National equities indexes traded higher on Tuesday at the start of trading, focusing on the presentation of the 2022-23 Union budget. Asian markets traded higher with Japan’s Nikkei up 0.71% and South Korea’s KOSPI up 1.87%. SGX Nifty trends indicated a positive opening for home markets. The Nifty Futures on the Singapore stock exchange also known as SGX Nifty Futures rose 126.25 points or 0.73 percent to 17,494.
BSE Sensex benchmark and broader NSE Nifty had posted Monday-led gains on purchases in all sectors. The 30-share BSE index had risen 814 points or 1.42 percent to 58,014; while broad NSE Nifty had moved 238 points or 1.39 percent to close at 17,340.
Investor sentiment remained positive as the Economic Survey projected that India’s economy will grow by 9.2% during the current fiscal year 2021-22.
The economy had shrunk by 7.3 percent in 2020-21 due to the impact of the Covid-19 pandemic and subsequent confinements across the country to control the spread of coronavirus.
Analysts had predicted that national indices could rise on budget day, as the presentation could see a strong spending push to further boost economic growth.
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At 10:25 a.m., Sensex rose more than 866 points or 1.46 percent to 58,880, while Nifty moved 244 points or 1.41 percent to 17,584. Britannia, Sun Pharma, IndusInd Bank, ICICI Bank and HDFC Life are among the best performers.
The BSE Sensex benchmark rose 530 points or 0.91 percent to 58,544 in opening deals, while the broader NSE Nifty rose 189 points or 1.09 percent to 17,529.
Sensex rose 630 points or 1.09 percent to 58,644 in pre-opening bids.