Railways Minister Sadananda Gowda will present his maiden Rail Budget on July 8 in Parliament.
Amid rising demand for coal freight and an aggressive push towards diversifying its freight basket, Indian Railways is planning to buy 100,000 more wagons over the next three fiscal years. The procurement plan will majorly comprise BOXN wagons, which are used to transport coal, said a senior Ministry of Railways official. Notably, the railways recently floated a sizeable tender worth Rs 35,000 crore of wagons, which had been in the pipeline since 2018. "Our Budget Estimates for freight increase were conservative.
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Most of the railway-related stocks, which had seen smart gains in the past few days ahead of the Rail Budget, saw profit-booking as Railway Minister Sadananda Gowda presented the Budget.
The breadth, indicating strength of the market was strong
Financial shares were among the top gainers with HDFC leading the gains.
State owned banks SBI and PNB were the top Nifty gainers along with ICICI Bank and auto shares.
West Bengal Chief Minister Mamata Banerjee has left no stone unturned this year after big industrialists, along with Union ministers, skipped attending the BGBS 2017.
The 30-share Sensex ended higher by 30 points.
RBI's fifth bi-monthly monetary policy meet due tomorrow also kept the investors on their toes.
For the seven months since February 2014, the benchmark index surged nearly 27%.
Benchmark share indices ended at record closing highs, amid a volatile trading session on Monday, with IT majors leading the gains.
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