Mumbai: Sensex Climbs 264 Points Ahead of Union Budget Amid Investor Optimism
Mumbai, [Current Date] – Stock markets surged in early trade on Tuesday, with the Sensex rising by 264.33 points to reach 80,766.41, while the NSE Nifty gained 73.3 points, trading at 24,582.55. Investor sentiment turned positive on expectations of the Union Budget presentation later in the day, boosted by foreign fund inflows and a rally in US markets.
Leading gainers on the Sensex included UltraTech Cement, Mahindra & Mahindra, ITC, Larsen & Toubro, and NTPC, while HCL Tech, Power Grid, JSW Steel, and Tata Steel faced declines. However, both indices later experienced volatile trading patterns and settled flat.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented, “Market participants are closely watching for potential changes in LTCG tax. Any absence of revisions in LTCG tax could provide significant relief and spur positive market reactions. Sector-specific reactions will hinge on budget proposals.”
Foreign Institutional Investors (FIIs) were net buyers, acquiring equities worth Rs 3,444.06 crore on Monday. In Asian markets, Seoul traded higher, while Tokyo, Shanghai, and Hong Kong showed lower trends. US markets closed in the green on Monday.
Global oil benchmark Brent crude traded marginally higher at USD 82.42 per barrel. The previous day, the Sensex declined by 102.57 points to settle at 80,502.08, while the Nifty dipped 21.65 points to 24,509.25.
