Budget 2023: This is the last full-year budget before the national elections in 2024.
New Delhi:
Sensex and Nifty gained momentum in morning trade on Wednesday as Finance Minister Nirmala Sitharaman presented the Budget in the Lok Sabha.
The 30-share BSE benchmark Sensex jumped 640.01 points to touch an intra-day high of 60,189.91 points. The Sensex was later trading 516.35 points or 0.87 per cent higher at 60,066.25. The broader NSE Nifty climbed 137.35 points or 0.78 per cent to 17,799.50 points.
Market analysts are keenly watching the government’s fiscal consolidation path in the Union Budget 2023-24.
An overall positive trend in the global markets also boosted investor sentiments.
From the Sensex pack, 27 stocks were trading in the positive territory while just 3 stocks were in the red.
India has pegged its economic growth at 6-6.8% in the 2023/24 fiscal year, the slowest in three years, at its pre-budget economic survey on Tuesday.
Here are the live updates on Budget 2023:
Get NDTV UpdatesTurn on notifications to receive alerts as this story develops.
BSE Sensex surges over 1,000 points to 60,618, Nifty above 17,900
Infrastructure Cos Stocks Make Gains:
Shares of infrastructure companies, including Larsen & Toubro rallied up to 4 per cent today after Finance Minister Nirmala Sitharaman listed infrastructure as one of the seven priorities of Union Budget 2023-24.
Siemens Ltd stock jumped 4 per cent on the BSE, HG Infra Engineering surged 3.32 per cent while the scrip of Larsen & Toubro gained 1.57 per cent.
KNR Constructions stock gained 2.97 per cent, Ashoka Buildcon 1.21 per cent and IRB Infrastructure Developers 0.05 per cent.
In her Budget presentation, the finance minister said infrastructure growth has been offering multiplier effects in the economy.
Stocks Rise Higher:
An overall positive trend in the global markets also boosted investor sentiments.
From the Sensex pack, 27 stocks were trading in the positive territory while just 3 stocks were in the red.
ICICI Bank, Tata Steel, HDFC, HDFC Bank, Kotak Mahindra Bank were the major gainers and jumped as much as 2.92 per cent.
Markets Gain:
Indian indices Sensex and Nifty rose higher in morning trade today as Finance Minister Nirmala Sitharaman presented the Budget in the Lok Sabha.
The Sensex jumped 640 points to reach an intra-day high of 60,189 points. The Sensex was later trading 516 points at 60,066.25. NSE Nifty climbed 137.35 points to 17,799.50 points.
“National Financial Information Registry to be set up to serve as a central repository of financial and ancillary information”: Finance Minister Nirmala Sitharaman
FY24 fiscal deficit seen at 5.9% of GDP: Finance Minister Nirmala Sitharaman
Markets Gain:
BSE Sensex up 590 points or 0.98% to reach 60,139
Finance Minister On Ease Of Doing Business:
“To enhance ease of doing business more than 39,000 compliances have been reduced, more than 3400 legal provisions have been decriminalised”: Finance Minister Nirmala Sitharaman
PAN to be used as common business identifier, aim to simplify KYC process: Finance Minister Nirmala Sitharaman
Enhanced Capital expenditure of Rs 10 lakh crore for infrastructure development is 3.3% of the GDP: Finance Minister Sitharaman
The centre will focus on economic growth and job creation, Finance Minister Nirmala Sitharaman said today presenting the government’s last full budget in parliament before the 2024 General Elections.
The aim is to have strong public finances and a robust financial sector for the benefit of all sections of the country, Nirmala Sitharaman said.
BSE Sensex rises nearly 1% to 60,134, Nifty up 0.8% to reach 17,818
Railway Stocks Gain:
Shares of railway-related companies, including Rail Vikas Nigam Ltd and IRCON International, witnessed an up-trend on Wednesday, ahead of the Union Budget presentation in Parliament.
Shares of Rail Vikas Nigam Ltd (RVNL) were quoting at Rs 77.95 apiece on the BSE, up 2.43 per cent from the previous close, while the counter of Indian Railway Finance Corporation (IRFC) gained 0.91 per cent to Rs 33.35.
Cabinet Approves Budget:
The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday approved the Budget for the fiscal year 2023-24 (April 2023 to March 2024).
Union Cabinet Meeting:
Just ahead of the Budget 2023 presentation by Finance Minister Nirmala Sitharaman, a Union Cabinet meeting was held in Parliament chaired by Prime Minister Narendra Modi.
Most Adani Group stocks fell today, extending losses after a report from short-seller Hindenburg criticised the conglomerate and despite the group completing a $2.5 billion share sale a day earlier.
The group, led by Gautam Adani, had denied the allegations, adding that it has always made necessary regulatory disclosures.
Today, Adani Enterprises and Adani Transmission each lost 1.3%. Adani Power slid 4.6%, while Adani Total Gas slumped 10%, down by its daily price limit.
Paperless Budget:
Finance Minister Nirmala Sitharaman today took a tablet wrapped in a traditional ‘bahi-khata’ style pouch as she headed to the Parliament to present Union Budget 2023-24 in a paperless format.
Finance Minister Meets President Ahead Of Budget Presentation:
Finance Minister Nirmala Sitharaman today called on President Droupadi Murmu before presenting the Union Budget 2023-24.
As per established tradition, the Finance Minister met the President at the Rashtrapati Bhawan before heading to Parliament.
Markets Open Higher:
Stock indices opened higher today ahead of Nirmala Sitharaman’s budget speech. BSE Sensex was up 457 points at 60,007. NSE Nifty gained 130 points to reach 17,792.
US Fed Rate:
The US Federal Reserve’s rate decision is expected later in the day, which is key for Indian companies with major exposure to the United States.
Stocks To Watch:
– Auto stocks: Tata Motors, Maruti Suzuki, Bajaj Auto, Hero MotoCorp Mahindra and Mahindra, Ashok Leyland will be in focus ahead of monthly sales volume numbers for the month of January
Featured Video Of The Day
“I’ll Just Kiss Deepika’s Hand And That Will Be The Answer,” Says SRK
