Mumbai, February 1
The BSE benchmark Sensex zoomed over 1,700 points and the NSE Nifty reclaimed the 14,000-level driven by gains in financial stocks on Monday after Finance Minister Nirmala Sitharaman presented the Union Budget, which anlaysts believe is a “growth-oriented” effort.
After touching an intra-day high of 48,004.71, the 30-share Sensex was trading 1,660.99 points or 3.59 per cent higher at 47,946.76; and the broader Nifty surged 462.15 points or 3.39 per cent at 14,096.75.
On the Sensex chart, IndusInd Bank was the top gainer, rallying over 11 per cent, followed by ICICI Bank, SBI, HDFC, M&M and Axis Bank.
On the other hand, Dr Reddy’s, Tech Mahindra and TCS were among the laggards.
“This is indeed a bold growth-oriented budget. Absence of the much-feared Covid tax and the surcharges on Income Tax is a great relief. Privatisation of two nationalised banks and proposal of monetisation of assets like land are clear positives,” VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
“Raising FDI in insurance from 49 per cent to 74 per cent is welcome. Market response to the budget reflects growth optimism. In brief, the FM has presented a pragmatic, bold and visionary budget in these difficult times,” he added.
According to Lav Chaturvedi, ED and CEO, at Reliance Securities, the single securities market code announced in the Budget speech will bring out ease-of-doing business in Indian financial markets.
This, along with FDI regime and development financial institution, would be transforming for financial markets, he said. PTI