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Stock Market : Sensex rallies over 1,300 points, Nifty above 14,650; Banks, financials lead.

FM hits boundaries and Sixers: Markets zoom up  and cheers ! Sensex above 50 K Mark again.

 

Budget provided a big boost to the Markets and Investors are  dancing !

No new taxes -takes the markets by surprise and hence goes up. Insurance sector opened up. Two more PSBs and one PSU-Insurance to be privatized. Senior citizens above 75 have a sigh of relief..No IT returns if pension and interest only as the earnings ! Fiscal deficit widens to a record level.  Huge outlay for Health sector and for vaccine.  Railway gets over Rs 1.10 L Crores. TN gets equal for Roads. No GST Audit.  Rs 1.75 L Cr disinvestment including LIC. New ARC.  Boost for MSMEs.  Under SEBI -New Security market reforms.

 Stock Market Live: The Indian market was trading nearly 3 percent higher on Tuesday, extending gains from the previous session’s rally as investors cheer Budget announcements. Meanwhile, positive global cues among Asian peers also lifted the sentiment. On the domestic indices, Nifty Bank and Nifty Fin Services jumped over 4 percent each.

Asian markets extend gains as sentiment improves on outlook

Asian stock markets extended gains on Tuesday on increased optimism about stimulus packages and global economic recovery, while retail investors retreated from GameStop and their new-found interest in silver. MSCI’s gauge of Asia Pacific stocks outside Japan was up 1.25 percent mid-morning, building on Monday’s rise. Hong Kong’s Hang Seng Index and China’s benchmark CSI300 Index opened 1.7 percent and 0.33 percent higher, respectively. Japan’s Nikkei 225 gained 0.67 percent. Markets were buoyant ahead of negotiations Tuesday between US President Joe Biden and Republican senators on a new COVID support bill. The GOP’s USD 618bn stimulus plan released early Monday was about a third the size of the President’s proposal. Top Democrats later on Monday filed a joint USD 1.9 trillion budget measure in a step toward bypassing Republicans.

Opening Bell: Sensex opens over 1500 points higher, Nifty above 50100 on budget cheer

The Indian market opened higher on Tuesday, extending gains from the previous session’s rally as investors cheer Budget announcements. Meanwhile, positive global cues among Asian peers also lifted the sentiment. At 9:18 am, the Sensex was trading 727 points higher at 49,327 while the Nifty was up 200 points at 14,481. Broader markets were also positive, in line with benchamrks, with the midcap and smallcap indices up over 1 percent each. On the Nifty50 index, Tata Motors, HDFC, L&T, ICICI Bank and SBI were the top gaienrs while Shree Cement was the only loser. All sectors were alo in the green with the Nifty Auto and Nifty Fin Services indcies up over 2 percent each. While the banking index rose 1.9 percent. IT and Metal indices also added over 1.5 percent each.

RBI appoints external IT company for special audit of HDFC Bank’s IT infra

The Reserve Bank of India (RBI) has appointed an external professional IT firm to carry out a special audit of the bank’s IT infra. The audit cost for the same will be borne by HDFC Bank itself. This development came after incidents of outages in lender’s net/mobile/payment banking facilities were noticed by the central bank. The bank said it will accordingly extend its cooperation to the external professional IT firm so appointed by RBI for conducting the special IT audit.

Budget 2021: We will buy more of Indian equities, says Mark Mobius

Mark Mobius, founder of Mobius Capital Partners, said, “The budget looks good for India. Yes, the deficit as a percentage of GDP is high but India needs to have spending in order to improve healthcare and one of the highlights of the budget is healthcare, but more important is the total infrastructure spending, not only in hospitals but in others like roads, bridges, electric system. So I am very happy with the budget, its excellent.”

According to him, this year will be a better year for India in terms of stock market performance. “We are holding. We have already bought what we wanted to buy in India. India is our largest allocation in our fund and we are holding and of course if we have more money coming into our funds, we will buy more,” he said

Market clocks best Budget Day performance since 1997: Here’s a breakdown

Indian equity market cheered the Union Budget 2021-2022 as the benchmark indices Sensex rallied over 2,300 points, while the Nifty gaining more than 640 points, posting its best Budget day performance…

First up, here is quick catchup of what happened in the markets on Monday

Indian indices settled over 5 percent higher on Monday as investors cheered Budget announcements. The Sensex ended 2,315 points higher at 48,600 while the Nifty rose 646 points to settle at 14,281. Gains in the domestic indices were mainly led by banking, financial and auto stocks. The Nifty Bank hit its all-time high, up 9 percent after the FM announced measures to clean up the NPAs in the sector. Meanwhile the Nifty Auto index added 4 percent on the announcement of scrappage policy. On the Nifty50 index, IndusInd Bank, ICICI Bank, Bajaj Finserv, SBI and L&T were the top gainers while UPL, Dr Reddy’s, Cipla, Tech Mahindra and HUL led the losses.

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