Equity benchmark indices jumped by nearly 3% during early hours on Tuesday as investors continued their positive reaction to the Union Budget.
The BSE benchmark Sensex had skyrocketed 2,315 points on Monday with Budget announcements to cheer about. This was the best post budget market rise in 24 years which signals hope amidst the COVID-19 pandemic and economic impact that India has suffered.
There were gains in financial stocks and overall the budget gave market participants and traders hope for a growth oriented budget.
As of 9:21 am, the Sensex was up 1025 points at 49,626.28 while the NSE benchmark Nifty50 index was higher by 2.12% or 302.05 points at 14,583.25. Banking stocks were leading with gains.
At 10:15 am, the BSE S&P Sensex was up by 1,312 points or 2.7% at 49,912 while the Nifty 50 edged higher by 390 points or 2.73% to 14,671. All sectoral indices at the National Stock Exchange were in the positive terrain with Nifty financial service gaining by 3.7%, private bank by 3.5%, PSU bank by 3.2% and auto by 3.1%.
ALSO READ : Are Market Indications A Sign Of Hope As Nirmala Sitharaman Presented Union Budget 2021?
Among stocks, Tata Motors accelerated by 9.2% to Rs.305.50 per share while infrastructure major Larsen & Toubro too gained by 9 per cent to Rs.1,559.10.
HDFC Bank moved up by 5.8%, Axis Bank by 4.2% and State Bank of India by 4%.
The other major gainers were housing finance major HDFC, Bajaj Finance, UPL, Grasim and Mahindra & Mahindra.
However, those which lost were Hero MotoCorp, HDFC Life, Hindustan Lever and Dr Reddy’s.
The markets look good for investors with potential for India’s growth story in 2021 to recover from the pandemic impact.
(With ANI Inputs)