Indices remain green as FM starts the Union Budget presentation

Domestic equity markets continued to trade in green in late morning deals after the FM began the Union Budget presentation. Support came as Commerce and Industry Minister Piyush Goyal said that the negotiations for a proposed bilateral trade agreement between India and the US are progressing, and both countries are working to close the deal quickly.  Pharma, Logistics & Transport, Electronic Components Manufacturing and Railways industry related stocks were in focus as govt announced Rs 10,000 crore Bio pharma strategy outlay. The government has proposed Rs 40,000 crore outlay for electronics component manufacturing. Meanwhile, Finance Minister has proposed Rs 10,000 crore outlay for container manufacturing. Moreover, Finance Minister Nirmala Sitharaman announced plans to develop environmentally sustainable passenger transport systems through seven high-speed rail corridors.

The BSE Sensex is currently trading at 82566.19, up by 296.41 points or 0.36% after trading in a range of 82119.31 and 82726.65. There were 21 stocks advancing against 8 stocks declining on the index.

The gaining sectoral indices on the BSE were Power up by 0.97%, Auto up by 0.94%, Industrials up by 0.83%, Utilities up by 0.81% and Capital Goods up by 0.66%, while Metal down by 1.74%, Basic Materials down by 0.89%, IT down by 0.47%, TECK down by 0.40% and FMCG down by 0.24% were the losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 1.93%, Sun Pharma up by 1.69%, Power Grid Corp up by 1.62%, Larsen & Toubro up by 1.61% and Kotak Mahindra Bank up by 1.27%. On the flip side, Titan down by 1.26%, Infosys down by 1.22%, Axis Bank down by 0.62%, Bajaj Finserv down by 0.38% and Eternal down by 0.18% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has said that the discussions for a proposed bilateral trade agreement between India and the US are advancing, and both countries are working to close the deal ‘quickly’. Goyal stated that he is confident good news regarding this matter will be announced in the near future.

He mentioned ‘Every free trade agreement stands on its own legs. And we are having very good negotiations. My counterpart in the US and I have a very wonderful working relationship and a wonderful personal friendship. We are working towards closing the deal quickly.’ Regarding whether the India-US trade deal could be concluded by the end of this year, he said trade deals are never negotiated with a deadline and would be finalised at the right time and in the interests of both countries. 

Besides, ahead of his planned visit to Washington next week, External Affairs Minister S. Jaishankar held discussions with US Ambassador Sergio Gor, focusing on key aspects of bilateral relations, including trade, critical minerals, and defense. Jaishankar is travelling to the United States to attend the inaugural ministerial meeting on critical mineral supply chains. He is expected to have a bilateral meeting with Secretary of State Marco Rubio, amid indications that both sides are making fresh efforts to finalize the proposed trade deal.

The CNX Nifty is currently trading at 25369.40, up by 48.75 points or 0.19% after trading in a range of 25252.30 and 25440.90. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Max Healthcare Inst up by 2.23%, Tata Motors Passenger up by 2.04%, Sun Pharma up by 1.68%, Mahindra & Mahindra up by 1.55% and Adani Ports &Special up by 1.46%. On the flip side, Hindalco down by 3.89%, Nestle down by 1.65%, Coal India down by 1.63%, Infosys down by 1.41% and Titan down by 1.07% were the top losers.