Sensex jumps 517 points to hit 60,000 in early trade ahead of Budget

Mumbai: Equity benchmarks climbed in early trade on Wednesday amid an overall positive trend in the global markets and ahead of the presentation of Union Budget 2023-24.

The 30-share BSE benchmark Sensex jumped 516.97 points to 60,066.87. The broader NSE Nifty climbed 153.15 points to 17,815.30.

From the Sensex pack, ICICI Bank, Tech Mahindra, Asian Paints, Tata Steel, Kotak Mahindra Bank, HDFC, HDFC Bank, Titan and NTPC were among the major winners in early trade.

ITC, Mahindra & Mahindra, UltraTech Cement and Larsen & Toubro were the laggards.

Elsewhere in Asia, equity markets in Seoul, Tokyo, Shanghai and Hong Kong were trading higher.

Markets in the US had ended in the positive territory on Tuesday.

"If the Budget turns out to be good, with no unpleasant surprises, there can be short-covering leading to spurt in the market," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The Economic Survey 2022-23 tabled in Parliament on Tuesday, said India's economic growth is projected to slow to 6-6.8 per cent in the next fiscal, from an estimated 7 per cent in FY23, but the country will remain the fastest growing major economy in the world as it fared better in dealing with the extraordinary set of challenges the globe has faced.

"The Economic Survey reflects optimism on the growth and corporate earnings front. This augurs well for the markets in the medium term," Vijayakumar added.

The Sensex had settled with a gain of 49.49 points or 0.08 per cent at 59,549.90 on Tuesday. The Nifty inched up 13.20 points or 0.07 per cent to close at 17,662.15.

International oil benchmark Brent crude dipped 0.48 per cent to USD 84.49 per barrel.

Foreign Institutional Investors (FIIs) offloaded shares worth Rs 5,439.64 crore on Tuesday, according to exchange data.