New Delhi: Stock Indices opened higher today ahead of the Union budget, as investors looked for major triggers for the near-term trajectory of the market.
NSE stock futures listed on the Singapore exchange were up 0.59% at 17,857.50 as of 07:42 a.m. IST.
The budget will be presented at 1100 am, in which the government will likely seek to lower its fiscal deficit while offering incentives for investment.
This is the last full-year budget before the national elections in 2024 and key state elections later this year.
Infrastructure spending, measures to aid long-term growth, the government’s fiscal consolidation path and the borrowing calendar for fiscal 2024 are seen as key triggers for the market.
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 market updates:
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).
Adani Group Stocks Fall: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.
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.
