Markets cheer Budget 2023

Share market on Wednesday welcome the raising the minimum tax rebate limit announcement. Indian shares surged surge after th eannoyncement. The Nifty 50 index was up 1.5% at 17,922.50, while the S&P BSE Sensex gained 1.6% to 60,528 as of 12:32 p.m. IST. Domestic indices jumped cheering no negative surprises form markets in FM Nirmala Sitharaman’s speech. The BSE Sensex surged 872.76 points or 1.47% to 60,422.66 and NSE Nifty 50 rose 191.15 pts or 1.08% to 17,853.30. The top gainers on the Sensex were Power Grid, ICICI Bank, State Bank of India, Kotak Bank and HDFC while the top losers were ITC, Sun Pharma and IndusInd Bank.

Banks and financials were the top gainers among the 13 major sectors, rising 1.5% and 1.6%, respectively. India has pegged its economic growth at 6-6.8% in the 2023/24 fiscal year, the slowest in three years, at its pre-budget economic survey released on Tuesday. Shares of seafood company Avanti Feeds Ltd and Coastal Corporation rose 5.8% and 4.8% respectively after Sitharaman announced plans to raise spending on the fisheries sector.