Sensex, Nifty open higher ahead of Budget presentation
The BSE benchmark Sensex surged over 443 points and the NSE Nifty advanced 115 points in opening trade on Monday, ahead of the Union Budget 2021-22 presentation in Parliament.
The 30-share Sensex was trading higher by 443.06 points or 0.96 percent at 46,728.83; and the broader Nifty was up 114.85 points or 0.84 percent at 13,749.45.
On the Sensex chart, IndusInd Bank, ICICI Bank, HDFC, ONGC, Titan, and HDFC Bank were the prominent gainers.
Of the Sensex constituents, 16 shares were trading in the green.
On Friday, the Sensex had closed 588.59 points or 1.26 percent lower at 46,285.77, and the Nifty had settled 182.95 points or 1.32 percent down at 13,634.60.
Over the previous six sessions, the Sensex has lost 3,506.35 points or 7.04 percent, and the Nifty has shed 1,010.10 points or 6.89 percent.
Finance Minister Nirmala Sitharaman on Monday called on President Ram Nath Kovind before presenting the Union Budget 2021-22.
As per the established tradition, the Finance Minister met the President at the Rashtrapati Bhawan before heading to Parliament.
The Union Cabinet will meet at 10.15 am to clear the Budget.
Also, before the actual presentation, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for the fiscal year 2021-22.
While traditionally, copies of the Budget are brought to the Parliament complex before finance minister arrives, this year no document has been printed following the COVID-19 protocol.
Instead, the Budget copies will be disseminated electronically, with documents being uploaded on the government website as well as being made available on a special app developed for the same.
Expectations are running high as Sitharaman presents her third Budget in the Lok Sabha on Monday. She has her task cut out to fire up a pandemic battered economy and revive the animal instinct in it. Market experts and economists are of the view that this Budget will be critical in terms of picking up the pieces after the economic destruction caused by the COVID-19 pandemic.
Foreign portfolio investors (FPIs) offloaded shares worth a net Rs 5,930.66 crore on Friday, according to exchange data.
Elsewhere in Asia on Monday, stock markets were in recovery mode in the afternoon session, after four sessions of losses.
The global oil benchmark Brent crude futures rose 0.32 percent to $ 55.38 per barrel.