Share Market Update: Sensex, Nifty Extend Budget Day Rally; Banks, Auto, Infra Stocks Soar

Indian heavyweights including UltraTech Cement, SBI, HDFC Bank, and L&T contributed the most to indices' gains with surged in the range of 5 to 7 per cent on the BSE. Tata Motors, Hindalco and Shree Cement, up between 6 per cent and 15 per cent, were the other top gainers on the Nifty 50. 

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Share Market Update: Domestic benchmark indices on Tuesday ended in green with extending their historic budget day rally into second consecutive day and markets closed on 2.5 per cent high. As per reports, BSE Sensex zoomed 1,197 points or 2.46 per cent to 49,797.72, while the broader Nifty 50 index surged 367 points or 2.57 per cent to end at 14,647.85. Sensex also reclaimed the 50,000 level in intra-day deals and reached surged past the 50,000 mark before paring some of the gains.

Indian heavyweights including UltraTech Cement, SBI, HDFC Bank, and L&T contributed the most to indices' gains with surged in the range of 5 to 7 per cent on the BSE. Tata Motors, Hindalco and Shree Cement, up between 6 per cent and 15 per cent, were the other top gainers on the Nifty 50. 

Investors expressed confidence and continued their rejoice as Union Budget 2021, presented by Finance Minister Nirmala Sitharaman on Monday, did not have any additional burden in terms of taxes or cess on citizens and corporates. Sectors including Media, Banking and Auto also witnessed decent buying in today's trading sessions.

Banking stocks witnessed a massive surge soon after Finance Minister announced that two public sector banks (PSBs) will be privatised apart from the IDBI Bank in the upcoming financial year. During today's trading session even the broader markets advanced, but later again underpreformed their benchmark rivals. The S&P BSE MidCap and SmallCap indices ended 2.26 per cent and 1.56 per cent higher, respectively.

"Budget 2021 cheers the market as benchmark indices showed green flag for second consecutive session," said Jay Purohit, Technical & Derivatives Analyst, MOFSL told news agency IANS adding that market opened on a positive note on back of favourable cues from global bourses and continued its bullish momentum of previous session. 

Coming to Nifty's sectoral indices, sentiments and figures were in green with Nifty Financial Services and Nifty indexes jumping 3 per cent each. Meanwhile, Nifty bank index surged 1,500 points in intra-day deals hit a new record high. Around 2 pm, Sensex was trading at 49,722.41, up by 1,121.80 points or 2.31 per cent from its previous close of 48,600.61.