Indian Markets cheered the Union Budget 2022-23. Both Nifty and Sensex are up by more than 1%. As per market analysts, the absence of big negative news made indices welcome the budget.
Government raised capex target by 35% to Rs.750000 Cr which may boost manufacturing and infrastructure. This makes Capital goods stocks and Infra stocks in focus. As per their explanation, the growth in manufacturing sector will make other sectors also flourish.
The government focuses mainly on investment on infrastructure, highways and housing projects, which in turn make infrastructure, Cement, Metals, and Banking sectors grow. That’s why indices jumped, even though there is no big good news.