Union Budget 2023 Live Updates On Market: Nifty, Sensex Set To Rise Higher Ahead Of Budget 2023

Budget 2023: This is the last full-year budget before the national elections in 2024.

New Delhi:

Stock Indices are set to open higher today ahead of the Union budget, as investors look for major triggers for the near-term trajectory of the market.

NSE stock futures listed on the Singapore exchange were up 0.59% at 17,857.50 as of 07:42 a.m. IST.

The budget will be presented at 1100 am, in which the government will likely seek to lower its fiscal deficit while offering incentives for investment.

This is the last full-year budget before the national elections in 2024 and key state elections later this year.

Infrastructure spending, measures to aid long-term growth, the government’s fiscal consolidation path and the borrowing calendar for fiscal 2024 are seen as key triggers for the market.

India has pegged its economic growth at 6-6.8% in the 2023/24 fiscal year, the slowest in three years, at its pre-budget economic survey on Tuesday.

Here are the live market updates:

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Paperless Budget: 

Finance Minister Nirmala Sitharaman today took a tablet wrapped in a traditional ‘bahi-khata’ style pouch as she headed to the Parliament to present Union Budget 2023-24 in a paperless format.

Finance Minister Meets President Ahead Of Budget Presentation: 

Finance Minister Nirmala Sitharaman today called on President Droupadi Murmu before presenting the Union Budget 2023-24.

As per established tradition, the Finance Minister met the President at the Rashtrapati Bhawan before heading to Parliament.

Markets Open Higher: 

Stock indices opened higher today ahead of Nirmala Sitharaman’s budget speech. BSE Sensex was up 457 points at 60,007. NSE Nifty gained 130 points to reach 17,792. 

US Fed Rate: 

The US Federal Reserve’s rate decision is expected later in the day, which is key for Indian companies with major exposure to the United States.

Stocks To Watch: 

– Auto stocks: Tata Motors, Maruti Suzuki, Bajaj Auto, Hero MotoCorp  Mahindra and Mahindra, Ashok Leyland will be in focus ahead of monthly sales volume numbers for the month of January

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