Sensex Soars 631 Points; Nifty Ends Above 23,150

(RTTNews) - Indian shares rose for a second consecutive session on Wednesday, with financials and IT stocks surging on the back of firm global cues and optimism surrounding upcoming Union Budget this weekend.

Also, there are expectations that the Reserve Bank of India (RBI) will commence the rate easing cycle with a 25-basis point rate cut in the February 7 policy meeting, following recent liquidity measures.

The benchmark S&P/BSE Sensex jumped 631.55 points, or 0.83 percent, to 76,532.96 while the broader NSE Nifty index closed up 205.85 points, or 0.90 percent, at 23,163.10.

The BSE mid-cap and small-cap indexes rallied 2.5 percent and 3.3 percent, respectively.

The market breadth was positive on the BSE, with 2,978 shares rising while 1,009 shares declined, and 95 shares ended unchanged.

Trent, SBI Life, Tata Motors, BEL and Shriram Finance surged 3-4 percent in the Nifty pack, while ITC Hotels tumbled 3.5 percent and Maruti Suzuki India dropped 1.4 percent.

Adani Power soared 5 percent on fund raising reports.

TVS Motor climbed 5.5 percent and Bajaj Auto jumped 2.9 percent despite both companies delivering Q3 profits below expectations due to sluggish domestic sales.

SIS, a leading provider in security solutions, facility management, and cash logistics in the country, soared 8.5 percent on the heels of the company disclosing a remarkable 177 percent increase in its third-quarter profit.

Meanwhile, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have announced that they will remain open for normal trading hours from 9:15 am to 3:30 pm on Saturday, February 1, 2025, in light of the Union Budget presentation by Finance Minister Nirmala Sitharaman.

The commodity derivatives section will be open for trading till 5 pm.