Budget 2023: Markets Hails Union Budget, Sensex Surges To 1,160, Nifty Close To 18,000

Earlier in the day, the two key equity benchmarks, Sensex and Nifty, opened higher in the opening trade just hours before the presentation of the Union Budget

The markets on Wednesday hailed the Union Budget 2023 as the Sensex zoomed to 1,1160 points after Finance Minister Nirmala Sitharaman's budget speech in Parliament . The National Stock Exchange index Nifty too inched towards the 18,000 mark.

The Sensex rose as much as 1,1160 points and Nifty 50 index reclaimed its important psychological level of 17,963 at 12:57 pm. 

Earlier in the day, the two key equity benchmarks, Sensex and Nifty, opened higher in the opening trade just hours before the presentation of the Union Budget.

On the 30-share Sensex benchmark all scrips contained to remain green barring Sun Pharma. ICICI Bank was among the top gainers. Adani Enterprises, BPCL, Coal India, ITC, M&M, SBI Life, and IndusInd Bank, on the contrary, were the major laggards.

The Budget announced income tax cuts for middle class while raising capital expenditure by 33 per cent to Rs 10 lakh crore. It stayed away from tinkering around with capital gains structure.  

This was a crucial Budget being the last full Budget of the Modi Government before the 2024 general elections. From major industries to MSMEs, salaried classes to farmers, and education to healthcare, everyone was eyeing some relief from this Budget.

To make people aware of the pro-people measured announced in the Budget, the BJP will start a 12-day nationwide campaign on Wednesday.

India’s budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world even as the world is going through a global economic turmoil, Prime Minister Modi said.

Addressing the media ahead of the Budget Session of Parliament, Modi said recognised voices in the world of the economy were bringing positive messages from all sides.

On Tuesday, Union Finance Minister Nirmala Sitharaman tabled the Economic Survey (2022-23) in Parliament. The Economic Survey 2022-23 has forecast India’s GDP growth for the next fiscal 2023-24 in a broad range of 6-6.8 per cent. Its baseline forecast for real GDP growth is 6.5 per cent.  

According to the Economic Survey 2022-23, the Indian economy is “staging a broad-based recovery across sectors”, positioning itself to “ascend to the pre-pandemic growth path in FY23."