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Union Budget to dictate market trend

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 5 points at the opening bell. Investors are awaiting the Union Budget, which will be presented by Finance Minister Nirmala Sitharaman today, 5 July 2019.

After presenting the interim budget in February 2019, the Modi government will present its full-year budget 2019-20. The government is likely to amend several policies and schemes for delivering growth to the biggest drivers of the economy, including farmers, middle class, and the corporate sector.

Overseas, Asian stocks were trading mixed on Friday ahead of a closely watched U.S. payroll report. U.S. markets were closed overnight for a public holiday.

Back home,key equity benchmarks advanced for fourth straight trading session yesterday, 4 July 2019. The sentiment was boosted by India's economic survey pegging the growth rate for the current fiscal at 7%, marginally up from the five-year low of 6.8% recorded in the previous fiscal. The barometer index, the S&P BSE Sensex, rose 68.81 points or 0.17% to 39,917.65. The Nifty 50 index rose 30 points or 0.25% to 11,946.75.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 28.95 crore yesterday, 4 July 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 58.59 crore yesterday, 4 July 2019, as per provisional data.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, July 05 2019. 08:21 IST
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