National stock markets on Friday welcomed the Union Budget 2019-20 with open arms as the benchmark equity indices remained bullish.
Finance Minister Piyush Goyal announced that the fiscal deficit for the current financial year is expected to be 3.4 per cent of GDP.
The BSE Sensex soared more than 500 points, while by afternoon the Sensex jumped 503 points or 1.39 per cent to trade at 36,759. The NSE Nifty moved 133 points or 1.23 per cent higher at 10,964.
Top gainers in the Sensex pack included Maruti, Hero MotoCorp, M&M, HUL, HCLTech, Bajaj Finance, HDFC and L&T, rising up to 3.78 per cent.
While on the losing side, Vedanta hit the lowest, followed by ICICI Bank, Sun Pharma, Axis Bank, Tata Steel, Infosys and Coal India, falling up to 1.78 per cent. The automobile, real-estate, FMCG and pharmaceutical sector stocks supported the positive momentum in the market.
According to the brokers, the interim Budget’s proposal to give a full rebate to taxpayers having annual income up to Rs 5 lakh boosted the investor sentiment. The hiked financial support for farmers and a rural jobs programme in the new interim budget also played its role in the stock market.
However, the Indian rupee is trading 4 paise lower against USD to 71.12.