Sensex Surges Ahead of Budget Presentation: Market Opens in Green
Mumbai, February 1, 2023: The Indian equity market witnessed a positive start on Wednesday ahead of the highly anticipated Union Budget presentation. The benchmark Sensex climbed over 200 points, while the Nifty breached the 24,500 mark.
At the opening bell, the Sensex surged by 210 points to 61,054. Similarly, the broader Nifty index gained 61 points to 17,523.
Various sectors contributed to the market’s upward momentum. Banking stocks led the rally, with HDFC Bank, ICICI Bank, and Axis Bank witnessing significant gains. IT and automobile stocks also performed well.
Analysts cited expectations of a progressive Budget that could focus on economic growth and fiscal consolidation. The government is expected to announce measures to boost investment, create jobs, and revive the economy.
However, investors remained cautious ahead of the actual Budget announcement, scheduled for 11 am today. “The market’s reaction to the Budget will largely depend on the specific measures and policies outlined by the Finance Minister,” said a leading market expert.
