The domestic equity market opened with gains as Budget expectations lifted investors’ sentiment while the stocks seemed to have recovered from last week’s volatility from Adani Group stocks’ decline.
Most of the global markets’ indices were also trading in the green as investors looked ahead to the US Federal Reserve meeting on Wednesday.
Key indices of the domestic markets — BSE’s Sensex recovered its 60,000 level and went up 470 points to 60,001.17 while NSE’s Nifty surged 105 to 17,766.40 in the opening of Wednesday session.
In Asian markets, Japan’s Nikkei was trading in the green as it went up 49 points and Hong Kong’s Hang Seng surged 63 points. In American markets, Dow Jones had closed with 368 points up, Nasdaq surged 190 points in its closing, NYSE rose and settled 217 points higher while S&P surged 58 points while it closed on Tuesday. US stocks edged higher on Tuesday on the back of strong earnings and encouraging inflation data.
In European markets, FTSE went down 13 points while CAC and Deutsche Borse were trading in the green.
Union Finance Minister Nirmala Sitharaman will present the Union Budget 2023-24 in Parliament today, the last full Budget of the Modi government in its second term. It is expected that taxpayers will get more relief as the government might put some money in the common man’s pockets. There are expectations that the government might raise import duties on certain items to encourage domestic manufacturing.
