Equity markets cheered the Union Budget for the financial year 2021-’22 as the 30-share BSE Sensex was trading over 1,600 points in the green in afternoon trade. The broader 50-share NSE Nifty was also gaining over 3%.
At 1.10 pm, Sensex was up 1,611.12 points at 47,896.89, while Nifty went past the 14,000-mark, gaining more than 400 points. Investors earned Rs 4.3 lakh crore worth of gains during the two hours of Finance Minister Nirmala Sitharaman’s speech, according to Economic Times.
All sectoral indices, with the exception of Nifty Pharma, were gaining in intra-day trading. Bank and financial institutions’ stocks rose the most, with PSU Bank, private bank and financial services’ sub-indices surging to the tune of 5% each. The uptick in these stocks can be attributed to the announcement of a proverbial “bad bank” by Finance Minister Nirmala Sitharaman, as the Budget proposed setting up of an asset management company for stressed accounts.
The Nifty Auto…