On 31 January, the Economic Survey said that India’s economy is expected to grow by 8-8.5% in the fiscal year beginning April 1.
Sensex rose over 600 points and Nifty climbed 159 points in early trade on February 1 Union Budget 2022-23 Presentation in Parliament.
The 30-share Sensex was trading 603.39 points or 1.04% higher at 58,617.56 and Nifty was trading 159.25 points or 0.92% higher at 17,499.10.
IndusInd Bank was the top gainer in the Sensex pack, rising 2.45%, followed by ICICI Bank, HDFC twins, Sun Pharma, Infosys, Kotak Bank and Bajaj Finserv.
Of the 30 constituents of the Sensex, 28 stocks were trading in the green. ITC and POWERGRID lagged behind.
Finance Minister Nirmala Sitharaman will present the Union Budget 2022-23 in Parliament on February 1.
In the previous session, the 30-share BSE index had closed 813.94 points or 1.42% higher at 58,014.17. Similarly, the broader NSE Nifty closed 237.90 points or 1.39% higher at 17,339.85.
The Economic Survey on 31 January said that India’s economy is expected to grow 8-8.5% in the fiscal year beginning April 1 And is well prepared to meet the challenges of the future due to widespread vaccine coverage, supply-side reforms and easing of regulations.
Meanwhile, the Indian economy shrank 6.6% in 2020-21 from 7.3% contraction earlier estimated, indicating that the economy hit by the coronavirus pandemic did not perform as badly as initially thought.
According to official data released on January 31, output from eight infrastructure sectors grew by 3.8% in December 2021 as against a 0.4% contraction in the same month last year on the outperformance of coal, cement and refinery products.
“The Indian government’s fiscal position remains comfortable, with data for the first nine months of the financial year showing that only half of the budget deficit was wiped out.
Deepak Jasani, Head of Retail Research, HDFC Securities, said, “For April-December FY22, the fiscal deficit stood at 50.4% as compared to 145.5% in the previous year. Strong tax and non-tax receipts helped the government stabilize its budget. helped to do so.”
On February 1, Asian stocks tapped a tailwind from a technology-led rally in the US, which was prompted by dip buyers to bet this year’s equity route. He said many Asian markets, including China and South Korea, are closed due to the Lunar New Year holiday.
Stock exchanges in the US ended on a positive note in the overnight session.
Meanwhile, international oil benchmark Brent crude rose 1.31% to $91.21 a barrel.
Foreign institutional investors remained net sellers in the domestic capital market, pulling out Rs 3,624.48 crore as on January 31, according to provisional data.
,