Closing Bell: Sensex, Nifty halt post-budget selloff; Oberoi Realty, Sun Pharma stocks gain

The bear run at Indian stock market took a pause today as the BSE Sensex nudged 10 points higher and closed at 38,730 while the Nifty 50 index slipped 2 points down and closed at 11,555 levels. The Bank Nifty index dipped 34 points and closed at 30,569 levels. Bajaj Finance, Sun Pharma, IOCL, Bajaj Finserv and Hero MotoCorp stocks were the top gaining shares today while Titan Company, UPL, GAIL (India), Yes Bank and Tata Consultancy Services aka TCS share prices were the top losing stock in the intraday trade.

Speaking on the current market scenario Prakash Pandey, Head of Research at Fairwealth Securities said, "Recent selloff at the Indian stock market was mainly due to the FIIs selloff pressure as the Modi 2.0 Government has imposed a surcharge on the short term capital gains of the trusts investing in Indian equity markets. Since FIIs invest in Indian indices through the trust route, they started to fish out their money from the Indian equity market, which they had invested for a short-term period." He said that the Finance Minister Nirmala Sitharaman has already said that the move is meant to ensure the safety of the small and marginal investors in the Indian equity markets as from now, FIIs would be discouraged to invest in the short-term perspective.

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Realty stocks led the bull run on Dalal Street after two successive trade sessions as the BSE Realty index rose over 2 per cent in the intraday trade on Tuesday. Realty major Oberoi Realty share price skyrocketed 6.88 per cent, shares of Prestige Estates Projects shot up 6.27 per cent, Sunteck Realty scrip surge 4.53 per cent, Sobha stocks rose 3.43 per cent, Phoenix Mills counter added 3.9 per cent, Godrej Properties share price jump near 1.15 per cent while the DLF stocks added 0.5 per cent.

Healthcare stocks also witnessed fresh buying in the intraday trade session as the BSE Healthcare index shot up 1.78 per cent. Healthcare major Sun Pharma share price skyrocketed 5.34 per cent, shares of Piramal Enterprises shot up 3.69 per cent, Thyrocare Technologies scrip added 2.34 per cent, Lupin share price rose 2.42 per cent, Glenmark Pharmaceuticals stock went up 2.58 per cent, Divi's Laboratories and Cipla shares shot up over 1.7 per cent, Cadila Healthcare counter added 2.9 per cent, Aurobindo Pharma scrip rose 2.56 per cent while Aarti Drugs shares ended 3.43 per cent higher.

Among Asian markets, the Japanese Nikkei 225 index nudged 0.15 points higher from its Monday closing, South Korean Kospi went down 0.59 per cent, Hang Seng market crashed 0.94 per cent while the Shanghai index slipped 0.18 per cent.