Market Gives Thumbs Up To Union Budget 2021; Sensex and Nifty Leave Losing Streak

Benchmark indices broke a six-day losing streak.

Riding high on Finance Minister Nirmala Sitharaman’s budget presentation, with the exception of pharmaceuticals, all other sectoral indices ended with a gain of 1-8 per cent. BSE Midcap and Smallcap rose 2-3 per cent.

Benchmark indices broke a six-day losing streak and give complete thumbs up to the measures announces in the Union Budget 2021 by the Ms Sitharaman to boost growth.

At close, the Sensex was up 2,314.84 points or 5 per cent at 48,600.61 as the index has touched an all-time high of 48,764.40 earlier today and the Nifty was up 646.60 points or 4.74 per cent at 14,281.20.

IndusInd Bank, ICICI Bank, Bajaj FinServ, State Bank of India and Larsen & Toubro (L&T) were among major gainers on the Nifty, while losers were UPL, Dr Reddy’s Labs, Cipla, Tech Mahindra and Hindustan Unilever.

Finance Minister Nirmala Sitharaman said, “The budget proposals for 2021-22 rest on six pillars — health and well-being; physical and financial capital and infrastructure; inclusive development for aspiration India; reinvigorating human capital, innovation and R&D; minimum government and maximum governance.”

Banking stocks were the star performers of the day with BSE Bankex index settling at 37,549.19 above 2,886.68 points or 8.33 per cent than the previous closing.