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Budget impact: Sensex soars over 750 points; Nifty tops 14,500

As of 9:21 am, the Sensex was up 1025 points at 49,626.28 while the NSE benchmark Nifty50 index was higher by 2.12 per cent or 302.05 points at 14,583.25. Broad-based buying was visible in the market with banking stocks leading gains.

Mumbai Updated on: February 02, 2021 9:54 IST
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Image Source : PTI

Markets open on high note on Tuesday

The Sensex zoomed over 750 points and the Nifty crossed the key 14,500-level in the opening session on Tuesday, a day after the Union Budget which outlined a slew of measures to pull the economy out of the pandemic-induced slump. The BSE gauge Sensex was trading at 49,352.27, witnessing a strong rally of 751.66 points or 1.55 per cent in opening deals. Likewise, the NSE barometer Nifty was higher by 222.65 points or 1.56 per cent at 14,503.85 in early trade.

In the Sensex pack, all shares were trading in the green barring HUL.

Enthused over various measures announced in the Budget on Monday, the Sensex zoomed 2,314.84 points or 5 per cent to finish at 48,600.61; and the Nifty soared 646.60 points or 4.74 per cent to finish at 14,281.20 – the biggest single-day gains ever for the benchmarks on Budget day.

Foreign portfolio investors (FPIs) purchased shares worth a net Rs 1,494.23 crore on Monday, according to exchange data.

Asian markets were also trading broadly higher in afternoon trade.

Economists and market analysts are of the view that this is a bold growth-oriented budget and the absence of the much-feared COVID tax and the surcharges on Income Tax is a great relief.

Besides, privatisation of two nationalised banks and proposal of monetisation of assets like land are clear positives, according to them.

Market response to the budget reflects growth optimism and in brief, the government has presented a pragmatic, bold and visionary budget in these difficult times, they said.

Also Read | US chamber of commerce lauds India's budget

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