Updated February 1st, 2024 at 08:43 IST
Nifty set to open higher, all eyes on Interim Budget 2024
Prime Minister Narendra Modi’s National Democratic Alliance (NDA) is expected to avoid spending big on new welfare programmes
- 2 min read
The Indian equity benchmarks are set to open on a higher as indicated by Nifty futures traded on GIFT Nifty traded on International Financial Services Centre (IFSC) in Gandhinagar. As of 7:58 am, GIFT Nifty futures rose 34 points to 21,828 ahead of Interim Union Budget, which will be presented at 11:00 am. Analysts have warned of very high in volatility as market participants await the annual economic document.
Prime Minister Narendra Modi’s National Democratic Alliance (NDA) is expected to avoid spending big on new welfare programmes in the budget before the general election and instead focus on infrastructure, while narrowing the budget gap.
While major policy changes and announcements are unlikely, the expansion in the government's capital expenditure and the extent of fiscal consolidation would be scrutinised closely, ICRA said in a note.
Meanwhile, Asian markets were subdued after the US Fed kept rates unchanged but signalled that rate cuts would not be appropriate until inflation cools off further.
Shares of Paytm will be in focus after the Reserve Bank of India restricted Paytm Payments Bank from fresh deposits and credit transactions across its services, due to supervisory concerns.
Foreign institutional investors bought Indian shares worth Rs 1,661 crore on a net basis on Wednesday, while domestic institutional investors purchased a net Rs 2,543 crore of stocks.
FIIs offloaded Rs 25,744 crore of shares in January, after making record monthly purchases in December, as Nifty and S&P BSE Sensex snapped a two-month winning streak.
(With Reuters inputs)
Published February 1st, 2024 at 08:25 IST
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