Ahead of India Union Budget 2022, Sensex and Nifty surge in early trade
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India's finance minister Nirmala Sitharaman had presented the Economic Survey ahead of the Budget on Monday projecting 8 per cent to 8.5 per cent growth in 2022-23.
Indian markets opened on a high on Tuesday ahead of the Budget presentation in Parliament.
The Sensex surged over 600 points in early trade to reach 58,617.56 as bank stocks ICICI, HDFC, Kotak rose including Sun Pharma, Infosys and Bajaj Finserv.
The Nifty shot up 159.25 points to reach 17,499.10. 28 as 28 scrips were trading in the green out of 30 in the Sensex in early trade. However, ITC and PowerGrid were trading in red.
Shipping Corp of India stocks jumped over 10 per cent after strong quarterly profit, however, Tata Motors fell 3.5 per cent after the automaker reported a quarterly loss.
The BSE Sensex is currently trading at 58,861.60 up 847 points. The Sensex had closed at 58,014.17 on Monday.
India's finance minister Nirmala Sitharaman is due to present the Budget in Parliament at 11am (IST) in Parliament today. India's finance minister had presented the Economic Survey ahead of the Budget on Monday projecting 8 per cent to 8.5 per cent growth in 2022-23.
Experts say the finance minister is likely to announce higher rural spending.
(With inputs from Agencies)