Indian Indices Cheer Union Budget 2021; Sensex Ends 5% Higher, Bank Nifty Hits Record High

Share markets in India broke the six-day losing streak and gave complete thumbs up to the measures announced in the Union Budget 2021 by the Finance Minister to speed up growth.

The Budget announcements for healthcare, auto, and infra gave a fillip to the stock markets and benchmark indices surged over 4.5%, while the Bank Nifty hit its record high-level today.

The stock market was also relieved as the government avoided any extra cess or increase in Securities Transaction Tax.

The absence of the much-feared COVID-19 cess and the surcharges on Income Tax also boosted stock market sentiment.

At the closing bell, the BSE Sensex stood higher by 2,314 points (up 5%).

Meanwhile, the NSE Nifty ended up by 646 points (up 4.7%).

IndusInd Bank and ICICI Bank were among the top gainers today.

UPL, on the other hand, was among the top losers today.

SGX Nifty was trading at 14,358, up by 638 points, at the time of writing.

The BSE Mid cap index and the BSE Small cap index ended higher by 3% and 2%, respectively.

On the sectoral front, banking stocks, finance stocks, and realty stocks witnessed huge buying interest. The banking sector ended higher by 8.3%.

Asian stock markets ended on a positive note. As of the most recent closing prices, the Hang Seng was up 2.1% and the Shanghai Composite stood higher by 0.6%. The Nikkei ended up by 1.5%.

US stock futures are trading higher today indicating a positive opening for Wall Street indices with the Dow Futures trading up by 204 points (up 0.7%).

The rupee is trading at 73.09 against the US$.

Gold prices for the latest contract on MCX are trading down by 1.7% at Rs 48,245 per 10 grams.

Finance Minister Nirmala Sitharaman proposed to cut duty on gold and silver to 7.5% from 12.5%, meeting industry demand. This led to a sharp drop in gold futures prices that fell by nearly Rs 1,800 from day's high to below Rs 48,000 today.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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