The Indian market continued witnessing a strong wave of buying for the third consecutive session on February 3 as the equity benchmarks - Sensex and Nifty - hit their fresh 52-week highs in the morning trade.
Sensex jumped over 600 points to hit a fresh all-time high of 50,408.47 while Nifty made a fresh peak at 14,839.80.
Analysts believe the bull roar in the market will continue and Nifty may scale the milestone of 15,000 by the expiry of the February F&O series.
"It has been a picture-perfect rally in last two sessions with the broader indices clocking record Budget-day gains in the last more than 20 years. Although some profit booking can be expected, we expect stock-specific action to continue. After a brief pause, we may see the Nifty aiming for the magical mark of 15,000 by February expiry," said Rahul Sharma, Head – Technical & Derivatives Research, JM Financial Services.
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas, pointed out that Nifty can head towards 15,000 in the short-term.
"On the downside, the gap area of 14,469-14,336 will act as a crucial support zone. The 20-day moving average is also near the gap area, which will offer additional support," said Ratnaparkhi.
The Union Budget 2021 has given a strong boost to the market sentiment as it avoided significant negatives for the market and offered many positive takeaways.
Though the government introduced agri infrastructure cess, there was no COVID tax which was widely feared. Besides, the government stayed away from making any change in personal and corporate tax, there was no levy of wealth tax, super-rich tax, STT and LTCG.
Giving a thumbs up to the Nirmala Sitharaman’s Budget 2021, the big bull of D-Street, Rakesh Jhunjhunwala said he would give 10 out of 10 to the Budget.
"The Budget is growth-oriented and it is laying the ground for India to get to double-digit growth," Jhunjhunwala said talking to CNBC-TV18.
"The Budget has conveyed much more than what we are understanding. We have a realistic Budget for a resurgent and rejuvenated India. Budget 2021 indicates that the Indian government will be bold. India will overtake China in the next 25 years," he said.
Foreign investors, too, have embarked on a fresh spell of buying in the Indian market after the Budget.
In the run-up to the Budget, the Indian market witnessed selling by foreign portfolio investors (FPIs) for the five consecutive sessions. However, it seems they are back with renewed vigour after the Budget was announced as NSE data shows they net bought worth Rs 1,494.23 crore in the Indian market on February 1 and Rs 6,181.56 crore on February 2.
The Indian market is teeming with positivity and the bull run is expected to continue for a long time.
In a conversation with CNBC-TV18 on February 2, Rakesh Jhunjhunwala, known as the big bull of Dalal Street, exhorted investors to believe in India.
"India will overtake China in the next 25 years. The market is giving chances, grab it," he said.
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