Union Budget 2021: Share prices shoot up

Primary Indian stock market indices Nifty50 and the Sensex shot up today, making substantial increase, during Finance Minister Nirmala Sitharaman’s Budget speech at the Parliament today.

With introduction of several economic reforms in the Union Budget 2021, the relaxations after a tough year, supported the market by giving it a great boost.

  • The FM, in her speech, proposed updated capital expenditure to Rs 2 trillion. Responding to this, the Nifty Infrastructure Index rose around 1.2%. The FM elaborated a rollout of Rs1.97 trillion over five years for capital expenditure.
    With the budget proposing the construction major highways in the coming time, share prices of road construction firms like KNR Construction Ltd, Ashoka Buildcon and NCC Ltd went up by more than 4%.
  • The Nifty Auto index was up by 1% reacting to the introduction of voluntary vehicle disposal policy. Stocks od automobile firms Maruti Suzuki Ltd, Tata Motors and Mahindra & Mahindra rose by around 1.5-2%.
  • With the introduction of Swachh Bharat Mission 2.0, the stock price of the recently listed garbage disposal company Antony Waste Handling Cell Ltd went up to 5%.
  • At 2:27 p.m., Nifty Bank was showing a gargantuan 6.88% increase, with share price of Indusind Bank soaring at a 11.89% growth, while other bank shares like Axis Bank, HDFC Bank crossed the 5% mark today.
  • Due to the announcement of the extension of Ujjwala scheme, shares of Mahanagar Gas Ltd and Indraprastha Gas Ltd were up by more than 3% each.
  • Shares of insurance companies including HDFC Life, ICICI Prudential and New India Assurance rose more than 3% each due to the announcement of the increase in the FDI limit.
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