Budget 2023: How Markets Have Fared Since Last Time
The Indian benchmark indices have been almost flat since the last budget as the economy faced multiple headwinds.
The Indian benchmark indices have been almost flat despite scaling new records since the last budget as the economy faced multiple headwinds .
The Sensex and Nifty have risen 1.17% and 0.49%, respectively, from Feb. 1, 2022. Public sector banks, fast-moving consumer goods and auto sectors led the advances.
The headline indices also advanced leading up to Budget 2023 on Wednesday. The NSE Nifty 50 Index is up 0.33%, while the S&P BSE Sensex has risen 0.37% in the last two trading sessions.
A day ahead of the budget, the S&P BSE Sensex closed 50 points or 0.08% higher at 59,549.90, while the NSE Nifty 50 Index rose 13 points or 0.07% higher to 17,662.15.
Best Sectors Ahead Of Budget
Nifty PSU Banks, Nifty FMCG, Nifty Auto and Nifty Metal were the top sectoral performers since Budget 2022.
Nifty IT, Nifty Realty, Nifty Media and Nifty SmallCap 100 were the top losers since Feb. 1, 2022.
On Tuesday, Nifty PSU Bank, Nifty Media and Nifty Auto indices were the top gainers on the eve of the budget.
Top Movers Ahead Of Budget
On Tuesday, SBI Ltd., Mahindra and Mahindra Ltd., Power Grid Corporation of India Ltd., UltraTech Cement Ltd., and Adani Ports and SEZ Ltd. were the top gainers in the gauge.
Bajaj Finance Ltd., TCS Ltd., Tech Mahindra Ltd., Britannia Industries Ltd. and HDFC Life Insurance Co. and were the top losers among the NSE Nifty 50 Index constituents.
Since the last budget, Tata Motors Ltd., Mahindra and Mahindra Ltd., HCL Technologies Ltd., Tata Steel Ltd. and ITC Ltd. were the top gainers, while Bajaj Finserv Ltd., Asian Paints Ltd., IndusInd Bank Ltd., Bajaj Finance Ltd. and SBI Ltd. were the top losers.
Rupee Ahead Of Budget
The local currency sharply weakened by 42 paise to 81.92 at close against the greenback on Tuesday. It closed at 81.50 on Monday.
Rupee has weakened 9.52% since the last budget against the U.S. dollar, according to Bloomberg data.
Yield On The 10-Year Bond Ahead Of Budget
The yield on the 10-year bond closed fell 5 basis points to 7.35% on Tuesday ahead of the Union Budget 2023.
Since last budget, the yield on the 10-year bond has changed by 5 basis points.
Market Breadth Ahead Of The Budget
The market breadth was skewed in favour of the bulls. About 2,439 rose, 1,057 declined and 129 remained unchanged on the BSE on Tuesday.