Mumbai: Finance Minister Nirmala Sitharaman tabled the Economic Survey in Parliament on Thursday (January 29), ahead of the Union Budget set for Sunday (February 1). The Budget will mark her ninth consecutive presentation, a record milestone. Released customarily before the Budget, the Economic Survey provides an evaluation of the economy and the government’s perspective prior to announcements on taxation, expenditure, and reform measures.
Indian equity benchmarks staged a strong comeback during the second half of Thursday’s trading session following a subdued opening, with key indices bouncing back from intraday lows as market participants welcomed the Survey’s projections. The report reinforced expectations of steady economic expansion, consistent capital expenditure, and continued priority on manufacturing and fiscal prudence. The BSE Sensex rallied over 900 points from its session low of 81,707.94 to reach an intraday peak of 82,615. As of 2:00 pm, the index stood at 82,615, registering a gain of 267 points or 0.33 per cent. The NSE Nifty similarly regained lost territory, climbing above 25,400 to trade at 25,433.60, up 91.55 points or 0.34 per cent.
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Domestic markets had commenced trading on a weaker note amid divergent global cues, with the Sensex touching its lowest point around mid-morning and the Nifty momentarily dipping below 25,200. Market sentiment shifted notably positive after midday as the Survey underscored the government’s ongoing commitment to infrastructure-driven growth and careful fiscal stewardship.
Metal Stocks Lead The Rally
Metal counters spearheaded the turnaround, driven by positive sentiment surrounding infrastructure investment and industrial demand emphasised in the Survey. The BSE Metal index jumped 2.47 per cent to reach a record high. Hindustan Copper locked in a 20 per cent upper circuit, while Nalco climbed 5.75 per cent. Vedanta rose 3.8 per cent, NMDC added 3.79 per cent, Jindal Steel advanced 3.66 per cent, and Tata Steel moved up 3.61 per cent. Broader market segments also bounced back from early weakness, though trends remained uneven. The BSE 150 MidCap index edged down marginally by 0.05 per cent, while the BSE 250 SmallCap index stayed under pressure, falling close to 0.5 per cent.
Rupee Falls To Record Low
The rupee declined to an all-time low of 92.00 against the US dollar during early trading on Thursday (January 29), weighed down by ongoing demand for the greenback and cautious global sentiment. Currency market participants said the weakness came after a recovery in the dollar index from its 4.5-year lows following the US Federal Reserve’s decision to keep interest rates unchanged at the conclusion of its first policy meeting of the year. On Wednesday (January 28), the rupee had already settled 31 paise lower, equalling its weakest-ever closing level of 91.99 against the dollar.