Budget announcements revive market sentiment; Sensex jumps over 1,200 points

New Delhi: Market opened higher on Tuesday, a day after the announcement of the Union Budget 2021 led by gains in banking and financial counters.

The BSE Sensex rose 1209.81 points or 2.49 percent to 49,810.42 in early trade while the NSE Nifty jumped 348.75 points or 2.44 percent to 14,629.95.

All the indices in the Sensex pack barring HUL were trading in green. Major gainers were HDFC BANK, LT, Bajaj Finance, SBI, HDFC, Axis Bank, ITC, Ultrachem, Bajaj Finserve, Kotak Bank, ONGC, and ICICI Bank, rising upto 5.58 percent.

On Monday, Finance Minister Nirmala Sitharaman presented an expansionary Union Budget for 2021-22 which sought to pull the economy out of the pandemic-induced slump through increased spending on infrastructure, healthcare and farm sectors without resorting to higher taxation.

In the previous session, the 30-share BSE Sensex zoomed 2,314.84 points or 5 per cent to finish at 48,600.61. This was its second-biggest single day jump in absolute terms and the best day in almost 10 months. On similar lines, the broader NSE Nifty soared 646.60 points or 4.74 per cent to finish at 14,281.20.

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Asian stock markets extended gains on Tuesday. MSCI`s gauge of Asia Pacific stocks outside Japan was up 1.25% mid-morning, building on Monday`s rise. Hong Kong`s Hang Seng Index and China`s benchmark CSI300 Index opened 1.7% and 0.33% higher, respectively. Japan`s Nikkei 225 gained 0.67%. Australia`s S&P/ASX 200 benchmark added a further 1.23%. South Korea`s KOSPI also gained, adding 2.3%, a Reuters report said.