Indian stocks are performing well as Finance Minister Nirmala Sitharaman starts presenting the Union Budget 2024, with anticipated measures for tax relief and job creation.
The Sensex, a 30-share index of the Bombay Stock Exchange, surged over 250 points as the market opened at 9:15 am. Although it initially lost those gains, it has since rebounded and is trading positively. Similarly, the Nifty index is also trading in the green, fueled by expectations of the upcoming Budget announcements.
Yesterday, the Sensex closed at 80,502.08, while the NSE benchmark finished at 23,537.85. Anticipated tax reliefs for the middle class and job creation measures are expected to provide a positive boost to the markets.
Also Read: Tax Exemptions, Pay Commission, Jobs: Expectations From Nirmala Sitharaman In Union Budget 2024
NTPC, ITC, and UltraTech Cement are among the top gainers in the BSE pack, while the major losers include JSW Steel and HDFC Bank. IT stocks such as HCLTech and Tech Mahindra are also experiencing declines.
The pre-budget Economic Survey, released yesterday, highlighted that IT sector hiring had slowed considerably in the last financial year and is unlikely to see a significant increase.
