Indian equity benchmark -- Nifty -- ended Monday’s trading session on a higher note ahead of interim Budget. Besides, globally investors were hoping for early interest rate cuts by the Federal Reserve. Index made an optimistic start and remained higher till the end, as sentiments were positive with Union Coal Minister Pralhad Joshi’s statement that India will have surplus domestic coal by the financial year 2025-26 that can be used to run the imported coal-based (ICB) power plants. He asserted that the government is aiming at boosting domestic production and reducing fossil fuel imports.
Index extended its northward journey in noon deals, as investors got encouragement with Finance Minister Nirmala Sitharaman’s statement that the initiatives of Customs department like Faceless Assessment and Single Window Clearance need to evolve with the overall objective of growth of trade as every partner needs to collaborate to help India's GDP surpass $5 trillion by 2027-28. Traders took a note of private report stating that the commerce department is working towards setting up an ‘export advisory panel’, comprising senior industry officials, as part of India’s strategy to promote the benefits of the free-trade agreements (FTAs) that have been signed and help exporters leverage them better. In last leg of trade, index magnified its gains to end near day’s high point, supported by strong buying in Reliance industries and other heavy weight stocks.
