Sensex jumps over 1,200 points post Budget announcements

Benchmark BSE Sensex zoomed over 1200 points in the afternoon trade on Wednesday as market investors cheered the Union budget proposals presented by Finance Minister Nirmala Sitharaman in the Lok SabhaThe 30share BSE barometer zoomed 122354 points or 2 per cent to its intraday high of 6077344 The broader NSE Nifty jumped 31005 points or 175 per cent to 1797220Also read Budget Clothes get costlier mobile phones cheaper heres the complete listThe market had mixed expectations on the budget presuming it to be populist and low elbowroom for the government ahead of the slowing economy high inflation and interest rates However the government has taken it to a new zone with a welltuned perfection between growth and stabilityThe rise in capital expenditure by 33 per cent to Rs 10 lakh crore is the shot in the arm heading a multiplier effect on the economy While high amount of schemes and tax benefit to rural economy and taxpayers will enhance consumption growth in India Much beyond expectations a winwin for households and corporates It is a 10 on 10 budget said Vinod Nair head of Research at Geojit Financial ServicesSunil Damania Chief Investment Officer MarketsMojo said said that overall the budget is iquestexcellentiquest iquestThe absence of negative news is a tremendous source of optimism And the stock market has been ecstatic about this budgetThe relief on personal income tax by providing rebate up to Rs 7 lakh and making changes in the slab rate under the new incometax regime comes as a major boost to the Indian markets The FM did not tinker with the capital gains which has cheered the markets said Sanjay Moorjani Research Analyst SAMCO SecuritiesFinance Minister Nirmala Sitharaman on Wednesday tweaked the slabs to provide some relief to the middle class by announcing that no tax would be levied on annual income of up to Rs 7 lakh under the new tax regimeShe also allowed a Rs 50000 standard deduction to taxpayers under the new regime where assessees cannot claim deductions or exemptions on their investmentsMeanwhile an overall positive trend in the global markets also cheered investorsFrom the Sensex pack ICICI Bank Larsen amp Toubro HDFC HDFC Bank IndusInd Bank Tata Steel and Kotak Mahindra Bank were the major gainersOn the other hand Titan and Mahindra amp Mahindra were the laggardsIndia Budget 2023 has offered a multidimensional view The 3 Cs which stand out are capex increase consumption boost capital gains tax status quo Mindful of the fact that there is hardly any space for fiscal expansion FY 24 FD is pegged at 5937 and expected to see progressive reduction by FY 2026 Clearly a bullseye budget satisfying most strata of the society and of course a thumbs up from the market as well said Lakshmi Iyer CEOInvestment Advisory Kotak Investment Advisors LtdSitharaman on Wednesday announced hiking the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 202324 and will be at 33 per cent of the GDPA 33 per cent increase in capital expenditure to 10 lakh crore rupees the highest ever will go a long way in building roads ports and airports iquest crucial for making India a reliable investment destination Investment of Rs 24 lac crore in Railways is commendable said Anand Rathi Founder amp Chairman Anand Rathi GroupElsewhere in Asia equity markets in Seoul Tokyo Shanghai and Hong Kong were trading higherMarkets in the US ended in positive territory on TuesdaySitharaman on Wednesday listed seven priorities of Union Budget 202324 including infrastructure green growth financial sector and youth powerShe said four transformative opportunities can be used in Amrit Kaal for enhancing economic empowermentIn keeping with its focus on inclusive growth the Union Budget has hiked outlays on infrastructure and agriculture which in our view would have a force multiplier impact on the economy S Ranganathan Head of Research at LKP Securities saidInternational oil benchmark Brent crude climbed marginally by 005 per cent to USD 8550 per barrelForeign Institutional Investors FIIs offloaded shares worth Rs 543964 crore on Tuesday according to exchange dataThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever