Epic Update HDFC Bank Benchmark indices as well as broader markets continued to consolidate as investors awaited Union Budget that will be presented in parliament on February 1. The Nifty already saw pre-Budget rally, up 9 percent in last one month.
The 30-share BSE Sensex was up 9.92 points at 27892.38 and the 50-share NSE Nifty fell 2.25 points to 8639.
The Union Budget 2017 will be a tightrope for Finance Minister Arun Jaitley to boost public spending and also keep deficit within limits, Ravi S Muthukrishnan of ICICI Securities says.
In CY17, he expects government spending on infra to sustain, demonetisation pain to dissipate and economy to revert to normalcy.
HDFC recouped early losses, up 0.3 percent ahead of third quarter earnings. A CNBC-TV18 poll expects 10.6 percent growth in profit YoY. Idea Cellular shares spiked 9 percent on hopes of merger with Vodafone, the country’s second largest telecom operator by subscriber base. Bharti Airtel also gained 5 percent
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