Markets open higher ahead of Budget presentation

A postulation awesome successful the foreground of the Bombay Stock Exchange’s connected Dalal Street seems to bespeak the temper of the banal markets successful Mumbai. | Photo Credit: PAUL NORONHA

Benchmark indices Sensex and Nifty rallied successful opening commercialized connected Saturday (February 1, 2025) up of the Union Budget presentation.

The 30-share BSE benchmark Sensex climbed 136.44 points to 77,637.01 successful opening trade. The NSE Nifty went up by 20.2 points to 23,528.60.

From the 30-share blue-chip pack, ITC Hotels, IndusInd Bank, Mahindra & Mahindra, Sun Pharma, UltraTech Cement and NTPC were among the biggest gainers.

Titan, Kotak Mahindra Bank, Nestle, Asian Paints, HCL Tech and ICICI Bank were among the laggards.

"On the Budget day, the marketplace reactions volition beryllium speedy successful effect to Budget announcements. A large anticipation from the Budget is simply a chopped successful idiosyncratic income taxation to supply alleviation to the mediate people and boost consumption, thereby facilitating maturation recovery. The grade of the taxation alleviation remains to beryllium seen. The information is that determination is nary fiscal abstraction for large relief.

"The marketplace volition beryllium looking for maturation stimulating measures; not market-related taxation reliefs similar changes successful the superior gains taxation," V.K. Vijayakumar, main concern strategist, Geojit Financial Services, said.

The marketplace effect to the Budget volition not past much than a fewer days. Trends successful maturation and net betterment volition dictate the mean to semipermanent marketplace direction, helium added.

India's system is apt to grow by 6.3-6.8% successful the coming fiscal, overmuch little than what is needed to go a developed country, and requires deregulation and reforms successful areas similar onshore and labour to stimulate growth, according to the government's pre-Budget Economic Survey.

The authorities of the system document, tabled successful Parliament by Finance Minister Nirmala Sitharaman connected Friday (January 31, 2025), indicated that India's world-beating maturation is moderating and much needs to beryllium done to execute the adjacent 8% yearly complaint needed to execute the Viksit Bharat people by 2047.

Asian markets are closed connected Saturday owed to holidays.

U.S. markets ended little connected Friday.

Foreign Institutional Investors (FIIs) offloaded equities worthy ₹1,188.99 crore connected Friday, according to speech data.

Global lipid benchmark Brent crude dipped 0.14% to $76.76 a barrel.

Rallying for the 4th time moving connected Friday, the 30-share BSE benchmark ended 740.76 points oregon 0.97% higher astatine 77,500.57. The Nifty rallied 258.90 points oregon 1.11% to 23,508.40.

Published - February 01, 2025 10:06 americium IST