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Markets, rupee gain ahead of presentation of budget

Market gains are also due to the overall positive trend in the global markets


The rupee and markets opened on a positive note ahead of the Union Budget presentation.

Rupee gained 12 paise to 81.76 against the US dollar in early trade while 30-share BSE benchmark Sensex jumped 516.97 points to 60,066.87. NSE Nifty climbed 153.15 points to 17,815.30.

The market gains are also due to the overall positive trend in the global markets.

ICICI Bank, Tech Mahindra, Asian Paints, Tata Steel, Kotak Mahindra Bank, HDFC, HDFC Bank, Titan and NTPC were among the major winners in early trade while ITC, Mahindra & Mahindra, UltraTech Cement and Larsen & Toubro were the laggards.

The budget is being watched investors for government measures to aid the long-term growth of the economy.

All eyes will be on the budget, which could determine the trajectory of growth, and also the direction of interest rates given the borrowing programme that will be announced, Reuters quoted Lakshmi Iyer, chief executive-investment advisory, Kotak Investment Advisors, as saying.

Rupee opened at 81.76 against the dollar, registering a rise of 12 paise over its previous close.

On Tuesday, the rupee depreciated by 36 paise to close at a three-week low of 81.88 against the US dollar after the Economic Survey 2022-23 said the domestic unit may remain under pressure on account of plateauing of exports and subsequent widening of the current account deficit.

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