Markets

Sensex jumps over 1,200 points, Nifty crosses 22,000 after Interim Budget

Sensex Jumps Over 1,200 Points, Nifty Crosses 22,000 after Interim Budget

February 2, 2024

Interim budget may have some significant indications of what is likely to come in the full Budget and beyond

BSE Sensex jumped more than more than 1200 points on Friday, a day after the presentation of the Interim Budget 2024-25. Sensex was trading at 72,916.43 points, up 1271.13 points or 1.77 percent.

Powergrid is the top gainer up by 5 percent followed by Infosys up by 3 percent, NTPC is up 3 percent, Tech Mahindra is up 3 percent.

The Nifty crossed the 22,000 mark. Nifty top gainers are BPCL up 6 percent, and Adani Ports, up by more than 5 percent.

Motilal Oswal Financial Services said in a report that the Interim Union Budget 2024 was presented on 1st Feb’24. Although the Finance Minister had already informed that no “spectacular announcements” are forthcoming, the market participants had some expectations.

However, notwithstanding the general elections, the ability of the GoI to resist any populist schemes or incentives is extremely commendable. Not only this, the fact that the GoI has budgeted a fiscal deficit of 5.1 percent of GDP for FY25 (and lower than budgeted in FY24RE), it is extremely serious about its (tall) task of achieving 4.5 percent of GDP by FY26.

This clearly shows that the GoI is totally committed towards long-term macro-economic stability, even if it comes at the sacrifice of growth in the short-term, the report said.

[With Inputs from IANS]

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