The benchmark indices opened higher with Sensex reclaiming 40,000 levels even as investors awaited the Union Budget 2019. Meanwhile, gains in Asian peers also added to the positive sentiment.

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Finance minister Nirmala Sitharaman will present her maiden Budget on Friday at 11 AM in the Parliament. The market expects the government to boost public spending to shore up demand to revive growth and job creation.

At 9:20 am, the Sensex was trading 107 points higher at 40,017 while the broader Nifty gained 30 points to trade at 11,977.

Indiabulls Housing, L&T, Coal India, Zee, and PowerGrid were among the top gainers on the Nifty50 in the initial trade, whereas Hindalco, Titan, Vedanta, Bharti Airtel, and Hero MotoCorp led the losses.

Sectoral indices were trading mixed in the opening trade. The Realty index gained the most, up 0.5 percent followed by the Nifty Pharma (up 0.4 percent), and the Nifty Fin Services (up 0.36 percent). Meanwhile, Nifty Media fell 0.3 percent, whereas Nifty Metal declined 0.2 percent.

Globally, Asian shares hovered near two-month highs as investors braced for US employment data, a key release that could stoke or temper market expectations about aggressive policy easing by the Federal Reserve.

MSCI’s broadest index of Asia-Pacific shares outside Japan was set for its fifth straight weekly rise. Japan’s Nikkei was a tad weaker. Chinese shares were mixed with the blue-chip index up 0.2 percent. Australia and New Zealand shares were slightly higher as was Hong Kong’s Hang Seng index.

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First Published:Jul 5, 2019 7:28 AM IST