Budget boosts bourses, Sensex rises over 1,000 points

Mumbai (IANS) India's key stock markets continued their bull run during Tuesday's mid-noon session with the S&P BSE Sensex gaining over 1,000 points.

Investors continued to cheer the fact that the budget did not announce any additional burden in terms of taxes or cess on citizens and corporates.

Amongst sectors, buying was witnessed in Media, Banking and Auto indices.

Banking stocks surged after the Finance Minister on Monday announced that two public sector banks will be privatised apart from the IDBI Bank in the upcoming financial year.

Notably, the Sensex reclaimed the 50,000 mark in the initial hour of rally.

However, a bout of profit booking dampened sentiments.

Around 2.00 p.m., Sensex was trading at 49,722.41, higher by 1,121.80 points or 2.31 per cent from its previous close of 48,600.61.

It opened at 49,193.26 and has touched an intra-day high of 50,021.59 and a low of 49,193.26 points

The Nifty50 on the National Stock Exchange was trading at 14,624.55, higher by 343.35 points or 2.4 per cent from its previous close.

"Budget 2021 cheers the market as benchmark indices showed green flag for second consecutive session," said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

"Our market opened on a positive note on back of favourable cues from global bourses and continued its bullish momentum of previous session."

According to Gaurav Garg, Head Research, CapitalVia Global Research: "The market opened on a positive note after yesterday's rally at 14,481.10 following the budget but soon the market saw profit booking and is currently trading near day's low."

"There has been a lot of positives in the market from the budget. The budget came out better than expected, the big surprise is the 34 per cent on-year increase in infrastructure capex next fiscal to Rs 5.54 lakh crore. This is positive for the entire engineering and construction space and has impacted cement sector as well."
 

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