After falling continuously last week, equity indices started on a positive note with the benchmark BSE sensex rising 400 points. The 30-share BSE index jumped 407 points or 0.88 per cent to 46,692 in opening trade; while the broader NSE Nifty moved 124 points or 0.91 per cent higher to 13,759.
Top gainers in the BSE pack included IndusInd Bank, ICICI Bank, Titan, HDFC, Bajaj Finance and Bajaj Finserv with their stocks rising as much as 3.63 per cent.
On the NSE platform, except for Nifty IT and Pharma, all sub-indices were trading in green with Nifty Private Bank and Realty up as much as 1.50 per cent.
Investors on Dalal Street are bracing for a volatile week with the Budget later on Monday and an RBI policy meet on Friday. Historical data show that most of the leading indices suffered sharp swings on Budget day as investors reacted to the finance minister’s proposals during the speech.
Finance minister Nirmala Sitharaman had said earlier that this fiscal event would be unlike anything that was seen in a century.
Traders, however, warned that — given the pandemic-induced economic hardships — the finance minister has to walk a tightrope, mainly between spending to rejuvenate the economy and reining in high government borrowings.
As for the RBI, at its monetary policy meeting which will conclude on Friday, the central bank is expected to hold key interest rates.
Sensex had closed 589 points or 1.26 per cent lower at 46,286 on Friday. Likewise, Nifty had furthered its loss by 183 points or 1.32 per cent to settle at 13,635.
Meanwhile, foreign portfolio investors (FPI) have remained net buyers to the tune of Rs 14,649 crore in Indian markets in January, amid availability of global liquidity and emerging markets being a preferred destination for foreign funds.
According to FPI statistics available with depositories, overseas investors pumped in a net of Rs 19,473 crore into equities but pulled out Rs 4,824 crore from the debt segment between January 1 and January 29.
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