India’s stock markets opened on a bullish note ahead finance minister Arun Jaitley’s presentation of the first full budget.
The BSE 30-share Sensex opened more than 200 points while the NSE’s 50-share Nifty opened more than 50 points up.
Sensex was trading above 29,400 points while Nifty was trading at more than 8900 points.
Markets have made a budget-day exception to remain open on Saturday amid high expectations that Jaitley will announce measures to boost investment and provide clarity on controversial rules such as the retrospective tax law that allows older corporate acquisitions to be taxed.
The markets are also expecting the finance minister to defer the implementation of the tax avoidance rule—General Anti-Avoidance Rules (GAAR) by a few years.
The markets will also be looking for big tax breaks in the budget on Prime Minister Modi’s “Make in India” initiative that seeks to make India a manufacturing powerhouse.
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