The Union Budget was well received on Dalal Street, with both the Sensex and the Nifty closing on a high note. Following a strong start, markets remained higher for most of the trading session, as GST collection in January surpassed Rs 1.38 lakh crore, representing a 15% increase over the previous year.

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On the global front, European markets were trading higher with UK’s FTSE 100 increased 67.32 points or 0.9% to 7,531.69, France’s CAC increased 73.06 points or 1.04% to 7,072.26 and Germany’s DAX was up by 193.29 points or 1.25% to 15,664.49. Most of the Asian markets including Hong Kong, China, Indonesia, Malaysia, Singapore, South Korea and Taiwan were closed for holidays. Nikkei 225 ended up by 76.50 points or 0.28% to 27,078.48.

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The Sensex closed at 58,862.57, up 848.40 points or 1.46%, after trading in a range of 57737.66 to 59032.20. On the index, there were 23 stocks that advanced and 7 stocks that declined.

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The broader indices ended in green; the BSE Mid cap index was up by 1.08%, while the Small cap index was up by 0.92%. The top gaining sectoral indices on the BSE were Metal up by 4.92%, Basic Materials up by 3.23%, Capital Goods up by 2.93%, FMCG up by 1.85% and Healthcare up by 1.76%, while Oil & Gas down by 0.91%, Auto down by 0.71%, PSU down by 0.70%, Energy down by 0.44% and Telecom down by 0.31% were the top losing indices on BSE.

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The top gainers on the Sensex were Tata Steel up by 7.57%, Sun Pharma up by 6.94%, Indusind Bank up by 5.76%, Larsen & Toubro up by 4.31% and Ultratech Cement up by 4.13%. On the flip side, Mahindra & Mahindra down by 1.30%, Power Grid down by 1.18%, SBI down by 1.13%, Bharti Airtel down by 0.91% and NTPC down by 0.60% were the top losers.

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The Nifty finished at 17,576.85, up 237.00 points or 1.37%, after trading in a range of 17244.55 to 17622.40. On the index, there were 36 stocks that advanced and 14 stocks that declined.

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The top gainers on Nifty were Tata Steel up by 7.54%, Sun Pharma up by 6.86%, Indusind Bank up by 5.76%, Shree Cement up by 5.04% and Hindalco up by 4.49%. On the flip side, BPCL down by 4.58%, Indian Oil Corp. down by 2.76%, Tata Motors down by 2.60%, Mahindra & Mahindra down by 1.82% and SBI Life Insurance down by 1.48% were the top losers.