The BSE Sensex (^BSESN) is seen higher on Thursday as investors focus on economic data that could be an indicator for policies included in the budget next week.
Shares of state-run oil firms will be in focus after the government unexpectedly raised gasoline and diesel prices by as much as 10 percent late on Wednesday, a move that will ease the subsidy burden on these firms.
"Now is the time many investors will look to get in the market. The major reaction should be from the Economic Survey announcements," said Vinod Bansal, director at ficuswealth.com.
He expects the market to rise up to 2 percent on Thursday.
The annual economic survey, ahead of the Budget, is expected to be presented in Parliament around noon (0630 GMT), while weekly inflation data is also expected around the same time.
Investors expect reforms in the budget such as a 3G wireless spectrum auction and stake sales in state firms to raise cash.
On Wednesday, the 30-share BSE index rose 1.05 percent to 14,645.47 points after manufacturing data reinforced signs of an economic recovery.
Asian stock markets were largely positive ahead of the latest U.S. payrolls reports. The MSCI index of Asia-Pacific shares excluding Japan was 0.6 percent higher, while Japan's Nikkei was up 0.04 percent.
Nifty (^NSEI) stock futures trading in Singapore were up 0.67 percent, indicating a strong opening in India.
News Source - BSE Sensex seen up, data eyed ahead of budget
Shares of state-run oil firms will be in focus after the government unexpectedly raised gasoline and diesel prices by as much as 10 percent late on Wednesday, a move that will ease the subsidy burden on these firms.
"Now is the time many investors will look to get in the market. The major reaction should be from the Economic Survey announcements," said Vinod Bansal, director at ficuswealth.com.
He expects the market to rise up to 2 percent on Thursday.
The annual economic survey, ahead of the Budget, is expected to be presented in Parliament around noon (0630 GMT), while weekly inflation data is also expected around the same time.
Investors expect reforms in the budget such as a 3G wireless spectrum auction and stake sales in state firms to raise cash.
On Wednesday, the 30-share BSE index rose 1.05 percent to 14,645.47 points after manufacturing data reinforced signs of an economic recovery.
Asian stock markets were largely positive ahead of the latest U.S. payrolls reports. The MSCI index of Asia-Pacific shares excluding Japan was 0.6 percent higher, while Japan's Nikkei was up 0.04 percent.
Nifty (^NSEI) stock futures trading in Singapore were up 0.67 percent, indicating a strong opening in India.
News Source - BSE Sensex seen up, data eyed ahead of budget
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