Sensex rallies nearly 1,000 points as FM presents Budget 2021
The BSE benchmark Sensex rallied nearly 1,000 points led by gains in financial stocks in the afternoon session on Monday as Finance Minister Nirmala Sitharaman presented the Union Budget 2021-2022 in Parliament.
The 30-share Sensex was trading 929.54 points or 2.01 per cent higher at 47,215.31; and the broader Nifty surged 260.05 points or 1.91 per cent at 13,894.65.
On the Sensex chart, IndusInd Bank was the top gainer, rallying over 10 percent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&M and SBI.
On the other hand, Dr Reddy's, Tech Mahindra, TCS and HCL Tech were among the laggards.
To push growth via infrastructure creation, Sitharaman proposed raising the government's capital expenditure for FY 2021-22 by 34.5 per cent to Rs 5.5 lakh crore.
Sitharaman also said the government would infuse Rs 20,000 crore into public sector banks (PSBs) in 2021-22, to meet the regulatory norms.
For the current financial year also, the government had made a provision of Rs 20,000 crore for recapitalisation.
At the time of filing this report, the Budget presentation was underway.
On the currency front, the rupee was trading 6 paise lower at 73.02 against the US dollar.
Ahead of the Union Budget 2021-22 presentation in Parliament, the BSE benchmark Sensex surged over 443 points and the NSE Nifty advanced 115 points in opening trade today.
The 30-share Sensex was trading higher by 443.06 points or 0.96 percent at 46,728.83; and the broader Nifty was up 114.85 points or 0.84 percent at 13,749.45.
On the Sensex chart, IndusInd Bank, ICICI Bank, HDFC, ONGC, Titan, and HDFC Bank were the prominent gainers. Of the Sensex constituents, 16 shares were trading in the green.
On Friday, the Sensex had closed 588.59 points or 1.26 percent lower at 46,285.77, and the Nifty had settled 182.95 points or 1.32 percent down at 13,634.60.
(Disclaimer: Additional background information has been added to this PTI copy for context)