Equity benchmarks ended with marginal gains on Tuesday as investors kept their powder dry ahead of the Union Budget presentation and the US Federal Reserve’s interest rate decision.
Fag-end buying helped the 30-share BSE benchmark Sensex settle with a gain of 49.49 points or 0.08 per cent at 59,549.90. During the day, it hit a high of 59,787.63 and a low of 59,104.59.
The broader NSE Nifty inched up 13.20 points or 0.07 per cent to close at 17,662.15.
Mahindra & Mahindra topped the Sensex gainers’ chart with a jump of 3.53 per cent, followed by UltraTech Cement, Power Grid, SBI, ITC, Tata Motors, Titan and NTPC.
On the other hand, Tata Consultancy Services, Bajaj Finance, Tech Mahindra, Sun Pharma, Asian Paints, HCL Tech and HDFC were among the major laggards.
“The Indian market has been underperforming compared to the rest of the world because it has been trading at premium valuations, which are in contrast to the moderation forecast in the domestic economy for FY24.
“The premiumisation has tapered, currently trading in-line with developed markets like the US; however, we continue to trade at a premium to other emerging markets. The Adani saga has prolonged the correction as FII selling has increased. Now the focus is on the outcome of the Budget and Fed policy, on which the market has a mixed view,” said Vinod Nair, Head of Research at Geojit Financial Services.
The pre-Budget Economic Survey, tabled in Parliament on Tuesday, said India’s economic growth is projected to slow to 6 - 6.8 per cent in the next fiscal, from an estimated 7 per cent in FY23, but the country will remain the fastest growing major economy in the world as it fared better in dealing with the extraordinary set of challenges the globe has faced.