Union Budget 2021: Sensex up 2000 points, Bajaj Finance up 900 points

The market fluctuated to the extent of index BSE Sensex surging almost 2,000 points above as Finance Minister Nirmala Sitharaman read out budget for the fiscal year 2021-2022.

The Bank stocks rallied in afternoon trading with IndusInd being the top gainer, increasing over 10%, followed by by ICICI Bank, HDFC, Bajaj Finserv, M&M and SBI. ICICI Bank is up 11%, SBI by 8.60%, Bank of Baroda is up 6.39% and RBL Bank is up 6.10%.

Bajaj Finance is up 900 points.

Nifty bank index has surged over 6% which is the highest in 9 months. The premium on Nifty Bank 32,000 call option contract swelled over 400% to Rs 816. On the greener side, premium on Nifty Bank 30,000 strike price dropped 86% to Rs 52.

Nirmala Sitharaman while presenting the Budget before Parliament announced that Life Insurance Corporation (LIC) will come up with an IPO in 2021-22.

AK Prabhakar, head of research at IDBI Capital, said, “The markets are rallying on the back of no negative surprises in the Budget speech by Finance Minister Nirmala Sitharaman.”

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