Sensex heads to 59,000 as FM Sitharaman presents Budget 2022

Bank shares were shining on Tuesday, ahead of Union Budget 2022. Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2022 in Parliament today.

Like every year, how the Indian share markets receive the Budget will be worth the watch. Markets have been volatile for the past week owing to the rising geopolitical tensions and the Federal Reserve's hawkish stance. On Monday, the Ministry of Finance released the Economic Survey 2022, for the year 2021-22. According to the survey, India will record a Real GDP Growth rate of 8-8.5 per cent in FY23.

Compared to the estimates given by IMF and other agencies, the Economic Survey estimates are modest. According to media reports, this is because the Ministry has released the figures with a cushion against future disruptions.

Share Markets in India showed a positive response to the Economic Survey. BSE Sensex closed 814 points higher at 58,014.17. IT stocks like Tech Mahindra, Wipro and Infosys formed a major part of the rally. However, bank stocks including Kotak Mahindra Bank and IndusInd Bank were the top losers at BSE.

Nifty50, on the other hand, surged 237.9 points or 1.39 per cent and closed at 17,339.85. Tech Mahindra, Tata Motors and Wipro were top losers at NSE. However, IndusInd Bank, Kotak Mahindra Bank and Coal India were the top losers at NSE.