MC BudEx gains 1.4% powered by fertiliser, defence stocks

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January 31, 2023
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Top gainers on the MC BudEx were Chambal Fertiliser, Bharat Electronics, IRB Infra and Bank of Baroda, all gaining 6-8 percent.

Moneycontrol’s Budget Sensitivity Index (MC BudEx) closed 1.4 percent higher on January 31, a day ahead of the big financial event. In comparison, the Nifty and the Sensex closed flat, up 0.07 percent each.

Top gainers on the MC BudEx were Chambal Fertiliser, Bharat Electronics, IRB Infra and Bank of Baroda, all gaining 6-8 percent.

Also Read: Budget 2023: Budex, the MC Budget Sensitive Index, is here to map the market pulse

Chambal Fertiliser closed 8.5 percent higher at Rs 314 apiece. Industry experts believe that the Budget is likely to include changes aimed at making domestic phosphatic fertiliser manufacturers more competitive, such as reducing import duties on raw materials like phosphoric acid and ammonia.

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