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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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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