Tamil Nadu Finance Minister Thangam Thennarasu tabled the Budget in the State Assembly for the 2024-25 fiscal year on Monday morning. The minister outlined the 7-point objective in the Budget, calling it the ‘seven grand Tamil dream’. These goals called for a focus on social justice, the welfare of marginalised, focusing on the youth, making a knowledge-based economy, equality focused on women’s welfare, Tamil culture, and a sustainable future.
The stock markets traded flat on Monday morning and advanced as the session progressed. As of 10:35 AM, the BSE Sensex stood over 100 points higher and traded at 72,534.66, while the NSE Nifty50 climbed more than 50 points to trade at 22,092.75.
Background
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The stock markets opened the week with gains after ending the last trading session on a high note. As of 10:20 AM, the key equity benchmarks, Sensex and Nifty, were trading marginally in the positive territory. The BSE Sensex stood about 16 points higher at 72,442.84, while the NSE Nifty50 climbed almost 30 points to trade at 22,070.45.
The markets will be observing the macroeconomic data at the global level set to be released in the week. Services, manufacturing PMI data, and jobless numbers are scheduled to be announced for the US economy towards the end of the week. Further, the US Fed will release the meeting minutes, providing experts with an insight into the interest rate path ahead.
Sharing an outlook on the markets ahead, Vinod Nair, Head of Research,Geojit Financial Services, said, “Moreover, a disinflation trend in the eurozone and expectations of increased consumption demand in China after the New Year holidays provided further support. Looking ahead, a correction in PSU banks seems likely due to higher valuation risks. Meanwhile, sectors such as metals, FMCG, and capital goods are anticipated to gain momentum driven by robust construction demand, an order backlog, rural revival prospects, and India’s narrowing trade deficit.”
In the last trading session on Friday, the stock markets ended higher amid robust global sentiment. The BSE Sensex gained 376 points to close the session at 72,427, while the NSE Nifty50 settled at 22,041, higher by 130 points.
Foreign Portfolio Investors (FPIs) also continued to act cautiously and offloaded Indian equities worth Rs 3,776 crore from Indian equities in February so far, as US bond yields surged and an environment of uncertainty surrounded the investors about interest rates. However, the investors continued to be attracted towards the debt market in India and poured in Rs 16,650 crore in the period under review, official data revealed.