Indian benchmark indices ended higher for the fourth consecutive session on January 31 with Nifty above 23,500 amid buying across the sectors ahead of Union Budget. At close, the Sensex was up 740.76 points or 0.97 percent at 77,500.57, and the Nifty was up 258.90 points or 1.11 percent at 23,508.40. The market's optimism was largely driven by the presentation of the Economic Survey 2024-25 by Finance Minister Nirmala Sitharaman in Parliament.
From the 30-share blue-chip pack, Nestle surged over 4 per cent after the FMCG major reported 4.94 per cent increase in net profit at Rs 688.01 crore for the quarter ended December 31, 2024.Larsen & Toubro climbed nearly 4 per cent after the infrastructure and engineering major reported 14 per cent rise in consolidated profit after tax to Rs 3,359 crore for the December quarter on the back of higher revenue from operations. Titan, IndusInd Bank, Maruti and ITC were the other major gainers. ITC Hotels, Bajaj Finserv, Bharti Airtel and ICICI Bank were among the laggards.
This pre-Budget analysis of the country's economic performance and outlook has sparked positive investor sentiment as the Union Budget for 2025-26 approaches. The Economic Survey outlined a robust growth outlook for the Indian economy, bolstered by key reforms and investments in infrastructure, digitization, and manufacturing. Analysts noted that the Survey's focus on fiscal prudence, coupled with growth in key sectors such as agriculture, services, and exports, further fueled market enthusiasm. The Sensex soared to new highs, while the Nifty also gained momentum, reflecting confidence among market participants ahead of the Budget presentation. Investors are hopeful that the forthcoming Union Budget will continue to support economic growth, job creation, and long-term sustainability, with an emphasis on growth-oriented policies.