Indian stock markets have opened with a cautious optimism as they await the Union Budget 2024, anticipating potential tax reliefs and job creation initiatives.
The Sensex, comprising 30 major stocks on the Bombay Stock Exchange, initially surged over 250 points at 9:15 am but quickly lost its early gains. Meanwhile, the Nifty index is experiencing a flat trading pattern in expectation of the upcoming Budget announcements.
Yesterday, the Sensex closed at 80,502.08, and the NSE index concluded at 23,537.85.
Finance Minister Nirmala Sitharaman is set to present the Budget 2024 at 11 am today. Market sentiment is hopeful that proposed tax incentives for the middle class and employment-generation measures will positively influence the stock markets.
Among the leading stocks on the BSE are NTPC, ITC, and UltraTech Cement, while JSW Steel and HDFC Bank are facing losses.
The IT sector stocks, including Wipro, HCLTech, and Tech Mahindra, are also experiencing declines.
The Economic Survey, released yesterday, highlighted a significant slowdown in IT sector hiring over the past financial year, suggesting that recovery in this sector may be slow.
