Dalal street’s big thumbs up! Sensex reclaims 50,000 over Budget euphoria

New Delhi: Equity markets continued to surge on Tuesday morning with the BSE Sensex gaining over 1,400 points to reclaim the landmark 50,000-mark on FM Sitharaman’s Budget 2021 announcement.

Around 9.35 a.m., Sensex was trading at 50,004.06, higher by 1,403.45 points or 2.89 per cent from its previous close of 48,600.61.

At 11.40 the BSE Sensex was trading 822.36 points or 1.69 percent higher at 49,422.97 while the NSE Nifty was trading higher by 262.50 points or 1.84 percent to 14,543.70.

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.