File photo. Photograph:( Reuters )
Sensex had logged its biggest one-day plunge in more than a decade after the Union Budget failed to live up to market expectations
After Nirmala Sithraman presented India's Budget on Saturday, the Sensex on Monday jumped 100.92 points to 39,836.45 in the opening session with the Nifty rising 31.50 points to 11,693.35.
The BSE Sensex went up 262 points to reach 39997.65 at 11am(local time). However, the rupee opened on a weak note and declined by 34 paise to 71.66 against the US dollar in opening trade on Monday after opening on a weak note at 71.62 at the interbank forex market.
The Sensex had tanked over 1,000 points on Saturday after Nirmala Sithraman presented the Budget. Sitharaman had announced cuts in income tax rates for individuals and had scrapped dividend distribution tax (DDT) besides a host of measures to reverse the falling economic growth.
During the Budget speech, the Sensex had dropped 1,003.14 points while Nifty was down by 303.35.
The markets had started on a shaky note and then began sliding rapidly as Sithraman started to read her Budget speech. The BSE benchmark Sensex had logged its biggest one-day plunge in more than a decade after the Union Budget failed to live up to market expectations.