The NSE Nifty was up by 1.06 per cent or 228.50 at 21,924.95 points, while the BSE Sensex was at 72,396.71, up 1.04 per cent or 739 points. Of 3,723 stocks that were actively traded, 2,373 advanced, while 1,199 declined and 151 stocks remained unchanged. A total of 403 stocks hit a 52-week high, and 14 hit a 52-week low at 11 am on Friday. 

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Now that the two big events are behind us, the market is likely to consolidate. The non-populist Budget focused on fiscal consolidation, is a big positive. The big allocation for rural housing will benefit all construction-related segments such as cement, steel and paints. Another important Budget takeaway is the sharp decline in bond yields consequent to the net market borrowing kept low at Rs 11.75 trillion. This is beneficial for banks.

Global cues have improved with the US market appreciating favourable trends in the US economy, after a brief disappointment with a cautious Fed message. It is evident that the US is heading for a soft landing, and rate cuts are coming. Correction in the dollar index to 103 and the US 10-year falling to 3.88% may restrain FIIs from selling.

Near-term risk in the market is the high valuation, which can trigger corrections on some negative news. Expect high volatility in the near-term.”

Major gainers on the NSE at 9:30 am include Adani Ports (4.28%); BPCL (2.74%); Hero MotoCorp (2.43%); Reliance (2.15%); ICICI Bank (2.08%). Major losers include Eicher Motors (-2.33%); HDFC Life (-0.27%); Axis Bank (-0.19%); Maruti (-0.02%); L&T (-0.01%)

The BSE Smallcap was up by 1.08 per cent, and BSE midcap was up 1.09 per cent, indicating gains

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