10/02/2015 4:53 PM IST | Updated 15/07/2016 8:24 AM IST

Sensex Rises On Budget Hopes

Hindustan Times via Getty Images
MUMBAI, INDIA - MAY 13: Stock traders rejoice the as Sensex rose to a third consecutive record high at Bombay stock exchange on May 13, 2014 in Mumbai, India. The Sensex hit a record high of 24,068.94, surpassing the psychologically important 24,000 mark for the first time in its history surging after exit polls showed the Bharatiya Janata Party and its allies winning a majority in the elections. (Photo by Anshuman Poyrekar/Hindustan Times via Getty Images)

The BSE Sensex and Nifty rose on Tuesday, snapping a seven-day losing streak on value buying in blue chips as investors shrugged off worries over an anti-corruption party's win in Delhi elections and instead focussed on the upcoming budget.

The Aam Aadmi Party, an upstart anti-establishment party, crushed India's ruling Bharatiya Janata Party in an election for the Delhi assembly on Tuesday, smashing an aura of invincibility built around Prime Minister Narendra Modi since he swept to power last year.

Traders chose to focus on reforms in the upcoming budget on Feb. 28 when Finance Minister Arun Jaitley is widely expected to boost capital spending and offer tax breaks to an under-performing manufacturing sector.

The benchmark BSE Sensex rose 0.45 percent, while the Nifty ended 0.46 percent higher after earlier marking their lowest levels in over three weeks.