December 8, 2022

Sensex Today: Sensex rises over 1,000 points ahead of Economic Survey release; Nifty above 17,350 | Business – Times of India

NEW DELHI: Equity indices surged on Monday with the benchmark BSE sensex rising over 1,000 points ahead of Economic Survey release.
The benchmark BSE sensex started the session on a positive note, and surged 1,034 points or 1.8 per cent racking gains in index-majors Wipro, Bajaj Finance and Infosys amid a positive trend in the Asian markets.
Top gainers in the sensex pack included Tech Mahindra, Wipro, Infosys, Dr Reddy rising as much as 4.33 per cent.
IndusInd Bank and Kotak Bank were the only stocks trading in red.
Finance minister Nirmala Sitharaman will present the Economic Survey 2021-22 in Parliament shortly.
Budget session began with President Ran Nath Kovind’s joint address to both Houses of Parliament.
The President highlighted achievements of the Modi government’s mega Covid-19 vaccination drive, and noted that 150 crore doses were administered to the country’s citizens in a record time.
He further said that India received $48 billion in FDI in first seven months of this fiscal and this is proof of investor confidence in country.
Foreign investors have sold off heavily in the run-up to the budget on Tuesday, where analysts expect additional fiscal measures to boost demand amid a third wave of Covid-19 infections.
“We are mostly mirroring the US market’s strong close on Friday, but sustaining those gains will be tough considering that we have the budget tomorrow. We think it would be prudent to limit positions,” Ajit Mishra, vice president, research at Religare Broking told news agency Reuters.
“As of now, indications are that we may see some more consolidation post the budget, as foreign investor data is not too encouraging,” said Mishra.
Meanwhile, international oil benchmark Brent crude rose 1.31 per cent to $91.21 per barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 5,045.34 crore Friday, as per provisional data.
(With inputs from agencies)

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