July 4, 2019 / 4:57 AM / a year ago

Sensex, Nifty settle higher ahead of budget

A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui/File Photo

BENGALURU (Reuters) - Indian shares closed higher on Thursday, a day before the federal budget that is expected to cut taxes on business and raise spending to breathe some life into a stagnating economy.

Earlier in the day, government forecast economic growth could get back up to 7% this year, but cautioned it will face challenges keeping its fiscal deficit in check.

The broader NSE Nifty closed 0.25% higher at 11,946.75, while the benchmark BSE Sensex settled 0.17% firmer at 39,908.06.

The Nifty PSU bank index, which tracks India’s state-owned lenders, finished the session 1.28% higher.

Reporting by Chandini Monnappa in Bengaluru; editing by Gopakumar Warrier

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