Sensex surges 443 points ahead of Union Budget 2021 presentation

New Delhi: Markets opened higher on Monday ahead of the Union Budget 2021-22 presentation in Parliament.

The 30-share Sensex was trading higher by 443.06 points or 0.96 per cent at 46,728.83; and the broader Nifty was up 114.85 points or 0.84 per cent at 13,749.45.

On the Sensex chart, IndusInd Bank, ICICI Bank, HDFC, ONGC, Titan and HDFC Bank were prominent gainers. Of the Sensex constituents, 16 shares were trading in the green.

On Friday, the Sensex had closed 588.59 points or 1.26 per cent lower at 46,285.77, and the Nifty had settled 182.95 points or 1.32 per cent down at 13,634.60. Over the previous six sessions, the Sensex has lost 3,506.35 points or 7.04 per cent, and the Nifty has shed 1,010.10 points or 6.89 percent.

Foreign portfolio investors (FPIs) offloaded shares worth a net Rs 5,930.66 crore on Friday, according to exchange data.

Elsewhere in Asia on Monday, stock markets were in recovery mode in afternoon session, after four sessions of losses. The global oil benchmark Brent crude futures rose 0.32 per cent to USD 55.38 per barrel. 

Finance Minister Nirmala Sitharaman on Monday will deliver her budget speech that is expected to provide relief to the pandemic-hit common man as well as focus more on driving the economic recovery.

However, departing from the usual practice, the Finance Minister will present and read out the Union Budget 2021-22 at the Parliament through a tab, instead of the traditional ‘bahi khata’.

Sitharaman, who had in her first budget in 2019 replaced leather briefcase that had been for decades used for carrying budget documents with a traditional red cloth ‘bahi-khata’, had earlier this month stated that the budget for the fiscal year beginning April will be “like never before”.

Ahead of her third Budget presentation, Finance Minister Nirmala Sitharaman and her team will meet President Ram Nath Kovind, and will likely be accompanied by her deputy Anurag Thakur and other officials of the Finance Ministry.

The Union Cabinet will hold a meeting at 10:15 am before the presentation. Usually, the duration of the presentation ranges from 90 to 120 minutes. This year, the Union Budget will be delivered in paperless form for the first time.

Finance Minister had launched the ‘Union Budget Mobile App’ for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience, according to the Finance Ministry.

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The App facilitates complete access to 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), and Finance Bill as prescribed by the Constitution. Ahead of the Budget, Sitharaman tabled the Economic Survey tabled in Parliament on Friday. The Indian economy can contract by 7.7 per cent in the current financial year ending on March 31 and the growth could be 11 per cent in the next financial year, according to the survey.