Mumbai: Benchmark indices Sensex and Nifty rallied in opening trade on Saturday ahead of the Union Budget presentation.
The 30-share BSE benchmark Sensex climbed 136.44 points to 77,637.01 in opening trade. The NSE Nifty went up by 20.2 points to 23,528.60.
From the 30-share blue-chip pack, ITC Hotels, IndusInd Bank, Mahindra & Mahindra, Sun Pharma, UltraTech Cement and NTPC were among the biggest gainers.
In trade today, benchmark equity indices ended 1% higher each, with BSE barometer Sensex settling at 77,500.57, up 741 points or 0.97%. NSE Nifty settled at 23,508.40, a gain of 258.90 or 1.11%.
The broader markets outperformed with both Nifty Mid-cap and Nifty Small-cap gaining nearly 2% each.
As per ANI reports, market experts attributed the muted opening to the recent tariff proposal from former US President Donald Trump, which had a dampening effect on the market sentiment surrounding the Budget. Trump’s plan to impose a 25 per cent tariff on Canada and Mexico, alongside a 10 per cent tariff on China, led to a cautious outlook from investors. With the Budget just around the corner, market participants are keeping a close eye on any potential negative announcements that could adversely affect market performance.
Banking and market expert Ajay Bagga shared his perspective with ANI, saying, “Trump tariffs announced. Trump will levy 25 percent on Canada and Mexico, 10 per cent on China. Today. Deal with that, markets! US markets were up until this announcement and then eased off. India will look at key parts of the Budget. From deep skepticism, markets being perennial optimists have become cautiously sanguine.
