The BSE benchmark Sensex skyrocketed 2,315 points on Monday, propelled by gains in financial stocks, as market participants cheered a growth-oriented Union Budget presented by Finance Minister Nirmala Sitharaman. After touching an intra-day high of 48,764.40, the 30-share Sensex ended 2,314.84 points or 5 per cent higher at 48,600.61. The broader Nifty soared 646.60 points or 4.74 per cent to finish at 14,281.20.
In her Budget 2021 speech, Finance Minister Nirmala Sitharaman pegged fiscal deficit at 9.5% of GDP. She also laid out capex plan of Rs. 5.54 trillion for FY 21-22 in comparison to the last year's outlay of Rs. 4.39 trillion. Among stocks, IndusInd Bank made substantial gains by moving up 15.1 per cent to Rs 974.20 per share while ICICI Bank moved up by 13.3 per cent, State Bank of India by 10.9 per cent and Axis Bank by 7.7 per cent.Except for Nifty pharma which dipped by 0.5 per cent, all other sectoral indices at the National Stock Exchange were in the green with Nifty private bank gaining by 8 per cent, PSU bank by 7.8 per cent, financial service by 7.6 per cent and auto by 4.2 per cent. On the other hand, real estate players said on Monday the Union Budget 2021 contains several measures to strengthen infrastructure and attract investments for kickstarting the economy amid Covid-19 pandemic. In its Budget 2021 proposals, FM announced voluntary vehicle scrapping policy, the move lifted the sentiment of auto sector and there were gains on the Nifty Auto index of over 4%, led by surge in stock price of Maruti, Tata Motors, Eicher Motors, Bajaj Auto and M&M among others.