All the Nifty sectoral indices were trading in positive territory except for Nifty IT, down 0.4%.
The top five gainers on the Nifty50 were BPCL, NTPC, HDFC Bank, Grasim and Powergrid.
On the other hand, the top losers were Wipro, Reliance Industries, Kotak Bank, ICICI Bank and Eicher Motors.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Going into the Budget the market will be trading cautiously. The pressure on the broader market is likely to continue since there is more scope for profit booking.”
“It is important to understand that the market expects a positive Budget which is growth oriented and fiscally prudent with income tax reliefs for the middle class. Also the market expects status quo on the Long Term Capital Gains taxation. If there is any disappointment in these areas the market can react negatively. On the other hand, if the Budget delivers on expectations, aggressive retail buying can lift the market to new highs,” he added.
Vijayakumar also noted that US President Joe Biden opting out of the presidential race is unlikely to influence the market now.
“Market will wait for clarity to emerge on Trump’s winning chances,” he added,
