Sensex surges 786 points ahead of Union Budget; IT stocks soar

New Delhi: The Indian equities markets benchmark Sensex surged 786 points on Monday led by strong buying support in IT and energy stocks, a day ahead of the presentation of Union Budget 2022-23.

Reversing the trends of the last week’s sell-off the key indices of the Indian stock markets opened with handsome gains on Monday. The 30 stock S&P BSE Sensex opened 645 points higher at 57,845.91 points. At 11.19 am the Sensex was trading at 57,986.55 points, which is 786.32 points or 1.37 per cent higher from its previous session’s close at 57,200.23 points.

The broader Nifty 50 of the National Stock Exchange was trading 229.80 points or 1.34 per cent higher at 17,331.75 points.

Earlier the Nifty opened with strong gains at 17,301.05 points and surged to a high of 17,361.65 points.

There was broad-based buying support. Only two of the 30 scrips that are part of the Sensex were trading in the red. Of the 50 scrips that are part of the Nifty only three were trading in the negative.

There was strong buying support in IT, pharma and energy stocks.

Tech Mahindra surged 4.21 per cent to Rs 1469.90. Wipro soared 3.17 per cent to Rs 569.70. Infosys climbed 2.90 per cent to Rs 1734.05. TCS was trading 1.31 per cent higher at Rs 3738.45.

Dr Reddy’s Laboratories soared 2.96 per cent to Rs 4342.95. The index heavyweight Reliance Industries was trading 2.35 per cent higher at Rs 2390.20. Power Grid Corporation soared 2.43 per cent to Rs 215.25.

State Bank of India 1.88 per cent higher at Rs 533.20; UltraTech Cement 1.66 per cent higher at Rs 7217.15; Bajaj Finance 1.59 per cent higher at Rs 6980; Bajaj Finserv 1.51 per cent higher at Rs 15439.70 and Titan 1.43 per cent higher at Rs 2349.05 were among the major Sensex gainers.