Sensex tops 50,000-mark, Nifty hits record high as banks, auto stocks surge to extend Budget rally
New Delhi | Jagran Business Desk: The Sensex today topped the 50,000 mark as it zoomed over 1,500 points in the morning trade the Nifty crossed the key 14,500-level in the opening session, a day after the Union Budget which outlined a slew of measures to pull the economy out of the pandemic-induced slump.
At 10:00 am, the Sensex was at 50,132.77, witnessing a strong rally of 1532.16 points in opening deals. Likewise, the NSE barometer Nifty was higher by 222.65 points or 1.56 per cent at 14,503.85 in early trade.
Shares of Indigo Paints on Tuesday made an impressive market debut, listing with a premium of 75 per cent against its issue price of Rs 1,490. The stock got listed at Rs 2,607.50, registering a sharp gain of 75 per cent against its issue price on the BSE. Later, it zoomed 84.98 per cent to Rs 2,756.30.
Indigo Paints' Rs 1,170-crore initial share-sale last month garnered an overwhelming response from investors and was subscribed 117 times. The price range for the offer was fixed at Rs 1,488-1,490 per share.
Enthused over various measures announced in the Budget on Monday, the Sensex zoomed 2,314.84 points or 5 per cent to finish at 48,600.61; and the Nifty soared 646.60 points or 4.74 per cent to finish at 14,281.20 – the biggest single-day gains ever for the benchmarks on Budget day.
Foreign portfolio investors (FPIs) purchased shares worth a net Rs 1,494.23 crore on Monday, according to exchange data.
Asian markets were also trading broadly higher in afternoon trade.
Economists and market analysts are of the view that this is a bold growth-oriented budget and absence of the much-feared COVID tax and the surcharges on Income Tax is a great relief.
Besides, privatisation of two nationalised banks and proposal of monetisation of assets like land are clear positives, according to them.
Market response to the budget reflects growth optimism and in brief, the government has presented a pragmatic, bold and visionary budget in these difficult times, they said.
(With inputs from agencies)
Posted By: Abhinav Gupta