Sensex trades higher, Nifty reclaims 11,100 ahead of Budget-2018

budget 2018Indian share markets opened higher on Thursday as Finance Minister Arun Jaitley present the last full-year Budget before the Lok Sabha poll in 2019. The market expects the govt to continue following the path of fiscal consolidation and investors are also hoping changes in the direct tax formation including income tax. 

The BSE Sensex was trading at 36,166, up 201 points, while the NSE Nifty50 index was trading at 11,079, up 52 points.

Shares of Vedanta fell over 2% to Rs 333.35 on NSE in early hours after the Company reported 1.8 percent rise in consolidated net profit to Rs 2,173 crore.

Shares of L&T, Mahindra & Mahindra, HCL Tech, TCS, IndusInd Bank, Bajaj-Auto, Hero MotoCorp, were the major gainers on NSE Nifty today with L&T emerging as the leader after stellar Q3 results posted on Wednesday.

Fertilizer stocks were trading higher in view of budget as the sector expects higher allocation to fertilizer makers. Shares of FACT rose 2%, Chambal Fertilizers, GSFC rose 1 percent each, among others.

Nifty Pharma Index declined with Cipla, Lupin, Cadila, Divi’s Lab by 1 percent each.
Meantime, The Indian rupee weakened against USD ahead of Budget announcement. The domestic currency opened at 63.70/dollar, and was trading at 63.68, down 0.13 percneet from its last close of 63.59.

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