February 1, 2023

Indian shares set to rise ahead of federal budget

BENGALURU, Feb 1 (Reuters) – Indian shares are set to open higher on Wednesday ahead of the Union budget, as investors look for major triggers for the near-term trajectory of the market.

India’s NSE stock futures listed on the Singapore exchange were up 0.59% at 17,857.50 as of 07:42 a.m. IST.

The budget will be presented at 11:00 a.m. IST, in which the Indian government will likely seek to lower its fiscal deficit while offering incentives for investment.

This is the last full-year budget before the national elections in 2024 and key state elections later this year. read more

Infrastructure spending, measures to aid long-term growth, the government’s fiscal consolidation path and the borrowing calendar for fiscal 2024 are seen as key triggers for the market.

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 on Tuesday.

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Traders will also watch the budget for any incentives to entice foreign investors, who have piled out of the market.

Foreign institutional investors have sold 288.52 billion Indian rupees ($3.53 billion) worth of shares on a net basis in 2023 so far, according to official data.

The U.S. Federal Reserve’s rate decision is also due later in the day, which is key for Indian firms with major exposure to the United States.

Wall Street equities advanced overnight and Asian markets rose, as signs of a slowdown in U.S. wages bolstered hopes that the Fed could hint at an end to interest rate hikes at its meeting.

STOCKS TO WATCH

** Auto stocks: Tata Motors (TAMO.NS), Maruti Suzuki (MRTI.NS), Bajaj Auto (BAJA.NS), Hero MotoCorp HROM.NS>, Mahindra and Mahindra (MAHM.NS), Ashok Leyland (ASOK.NS) will be in focus ahead of monthly sales volume numbers for January

** Coal India (COAL.NS): Co reports surge in consolidated net profit in Q3 on higher demand.

** Power Grid (PGRD.NS): Co reports rise in consolidate net profit in third quarter, approves dividend of 5 rupees per share.

** KPIT Technologies (KPIE.NS): Co reports rise in consolidated net profit in Q3.

($1 = 81.7240 Indian rupees)

Reporting by Bharath Rajeswaran in Bengaluru; editing by Eileen Soreng

Our Standards: The Thomson Reuters Trust Principles.

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