Sensex adds over 400 pts, Nifty above 25,400 as Budget cues cheer markets

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Indian stocks surged higher post 11 AM on Sunday as Finance Minister Nirmala Sitharaman began presenting the federal budget, with investors reacting positively to cues from the speech. Market participants are watching for signals of stepped-up public spending to shore up growth and measures to cushion export-oriented industries facing pressure from U.S. tariffs.

The BSE Sensex gained 415 points, or 0.5%, to 82,684.91 after 11 AM, while the NSE Nifty 50 added 116 points, or 0.46%, to 25,436.65.


Expert Views

Investors don’t have expectations of any major tax reliefs in this Budget since the 2025 Budget delivered huge income tax reliefs, said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, adding that some tweaking of certain taxes is likely and if there is an increase in exemption for long-term capital gains tax from Rs 1.25 lakhs presently to a higher limit that would be a positive.

"From the market perspective, a fiscally prudent, growth-oriented Budget is desirable. There are rumours of exemption from long-term capital gains tax for certain categories of FIIs. If this happens, it can trigger a rally in the market, said Vijayakumar, adding that higher allocation for defense is a given and, therefore, defense stocks will continue to be in focus.


"A thrust area of the Budget can be exports, particularly manufacturing exports which the Economic Survey harps on. Therefore, export segments are likely to be on the radar of investors," said Vijayakumar, adding that announcements relating to PSU bank mergers; disinvestment in PSUs will be keenly watched.

Aside from the Budget, the crash in precious metal prices may bring investors back into equity, said Vijayakumar.

Global Markets

Global equities fell for a second consecutive session on Friday, while the U.S. dollar climbed sharply, after President Trump named former Federal Reserve governor Kevin Warsh as his choice to lead the central bank. The move, coupled with a hotter-than-expected inflation reading, unsettled investors already wary of the policy outlook.U.S. stocks finished mixed for the week. The S&P 500 eked out a 0.3% gain, its first weekly advance in three weeks, while the Dow Jones Industrial Average fell 0.4% and the Nasdaq Composite slipped 0.2%. For the month, the S&P 500 rose 1.4%, the Dow added 1.7% and the Nasdaq gained 0.9%.

MSCI’s global equity index dropped 0.69% on the day to 1,042.93 but remained on track for a weekly advance and its strongest monthly percentage gain since September. In Europe, the Stoxx Europe 600 closed 0.64% higher.

Spot silver plunged 27.66% to $84 an ounce, marking its steepest one-day decline in data going back to at least 1982.

FII/DII Tracker

On the institutional front, Foreign Institutional Investors (FIIs) bought equities worth a little over Rs 2,251 crore on January 30, while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 601 crore.

Crude Impact

Oil prices eased slightly on Friday, paring modest gains while remaining near six-month highs, as lingering tensions between the U.S. and Iran continued to underpin the market.

Brent crude futures settled at $70.69 a barrel, down 2 cents, or 0.03%, with the March contract set to expire later in the session. U.S. benchmark West Texas Intermediate slipped 21 cents, or 0.32%, to $65.21 a barrel.

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