Sensex zooms over 1600 points, Nifty crosses 14,000 points after Budget announcement

Soon after the Finance Minister Nirmala Sitharaman ended her announcement of the Union Budget 2021, the domestic equity market benchmarks BSE Sensex and Nifty 50 were trading strong on Monday

At 1:00 pm, the S&P BSE Sensex was trading at 47,951.66, up 1,665.89 points or 3.6 per cent, while the broader Nifty 50 was at 14,097.60, up 463.00 points or 3.4 per cent.

IndusInd Bank was the top Sensex performer, up 5.64 per cent, followed by ICICI Bank, Titan Company, Housing Development Corporation (HDFC), Infosys, among others. Out of 30 stocks, 7 scrips were trading in the red. Dr Reddy’s Laboratories, Tech Mahindra, HCL Tech, Tata Consultancy Services (TCS) were among top Sensex laggards. Except Nifty IT and Nifty Pharma indices, all the sectoral indices were trading in the positive territory. Nifty Private Bank index jumped nearly 2 per cent.

Primarily, the absence of any negative was the biggest positive for such a boost in the points. Taxes, both direct and Indirect, were left untouched. The FM has not tampered with Securities Transaction Tax (STT) or Long-Term Capital Gains (LTCG) which could have otherwise spooked the markets. Further, laying prominence of disinvestment, especially of LIC has gone right.

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