Taking Stock | Market cheers Budget 2022 as Sensex rises 848 points and Nifty hovers above 17,500

The market continued the previous session's momentum giving a big thumbs-up to the growth oriented budget delivered by the finance minister.

It started the day on a strong footing ahead of the budget and extended the gains as the day progressed before erasing them in the afternoon amid profit booking. However, buying seen in the last couple of hours helped indices to end on a positive note.

Benchmark indices BSE Sensex and Nifty50 crossed 59,000 and 17,600 intraday before closing higher at 58,862.57 (up 848.40 points or 1.46%) and 17,576.80 (up 237 points or 1.37%) respectively.

"The budget with its big tech push and capex thrust has used the fiscal space arising out of buoyant tax collections to spur growth and revive private capex," said S Ranganathan, head of research at LKP securities.

"The Street cheered the budget as indices rose 1.5% with the usual share of volatility as India VIX dropped sharply below 20.

"The paradigm change seen in the digital push together with the narrative for urban development quite clearly signalled a pro-growth stance," he added.

Tata Steel, Sun Pharma, IndusInd Bank, Shree Cements and Hindalco Industries were the top Nifty gainers, while losers included BPCL, IOC, Tata Motors, M&M and SBI Life Insurance.

On the sectoral front, Nifty bank, metal, IT, pharma, FMCG, and capital goods rose 1-4.5 percent. However, auto, energy and PSU bank indices ended in the red.

Index	Prices	Change	Change%
Sensex	85,314.79	207.98	+0.24%
Nifty 50	26,051.05	65.05	+0.25%
Nifty Bank	59,295.40	-52.85	-0.09%

Nifty 50 26,051.05 65.05 (0.25%)

Thu, Dec 04, 2025

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
TCS	3,230.40	50.40	+1.58%

Biggest Loser	Prices	Change	Change%
Interglobe Avi	5,429.50	-166.00	-2.97%

Best Sector	Prices	Change	Change%
Nifty IT	38373.20	547.90	+1.45%

Worst Sector	Prices	Change	Change%
Nifty Energy	35021.60	-83.40	-0.24%

The broader indices, BSE midcap and smallcap, underperformed the main indices but ended with a percent gain.

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Stocks and sectors

Among sectors, except BSE auto and BSE oil & gas, all other indices ended higher with metal, capital goods, bank, healthcare, IT, and realty indices gaining 1-5 percent.

A long build-up was seen in Navin Fluorine International, Tata Steel and Sun Pharma, while a short build-up was seen in HPCL, IOC and Crompton Greaves Consumer Electrical.

Among individual stocks, a volume spike of more than 200 percent was seen in Granules India, Piramal Enterprises and SBI Cards.

More than 150 stocks, including Sun Pharma, SBI, IDFC and Canara Bank, hit a 52-week high on the BSE.

Also Read - Budget 2022 | Major announcements from FM Nirmala Sitharaman’s Union Budget speech

Technical View

The Nifty formed a small-bodied bullish candle on daily scale with long lower shadow indicating declines were bought in smartly.

"Now it has to hold above 17500 zones, for a bounce towards 17777 and 17900 zones whereas support exists at 17350 and 17250 zones," said Chandan Taparia, analyst-derivatives, Motilal Oswal Financial Services.

Also Read - Union Budget 2022: Here are the key takeaways

Outlook for February 2

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:

The market was successful in closing above the 17550 level. If we can keep above this for a couple of trading sessions, the Nifty should burst out into an uptrend which could take it to 18000.

The current support is at 17200 and, as long as that holds, traders should concentrate on the buy side. A short call will get activated only when we break 17200 on a closing basis.

Gaurav Ratnaparkhi, head of technical research, Sharekhan by BNP Paribas:

The overall structure shows that the pullback can continue. The index is expected to test the junction of the 20 DMA & 61.8% retracement, which is near 17800.

Palak Kothari, Research Associate at Choice Broking:

At present, the Nifty has support at 17240 levels while resistance comes at 17650 levels, crossing above the same can show 17800-18000 levels.

On the other hand, Bank Nifty has support at 37600 levels and resistance at 39000 levels.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:

On daily charts, the market maintained an uptrend continuation formation and, after a long time, it succeeded to close above the 50-day SMA which is broadly positive.

For the day short-term traders, 17400 and 17250 would be key support levels to watch out for. Above the same, the Nifty would touch the level of 17750-17850. However, if the index slips below 17500, a quick intraday correction could drag down the index up to 17400-17350 levels.

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