Sensex snaps seven-day losing streak; shrugs off Delhi election for budget

MUMBAI (Reuters) - The BSE Sensex and Nifty rose on Tuesday, snapping a seven-day losing streak on value buying in blue chips as investors shrugged off worries over an anti-corruption party's win in Delhi elections and instead focussed on the upcoming budget.

The Aam Aadmi Party, an upstart anti-establishment party, crushed India's ruling Bharatiya Janata Party in an election for the Delhi assembly on Tuesday, smashing an aura of invincibility built around Prime Minister Narendra Modi since he swept to power last year.

Traders chose to focus on reforms in the upcoming budget on Feb. 28 when Finance Minister Arun Jaitley is widely expected to boost capital spending and offer tax breaks to an under-performing manufacturing sector.

The benchmark BSE Sensex rose 0.45 percent, while the Nifty ended 0.46 percent higher after earlier marking their lowest levels in over three weeks.

(Reporting by Abhishek Vishnoi; Editing by Anand Basu)