Except pharma, all other sectoral indices ended with gains of 1-8 percent each. BSE Midcap and Smallcap rose 2-3 percent each.
Benchmark indices broke the six day losing streak and gave a thumbs up to the measures announced in the Union Budget 2021 by the Finance Minister Nirmala Sitharaman. At close, the Sensex was up 2,314.84 points or 5% at 48,600.61, and the Nifty was up 646.60 points or 4.74% at 14,281.20. Here are 10 stocks that moved the most:
Banking stocks rally | Banks rallied the most on February 1 after Finance Minister Nirmala Sitharaman said the government would infuse Rs 20,000 crore into public sector banks (PSBs) in 2021-22, to meet the regulatory norms. The Finance Minister announced the setting up of an entity to address the stressed assets of banks. An organization will be set up through an Asset Reconstruction Company (ARC) model, she said in the 2021 Budget Speech. She also proposed to divest two PSU banks and one general insurance company in FY22. IndusInd Bank share price jumped over 15 percent followed by ICICI Bank which added 13 percent and State Bank of India which was up 11 percent. The other gainers included Bank of Baroda, Axis Bank and Punjab National Bank.
Sanitaryware stocks gain | Sanitaryware stock price advanced after Finance Minister Nirmala Sitharaman, during her Union Budget 2021 speech, announced an allocation of Rs 1,41,678 crore for Urban Swachh Bharat Mission 2.0. The announcement in the Budget was made as part of the government’s plan to strengthen preventive health infrastructure. HSIL stock jumped over 10 percent followed by Somany Ceramics which added 4 percent.
Insurance stocks rise | Insurance stocks rallied up to 4 percent after Finance Minister Nirmala Sitharaman, in her Union Budget 2021 speech, increased the foreign direct investment limit for the insurance sector to 74 percent. In a proposal to amend the Insurance Act 1938, the government increased foreign direct investment limit for the insurance sector to 74 percent from 49 percent earlier. ICICI Lombard General Insurance stock gained over 4 percent followed by SBI Life Insurance. The New India Assurance Company share price jumped 9 percent, General Insurance Corporation up 4 percent and HDFC Life Insurance Company stock added 3 percent.
Auto stocks rally | Auto stocks rallied on February 1 after Finance Minister Nirmala Sitharaman in her Union Budget 2021 speech proposed voluntary scrappage policy to replace personal vehicles older than 20 years and commercial vehicles older than 15 years. The move is expected to be positive for the auto sector as it would support vehicle sales, especially commercial vehicles in the long-run. Share price of Ashok Leyland jumped over 9 percent followed by Tata Motors and Mahindra & Mahindra. The other gainers included Bosch, Motherson Sumi Systems and Bharat Forge.
NCC | CMP: Rs 68 | The stock price jumped over 15 percent after the company received five new orders totaling to Rs 1,200 crore (exclusive of GST) in the month of January, 202L. Out of these, orders worth Rs 607 crore pertain to Water & Environment Division and order worth Rs 593 crore pertain to Buildings Division.
Kansai Nerolac | CMP: Rs 581 | The share price gained over 5 percent after net profit of the company jumped 74.2 percent at Rs 204 crore against Rs 117 crore (YoY). Revenue was up 19.6 percent at Rs 1,592.5 crore against Rs 1,331.9 crore (YoY). EBITDA was up 53.9 percent at Rs 304.3 crore against Rs 197.7 crore (YoY). EBITDA margin stood at 19.1 percent against 14.8 percent (YoY).
Tata Power Company | CMP: Rs 81 | The stock price gained over 7 percent after the company received the Letter of Intent (LOI) from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in Odisha’s five circles of NESCO constituting the areas of Balasore, Bhadrak, Baripada, Jajpur and Keonjhar.
Bharti Airtel | CMP: Rs 580 | The share price advanced over 4 percent after the board of directors of the company scheduled meeting on February 3 to consider routine financing/ re-financing strategies and any consequent raising of capital through various instruments subject to applicable statutory approvals, Bharti Airtel said in a BSE filing.
Shree Cement | CMP: Rs 24,600 | The stock was up 8 percent after the company posted over two-fold jump in consolidated net profit to Rs 631.58 crore for the third quarter ended December 31, 2020. It had reported a net profit of Rs 311.83 crore in October- December period a year ago, Shree Cements said in a filing to BSE.
JSPL | CMP: Rs 278.60 | The share rose over 6 percent after CRISIL upgraded the company’s rating from “CRISIL BBB with stable outlook” to “CRISIL A- with Stable outlook” on the long term bank facilities and non-convertible debentures and from “‘CRISIL A3+” to “CRISIL A2+” for short term facilities. The ratings are upgraded to CRISIL A- with stable outlook for long term facilities and non – convertible debentures and CRISIL A2+ for short term facilities.
Sandip Das
