India Union Budget 2022: Markets cheer as Sensex, Nifty close on a high

WION Web Team
MumbaiUpdated: Feb 01, 2022, 04:45 PM IST

(File photo) Photograph:(Zee News Network)

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India's Budget cheered the markets as Tata Steel became the biggest gainer with Sun Pharma, IndusInd Bank, L&T, UltraCement, ITC and HCL Tech also making gains.

The Indian markets ended on a buoyant note after finance minister Nirmala Sitharaman's presented the Budget in Parliament on Tuesday.

The Sensex jumped 848.40 points to end at 58,862.57 and the Nifty rose 237.00 points to end at 17,576.85.

The Sensex had opened over 600 points up and the Nifty had advanced 159 points in opening trade ahead of the Budget presentation.

Bank stocks led the gains early as IndusInd Bank was the top gainer along with ICICI Bank, HDFC twins and Kotak Bank. In the Economic Survey presented on Monday, India's finance minister had forecast GDP growth at 9.2 per cent for 2021/2022.

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"The economy has shown strong resilience to come out of the effects of the pandemic with high growth. However, we need to sustain that level to make up for the setback of 2020/21," India's finance minister had said during the Budget speech as she added that the fiscal deficit for the current financial year was expected to be 6.9 per cent slightly more than the 6.8 per cent targeted earlier.

During the speech, the markets had reached an intra-day high of 59,032.20.

Tata Steel was the biggest gainer on Budget day going up 7.57 per cent with Sun Pharma, IndusInd Bank, L&T, UltraCement, ITC and HCL Tech also making gains. However, Bharti Airtel, Maruti, NTPC, Reliance and SBI lost out on Budget day.

(With inputs from Agencies)