Finance Minister Nirmala Sitharaman is ready to present the budget in a short while, and the stock market is keeping an eye on it. The importance of this budget presentation can be understood from the fact that despite being a Saturday, the stock market is open today, and business is going on as usual. In early trade, the Sensex is trading with a gain of more than 200 points while the Nifty is above 23,550 points.
The brokerage expects several announcements for finance, defense, railways, power, health, consumption and automobile. This can benefit 100 stocks from at least 12 sectors.
24 stocks rise in the stock market
In the early trade of the stock market, 24 stocks of the BSE Sensex based on 30 stocks are in a bullish trend, while 6 stocks are trading with a decline. Among these, IndusInd Bank’s stock is trading at Rs 1019.95 with a gain of 2.80%. Nestle India’s stock fell 0.86% to Rs 2293.05 per share. At the same time, 29 stocks of NSE’s Nifty based on 50 stocks are trading in the green mark and 21 stocks in the red mark. Among these, ITC Hotels’ stock jumped 3.38% to trade at Rs 168.45 per share, while Hero MotoCorp’s stock fell 1.71% to Rs 42.64.80.
Also Read – Top 10 Most Expensive Stocks in Indian Stock Market
Budget’s impact on the stock market after one week
According to MK, most indices remain bullish in the short term, with the percentage of positive closing between 55 percent and 91 percent. NSE Pharma Index was the best performing index. Its positive close rate was 91 percent and overall return was 3 percent. NSE Media also had a positive close rate of 82 percent and return of 2 percent. At the same time, the momentum of Nifty Realty and Nifty Oil and Gas Index remained weak.
Status of Asian markets
In other Asian markets, Japan’s Nikkei and Hong Kong’s Hangseng are seeing a positive trend. South Korea’s Kospi and China’s Shanghai Composite are flat. European markets closed with gains on Friday while US markets closed with losses. In the global oil market, Brent crude closed with a gain of 0.67% at $76.40 per barrel.