Stock Market: 24 Year Biggest Gain in Sensex on Budget Day, Index Close up 2314 Points

Stock Market 24 Year Biggest Gain in Sensex on Budget Day

Stock Market: On Monday, the 9th budget of Modi’s tenure was presented in Parliament. The Bombay Stock Exchange (BSE) Sensex ended 2314.84 points, or 5%, at 48,600.61 on the budget day. The Nifty also closed at 14,328.00 with a gain of 693 points or 5.09%. On the budget day, such a huge boom in the market was last seen in 1997, when the Sensex closed up 6%.

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Deven Chowksey, MD of KR Chowki said that the first reason for the market boom is not to impose any kind of tax. Apart from this, the shares of public sector banks were seen today because the government has announced Rs 20 thousand crore. Also, it has been said to start the Development Financial Institution for Bad Bank and Infra Sector. This can lead to a reduction of Rs 3 lakh crore in huge bad loans (NPAs) of banks. There will be huge investment in infra.

62% Shares Gain on Exchange

The BSE traded at 3,129 shares. 1,947 shares rose and 981 declined. That means 62% shares gained on the exchange. The total market cap of listed companies has increased to Rs 192.62 lakh crore as against Rs 186.13 lakh crore on Friday. Banking shares were at the forefront of the market’s record boom. The Nifty Bank Index gained 8.81% to close at 33,257. It is also the alltime high level of the index. Earlier the market was closing down for 6 consecutive sessions.

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Investor’s Advice to Investors in the Financial and Infra Sectors

Seema Srivastava, senior research analyst at SMC Global Securities, said that this time the budget was balanced. The Finance Minister did not impose any new tax. This led to a boom in the market, which started after the announcement of the auto scrap policy. Overall, the budget remained positive, leading to a rally in the stock market.

Auto and Realty Shares Also Ahead in Sectoral Boom

Similarly, a good rise in auto stocks was reported from the news of scrap policy. The Nifty Auto Index has closed up 4.23%. Extra deduction of 1.5 lakh rupees in tax deduction on interest payment of loans to affordable home buyers has been extended by one year. Realty shares ran high with the news. The Nifty Realty Index has closed up 6.31%. DLF shares closed up 10.16%. Similarly, metal and government banking stocks also witnessed a rally.

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SEBI will be the Regulator for Gold and Silver

In the budget, the government has proposed to increase import duty of gold and silver from 12.5% ​​to 7.5%. The government has also talked about imposing 2.5% agri infra cess on the imports of both commodities. As a result, Titan’s shares closed up 5.47%, Manappuram Finance’s shares rose 5.51% and Muthoot Finance’s shares gained 4.48%. Government will bring Securities Market Code. The SEBI Act, Government Securities Act and Depositories Act will be included in this. SEBI will also be a regulator of gold.

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