Sensex, Nifty open higher ahead of Budget presentation; IndusInd, ICICI among major gainers
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
Mumbai: 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 per cent at 46,728.83; and the broader Nifty was up 114.85 points or 0.84 per cent at 13,749.45.
On the Sensex chart, IndusInd Bank, ICICI Bank, HDFC, ONGC, Titan and HDFC Bank were 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 per cent lower at 46,285.77, and the Nifty had settled 182.95 points or 1.32 per cent down at 13,634.60.
Over the previous six sessions, the Sensex has lost 3,506.35 points or 7.04 per cent, and the Nifty has shed 1,010.10 points or 6.89 per cent.
Finance Minister Nirmala Sitharaman will present the Union Budget 2021-22 in Parliament on Monday.
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 afternoon session, after four sessions of losses.
The global oil benchmark Brent crude futures rose 0.32 per cent to USD 55.38 per barrel.
Domestic markets ended in negative for the sixth consecutive session. Investors remain cautious over rising inflation levels as retail inflation rose to 7.79 percent by April end
On the sectoral front, metal, power, oil & gas, healthcare, IT and realty sector indices shed between 1 and 5 percent, while banking went gone up by 0.60 percent. Both BSE Midcap and Smallcap indices settled around 2 percent lower
In terms of sectors, IT was the biggest loser, while realty was the top gainer. Indices were volatile ahead of the release of Consumer Price Index (CPI) and Index of Industrial Production (IIP) data later this week