43% People Believe Sensex Will Go Beyond 70,000 In Next 3 Months, Says Report

Consumer sentiments are positive towards the Budget 2023 announcements and overall, the sentiment remains optimistic that the economy will continue to grow in 2023, owing to the country’s robust fight against all odds last year, revealed a new survey.

The survey deep dived to understand citizens’ sentiments towards the Union Budget.

The Axis My India survey found that 52% were pleased with the announcements, which sets out on a quest to fulfil the dreams of the corporates, farmers, and the middle class. However, 29% rated the budget unsatisfactory and only 10% had a neutral stance towards it.

The survey also highlighted that 43% believe that Sensex will go beyond 70,000 in the next three months. Whereas 25% believe that, it will remain between 55,000 to 65,000. Additionally, 18% believe that it will drop below 50,000.

Meanwhile, benchmark indices Sensex and Nifty advanced for a second session in a row on Monday (March 6) on gains in IT, financial and auto stocks following strong global trends.

The 30-share BSE benchmark rose by 415.49 points or 0.69 per cent to close at 60,224.46 with 25 of its constituents ending in the green.

The barometer opened higher and spurted further nearly 690 points to touch a high of 60,498.48 in the day trade.

The broader Nifty advanced 117.10 points or 0.67 per cent to settle at 17,711.45. As many as 39 NIfty shares closed in the green.

Pradeep Gupta, chairman and MD, Axis My India, said, “Budget 2023 focused on reviving the economy, which was impacted by the COVID-19 pandemic and various other obstacles. The government announced various measures for citizens’ financial empowerment and improved standard of living. This was highly appreciated across the country.”

The survey was carried out via computer-aided telephonic interviews with a sample size of 10124 people across 36 states and UTs. 65% belonged to rural India, while 35% belonged to urban counterparts. 67% of the respondents were male, while 33% were female.

The study discovered that 72% believe that the Indian economy would continue to grow in 2023 in comparison to previous year. The optimism stems from the country’s superior performance in dealing with unprecedented obstacles such as Covid, the Russia-Ukraine war, control of inflation as compared to other nations.

Overall household spending has increased for 58% of families, decreasing by 1% from last month. The net score, which was +52 last month, has decreased by 1 to +51 this month.

Spends on non-essential and discretionary products like AC, Car, and Refrigerator has increased for 4% of families, which reflects a decrease by 1% from last month. The net score, which was at +1 last month, is at zero this month. Sentiment towards discretionary spending has steadily decreased over the last four months.

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