Budget impact: Sensex soars over 750 pts; Nifty tops 14,500
Mumbai, Feb 2: The Sensex zoomed over 750 points and the Nifty crossed the key 14,500-level in the opening session on Tuesday, a day after the Union Budget which outlined a slew of measures to pull the economy out of the pandemic-induced slump.
The BSE gauge Sensex was trading at 49,352.27, witnessing a strong rally of 751.66 points or 1.55 per cent in opening deals.
Likewise, the NSE barometer Nifty was higher by 222.65 points or 1.56 per cent at 14,503.85 in early trade.
In the Sensex pack, all shares were trading in the green barring HUL.
Enthused over various measures announced in the Budget on Monday, the Sensex zoomed 2,314.84 points or 5 per cent to finish at 48,600.61; and the Nifty soared 646.60 points or 4.74 per cent to finish at 14,281.20 the biggest single-day gains ever for the benchmarks on Budget day.
Foreign portfolio investors (FPIs) purchased shares worth a net Rs 1,494.23 crore on Monday, according to exchange data.
Asian markets were also trading broadly higher in afternoon trade.
Economists and market analysts are of the view that this is a bold growth-oriented budget and absence of the much-feared COVID tax and the surcharges on Income Tax is a great relief.
Besides, privatisation of two nationalised banks and proposal of monetisation of assets like land are clear positives, according to them.
Market response to the budget reflects growth optimism and in brief, the government has presented a pragmatic, bold and visionary budget in these difficult times, they said.
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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
