Equity indices flat ahead of Budget

Mumbai (Maharashtra) [India], Feb 1 (ANI): Equity benchmark indices were largely flat during early hours on Saturday as investors awaited presentation of the Union Budget 2020 in Parliament by Finance Minister Nirmala Sitharaman.

The decision for stock exchanges to open on Saturday was made after traders requested keep trading hours so that quick buys based on Budget initiatives can be made. Sitharaman is likely to present a ‘feel-good’ Budget in the backdrop of sliding economic growth despite corporate tax cuts and other stimulus measures. However, the Economic Survey has projected the GDP growth rate of 6 to 6.5 per cent during fiscal 2020-21.

At 10 am, the BSE S&P Sensex was up by 24 points to 40,747 while the Nifty 50 was unmoved at 11,963. Sectoral indices at the National Stock Exchange were mixed.

Among stocks, Power Grid Corporation was down by 3.4 per cent at Rs 180.50 per share. Tech Mahindra, power utility major NTPC, Tata Steel and Coal India were among prominent losers.
However, FMCG major Hindustan Lever, GAIL, Bajaj Finserv, Bharat Petroleum Corporation and IndianOil Corporation showed marginal gains.
Meanwhile, Asian share markets were closed for the weekend.

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