Markets Open Higher On The Budget Day; Nifty Tops 13770 Levels

Indian benchmark indices are to start on a positive note as indicated by gains on the SGX Nifty. At 9:16 am, the Sensex was up 388.62 points or 0.84% at 46674.39, while Nifty gained 101.90 points or 0.75% at 13736.50. The markets will react to the proposal made in the Union Budget 2021 that will be presented later today in the Parliament by Finance Minister Nirmala Sitharaman.

Markets Open Higher On The Budget Day; Nifty Tops 13770 Levels

The FM in the backdrop of the massive economic damage caused by the pandemic has committed to come up with a 'never before' budget to help revive the economy.

The stocks from the various sector that may be impacted on budget related announcement such as those from PSU, financials, healthcare, HFCs, construction and healthcare will be in focus today.

Financials including stocks like IndusInd Bank, ICICI Bank, Bajaj twins, HDFC all rallied ahead of Budget presentation, while there was seen a drag on defensives, both Nifty IT and Nifty Pharma werr trading with losses of up to 1%.

ICICI Bank on Saturday reported a 19.1 percent year-on-year growth in standalone profit for the December ended quarter of FY21 driven by operating income and NII. The scrip traded higher by 4% to Rs. 559 at its day's high price.

Tata Motors scrip was trading with a cut of over 1% even as the auto major posted sharply higher profit at Rs. 2906.5 crore in Q3FY21 against Rs 1,738.3 crore in the same period a year ago.

As per data on the NSE, Foreign institutional investors (FIIs) net sold shares worth Rs 5,930.66 crore, in the Indian equity market on the previous trading day.

Meanwhile, Asian markets have been trading firm even as the US markets closed on a subdued note. South Korea's Kospi traded with gains of 2%, while others such as Hong Kong's Hang Seng and Nikkei were trading with gains of up to 1.7%.

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