Sensex skyrockets 2,315 points on Budget cheer


Markets roared back to life on Monday after six days of deep declines as Finance Minister Nirmala Sitharaman presented an expansionary Union Budget for 2021-22 which sought to pull the economy out of the COVID-19 pandemic-induced slump through increased spending on infrastructure, healthcare and farm sectors without resorting to higher taxation.

The 30-share BSE Sensex zoomed 2,314.84 points, or 5%, to close at 48,600.61.

This was its second-biggest single-day jump in absolute terms and the best day in almost 10 months.

On similar lines, the broader NSE Nifty soared 646.60 points, or 4.74%, to close at 14,281.20.

 

Across-the-board buying

The benchmarks were propelled by across-the-board buying, with banking and finance stocks leading the charge.

IndusInd Bank topped the Sensex gainers’ chart with a jump of 14.75%, followed by ICICI Bank, Bajaj Finserv, SBI, L&T and HDFC. Only three index components closed in the red — Dr. Reddy’s, Tech Mahindra and HUL — shedding up to 3.70%.

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