Sensex surges 1,600 points after Budget presentation
Sensex surges 1,600 points after Budget presentation
Mumbai: The Indian stock markets lauded the Union Budget FY22 with the BSE Sensex gaining over 1,600 points.
Banking and finance stocks surged after Finance Minister Nirmala Sitharaman announced that two public sector banks will be privatised apart from the IDBI Bank and one general insurance company.
Around 1.10 p.m., Sensex was trading at 47,949.11, higher by 1,663.34 points or 3.59 per cent from its previous close of 46,285.77.
It opened at 46,617.95 and has touched an intra-day high of 48,004.71 points.
The Nifty50 on the National Stock Exchange was trading at 13,826.45, higher by 191.85 points or 1.41 per cent from its previous close.
The government also announced to establish a "bad bank" for management and monetisation of stressed assets.
Giving a major push to infrastructure development, the Finance Minister announced to set up a Development Finance Institution (DFI) with a capital of Rs 20,000 crore.
On the Sensex, Indusind Bank, ICICI Bank and UltraTech Cement were the top gainers. The only losers were Dr Reddy's Laboratories, Tech Mahindra and TCS.