Sensex surges 850 points ahead of Union Budget 2022-23

Mumbai: The Indian equities markets key indices rose by nearly 1.5 per cent on Tuesday led by broad-based buying support ahead of the presentation of Union Budget 2022-23.

The benchmark Sensex surged 1.47 per cent or 850.71 points to 58,864.88 points at 10.30 am, against its previous day's close at 58,014.17 points.

This is the second consecutive day of the rally in the Indian stock markets ahead of the presentation of the budget. The Sensex had rallied 813.94 points or 1.42 per cent on Monday.

The broader Nifty 50 of the National Stock Exchange was trading 242.15 points or 1.4 per cent higher at 17,582.00 points against its previous day's close of 17,339.85 points.

The Nifty had gained 237.90 points or 1.39 per cent on Monday.

There was strong buying support in banking and financial stocks. IndusInd Bank surged 3.23 per cent to Rs 900. ICICI Bank soared 2.62 per cent to Rs 809.95. Axis Bank surged 2.12 per cent to Rs 789.50. HDFC rose 1.98 per cent to Rs 2570.85 and HDFC Bank surged 1.79 per cent to Rs 1512.15.

Sun Pharma 4.74 per cent higher at Rs 873.65; Tata Steel 2.35 per cent higher at Rs 1110.50; L&T 1.67 per cent higher at Rs 1940.80; Infosys 1.38 per cent higher at Rs 1760.60 and UltraTech Cement 1.37 per cent higher at Rs 7313.45 were among the major Sensex gainers.

The index heavyweight Reliance Industries was trading 0.84 per cent higher at Rs 2406.50.