Budget 2022: Investors wealth rises over Rs 3.33 trillion ahead of budget

On Monday, investors’ wealth increased by about Rs 3.33 lakh crore (Rs 3.33 trillion) as markets saw significant purchasing a day before the Union Budget, with the 30-share BSE benchmark soaring by 814 points.

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The BSE benchmark index rose 813.94 points, or 1.42%, to 58,014.17. Throughout the day, it increased by 1,057.4 points to 58,257.63. As a result of the equities gains, the market capitalisation of BSE-listed companies increased by Rs 3,33,502.95 crore to Rs 2,64,41,207.18 crore.

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“The Indian equity market witnessed decent gain one day ahead of the Union Budget as there is calmness in the global market. Investors are looking for value in many pockets after a recent correction,” Tradingo founder Parth Nyati said.

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Vinod Nair, head of research at Geojit Financial Services, said taking positive cues from global markets and favourable takeaways from the Economic Survey report, the market rallied ahead of the Budget day.

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According to the Economic Survey released on Monday, India’s economy is predicted to expand 8-8.5% in the fiscal year beginning April 1 and is well-positioned to tackle future difficulties as a result of extensive vaccination coverage, supply-side reforms, and regulatory relaxation.

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The Survey, presented in Parliament by Finance Minister Nirmala Sitharaman, forecasts 9.2% growth in the current fiscal year, showing a return to pre-pandemic levels.

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Tech Mahindra led the pack of BSE 30-share frontline companies with a 4.88% increase, followed by Wipro, Bajaj Finserv, Infosys, SBI, PowerGrid, and Reliance Industries. The mid-cap and small-cap indices in the broader market increased by 1.76%.

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Wall Street closed higher Monday, but still logged its worst monthly loss since the early days of the pandemic. The market closed a tumultuous January wracked by worries that imminent interest-rate hikes will make everything in markets more challenging.