Indian markets are on a high ahead of the Union Budget. Sensex and Nifty are already up over 1 per cent. Apart from Dr Reddy's Laboratories, Bharti Airtel and Powergrid, all other companies in the 30-share index are in the green till 10.44 am.
However, the market mood index (MMI) continues to show 'fear' in the minds of the investors just as it was one week ago. It is inching towards 'extreme fear'.
The rupee rose 15 paise to 74.92 against the dollar in early trading on Monday, helped by a rebound in local markets. However, due to rising crude oil prices and a strong dollar, the rupee's gains were limited.
"The rupee is predicted to be in the region of 74.80 to 75.40. The market is now waiting for more information from the Union Budget, the Bank of England, and the European Central Bank meetings, as well as the Reserve Bank of India's Monetary Policy Committee meeting", said Kshitij Purohit, Lead International & Commodities at CapitalVia Global Research Limited.
Reliance, ICICI Bank, SBI and Axis Bank are some of the volume toppers.
On Monday, the Economic Survey said India's economy is expected to grow by 8-8.5 per cent in the fiscal beginning April 1 and is well placed to meet the future challenges on the back of widespread vaccine coverage, supply-side reforms and easing of regulations.
Meanwhile, the Indian economy contracted by 6.6 per cent in 2020-21 as against the earlier estimate of 7.3 per cent contraction, showing that the coronavirus pandemic-hit economy did not perform as badly as was initially thought.
According to the official data released on Monday, production of eight infrastructure sectors expanded by 3.8 per cent in December 2021 against a 0.4 per cent contraction in the same month last year on a better show by coal, cement and refinery products.
(With inputs from PTI)
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