Union Budget 2021: Sensex surges over 2,200 points as bank stocks soar
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Bank stocks rallied with IndusInd Bank being the top gainer, rallying over 10 per cent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&M and SBI.
The BSE Sensex surged over 2,200 points to trade at 48,501 as India's finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday.
Bank stocks rallied with IndusInd Bank being the top gainer, rallying over 10 per cent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&M and SBI.
India's finance minister Nirmala Sitharaman while presenting the Budget before Parliament said that Life Insurance Corporation(LIC) will come up with an IPO in 2021-22.
The government proposed further recapitalisation of state-owned banks earmarking Rs 20,000 crore. BPCL, Air India, IDBI, SCI and Concor disinvestment will be completed in 2021-22, India's finance minister had said during the Budget speech.
The BSE Sensex had shot up over 900 points as Nirmala Sitharaman presented the Union Budget. The BSE Sensex had surged over 400 points in early trade ahead of the Budget.
The Nifty up 114.85 points at 13,749.45 in early trade.