, the BSE Sensex was trading at 36,146, up 181 points, while the Nifty50 index was trading at 11,071, up 43 points.
Shares of Larsen and Toubro gained 3% after the company reported a 48.41% jump in its consolidated net profit at Rs1,618cr for the third quarter ended December 31, 2017.
Escorts stock soared 5% after the company reported strong tractor sales numbers for the month of January 2018. Total tractor sales for the month of January 2018, including both exports and imports, was up 45.6% yoy led by 47.1% yoy growth in the domestic business. Total tractor sales for the month stood at 5,316 vs. 3,652 for January 2017.
The broader markets were trading mixed as the BSE MidCap Index fell 0.11%, while the BSE SmallCap Index gained 0.69%.
L&T (+3.3%), M&M (+2.3%), Indiabulls HF (+1.4%), TCS (+1.4%) and HCL Tech (+1.3%) and were the top gainers on Nifty50.
Vedanta (-1.7%), Infratel (-1.4%), Tata Steel (-1.1%), Lupin (-0.93%) and NTPC (-0.91%) were the top losers in today’s trade.
A total of 13 stocks registered a fresh 52-week high in trade today, while 12 stocks touched a new 52-week low on the NSE.