Indian equity benchmarks on Monday recorded their best performance on a budget day in over two decades after the finance minister announced a slew of measures to revive the pandemic-hit economy, while bond yields jumped sharply on the government’s plans to raise more funds from the market. The NSE Nifty 50 surged 4.7 per cent to 14,281.2, while the S&P BSE Sensex jumped 5 per cent to 48,600.61 after six sessions of losses in the run-up to the budget. This marked the Nifty’s best daily performance on a federal budget day since at least 1996, according to Refinitiv data. Finance Minister Nirmala Sitharaman proposed doubling healthcare spending, a vehicle scrappage policy, recapitalisation of public-sector banks and divestment of some state-owned lenders, aiming to bolster an economy that plunged into its deepest recorded slump amid the virus outbreak.
Most Of The Nifty 50 Shares End Higher Led By ICICI Bank
Most of the shares in the Nifty 50 basket ended higher in trade today led by gains in IndusInd Bank’s 15 per cent gain. ICICI Bank, Bajaj Finserv, State Bank of India, Larsen & Toubro, HDFC, Shree Cements, UltraTech Cement and axis Bank also rose between 8-13 per cent.On the flipside, UPL, Dr Reddy’s Labs, Cipla, Tech Mahindra and Hindustan Unilever were among the notable losers.
Nifty Bank Index Surges Over 8% To Record High
The Nifty Bank index rose over 8 per cent to close at record high after the budget proposed creation of bad bank to tackle the NPA problem and also proposed infusing ₹ 20,000 crore in state-tun banks.Top gainers in banking space:
- IndusInd Bank up 15%
- ICICI Bank up 13.36%
- RBK Bank up 11.37%
- Bank of Baroda up 8.89 per cent
- Axis Bank up 7.71%