Indian indices retreated from early gains on Tuesday as caution set in ahead of the union budget announcement at 11 a.m., which is expected to massively impact market trends.

The Sensex opened at 80,724.30, gaining 222.22 points, but later declined by 159.18 points to 80,342.90. Similarly, the Nifty dropped by 71.40 points to 24,437.85.

UltraTech Cement, HDFC Life, M&M, Grasim Industries and Eicher Motors were among major gainers on the Nifty, while losers were Shriram Finance, HCL Tech, ONGC, HDFC Bank and Divis Labs.

Ajay Bagga, market and banking expert, advised caution in the Indian markets until the Union Budget 2024 announcement is made later today in Parliament by the Finance Minister.

“We advise caution in the Indian markets till the Union Budget 2024 announcement is made today in Parliament by the Finance Minister. The contours of the Budget should remain on expected lines, with a continued focus on balancing growth impulses with welfare measures” Bagga said.

“The Union Budget will describe the vision for the next 5 years and for the centennial of the modern Indian Republic in 2047. Any tax changes will be watched carefully for their impact on consumption. “

(Inputs from ANI)