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The Indian equities market is optimistic ahead of the Budget presentation as investors hope for major tax relief. Sensex and Nifty, key indices hinting at markets' performance, opened flat this morning. While 30-share BSE Sensex went up 136 points in early trade, the NSE's Nifty was up 20 points. Finance Minister Nirmala Sitharaman will present her record 8th straight budget at 11 am, laying out the economic roadmap for the next financial year.
Most sectoral indices opened higher ahead of the Finance Minister's speech with Nifty Realty and Nifty Energy leading the rally as investors expect major funding for capex and allocations for the energy sector.
Among those who weighed were Nifty Oil and Gas, Nifty Finance, and Nifty Bank.
The markets saw renewable energy stocks rise with Inox Wind, Inox Wind Energy, KPI Green, and Suzlon rallying in anticipation of announcements for the sector. Defence stocks like BEML and Hindustan Aeronautics are also in the green.
The Indian markets have made phenomenal gains since the pandemic, seeing a massive influx of retail investors. A red trend followed over the past four months though the government stayed positive over the crash.
The Economic Survey said yesterday a meaningful correction in 2025 could have a cascading effect and ensure higher participation of new retail investors.
India remains the fastest-growing major economy, Chief Economic Adviser V Ananta Nageswaran said with the survey estimating a growth between 6.3-6.8 per cent in the financial year beginning this April.