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Ahead of the mega Budget day slated to be announced at 11:00 am by Finance Minister- Nirmala Sitharaman, indices in line with sharp gains in the US trade overnight are trading strong. Just ahead of the Budget on Monday, indices gained massively backed by strong global cues as well as Economic Survey pegging 2023 GDP at a decent rate.
At the opening among sectoral indices, there is across the board buying with the IT pack leading. Nifty Midcap also up by over 0.7%. Nifty is up by 148 points at 17476.
There is a view that fiscal condition is good and the centre has enough fiscal legroom to support capex.
For the individual stocks that shall react to earnings include Tata and OMC companies for which the margin has come in weak.
Auto sales number will be out and there is expected that demand shall be weak especially for the 2-wheeler segment. Companies like Escorts have reported decline in sales down by 36.7% YoY. The stock has been down in the pre-opening trade. It has been the fourth consecutive monthly decline.
The key sector watchouts are infra, real estate, Evs, green energy and insurance etc. and if positive measures are announced the individual scrips from the segment will be in for a positive momentum.
Meanwhile, Japan's Nikkei has been trading higher.
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