positive-start-for-sensex-nifty-ahead-of-budget-2024

The Indian share market opened positively ahead of the Union Budget 2024 presentation. The Sensex, which is a benchmark index for the Bombay Stock Exchange, was trading at 80,744 points. Similarly, the Nifty, which tracks the performance of 50 major companies listed on the National Stock Exchange, stood at 24,574 points at 9:15 am, according to market data.

 

Yesterday, the Sensex closed at 80,502.08 points, while the Nifty ended the day at 23,537.85 points. This morning's green opening suggests optimism among investors, likely fueled by anticipation of favourable announcements in the upcoming budget.

 

Leading the charge among the BSE pack were stocks like UltraTech Cement, Mahindra and Mahindra, and JSW Steel. These companies showed strong performances, contributing to the overall positive sentiment in the market.

 

Finance Minister Nirmala Sitharaman, who has already arrived at the Parliament, is scheduled to present the Budget 2024 at 11 am. Investors and analysts are keenly awaiting her speech, with expectations high for potential tax reliefs for the middle class and initiatives aimed at job creation. Such measures are anticipated to further boost market confidence and potentially drive the indices higher.

 

The Union Budget is a crucial event for the financial markets, as it outlines the government's economic plans and priorities for the coming fiscal year. Market participants often react to the announcements made during the budget speech, which can lead to significant movements in stock prices.

 

In summary, the positive start of the Sensex and Nifty ahead of the budget presentation reflects a hopeful market sentiment. Investors are optimistic about the potential benefits that the budget could bring, particularly in terms of tax relief and employment opportunities.

 

As the Finance Minister presents the budget, all eyes will be on how these expectations are met and the subsequent impact on the market.