On Friday, the benchmark Nifty 50 index in India reached a record high, bolstered by gains in information technology and heavyweight Reliance companies, as well as positive optimism from the government’s budgetary restraint.
At 22,126.80, the NSE Nifty 50 index reached an all-time high.
As of 12:05 PM, it was up 1.7% at 22,086 while the S&P BSE Sensex was up 1.77% at 72,909.
Due to worries about US rate cuts and high valuations, Indian markets closed slightly lower on Thursday following Finance Minister Nirmala Sitharaman’s presentation of the interim budget, which did not include any major surprises as was anticipated.
In her budget statement, Finance Minister Nirmala Sitharaman pledged economic measures to spur growth, which was mainly anticipated to avoid major spending on new welfare programs in front of the election.
Union Asset Management Company CEO Pradeepkumar expressed optimism for domestic equities based on the government’s pledge to tightly control subsidies.
