Open interest on Nifty futures surged 17% as the Bulls brutally crushed bears. Bank stocks were particularly strong thanks to heavyweight purchases. In the process, Nifty Bank set a new record high.
The 30-share pack Sensex surged 2,314.84 points (5%) and closed at 48,600.61. The index has also regained two-thirds of the losses it suffered in the last six days. I lost more than 3,000 points. Its wider peer NSE Ifty advanced 646.60 points or 4.74 percent to 14,281.20.
” United Budget 2021 Is a benefit to the stock market, which is supported by increased government spending without increasing indirect taxes and has all the important aspects of growth. Proposals to privatize the two PSU banks and measures to curb the impact of the NPA helped lead the rally to a surge in the banking index. Increased government spending on infrastructure and higher FDI restrictions on insurance have improved the overall outlook for these sectors, “said Vinod Nair, Head of Research at Geojit Financial Services.
Investors have become rich at Rs 6.40 as the market capitalization of BSE-listed companies has risen to Rs 192.53.
Market at a glance:
- IndusInd Bank surges 15% following Q3 revenue
- Investors make a fuss with ICICI Bank as stock prices soar 13% since the third quarter
- UPL emerges as Nifty’s top loser, down 4% following the third quarter show
- DRL, Nifty Pharma’s only sector loser dragged into Cipla
- India VIX plummets from 8% to 23 levels as tensions ease
Budget 2021: Best budget day for Sensex to help investors support unfavorable tax shortages
https://economictimes.indiatimes.com/markets/stocks/news/best-budget-day-for-sensex-as-investors-cheer-lack-of-adverse-taxes/articleshow/80631633.cms Budget 2021: Best budget day for Sensex to help investors support unfavorable tax shortages