Sensex spurts by 443.89 points on populist interim Budget

Sensex spurts by 443.89 points on populist interim Budget

Agency News

Mumbai, Feb 2 : Upbeat about the populist Interim Budget tabled by Union Finance Minister Piyush Goyal in parliament ahead of upcoming general elections, the BSE Sensex rallied by 443.89 points or 1.23 per cent at 36,469.43 during the week ended on Friday.

The Nifty of National Stock Exchange (NSE) too advanced by 113.10 points or 1.05 per cent. Positive global cues also boosted investors sentiment. Risk appetite in the global stock markets improved after the US Federal Reserve left interest rates unchanged and said it would be patient with further rate hikes.

The BSE Mid-Cap index fell 40.44 points or 0.28 per cent to settle at 14,641.38. The BSE Small-Cap index fell 49.75 points or 0.36 per cent to settle at 13,950.45.

While presenting the Budget for 2019-20, Mr Goyal said the fiscal deficit for the current financial year is expected to be 3.4 per cent of GDP. As per the Budget estimate, the fiscal deficit for 2018-19 was pegged at 3.3 pc.

He also said that GST on most items of daily use for poor and middle classes has been continuously slashed to be into the 0 pc-5 pc tax bracket, resulting in relief of Rs 80,000 crore to consumers.

Mr Goyal also announced doubling of income tax exemption limit to Rs 5 lakh, raising standard deduction from the current Rs 40,000 to Rs 50,000, and provided concessions on interest income from bank deposits and rent.

The interim budget was the last one presented by the current NDA government, led by Prime Minister Narendra Modi, before the 2019 general elections in April. The Budget session of Parliament began yesterday. The session will conclude on March 13.

Trading for the week began on a negative note as the Sensex fell by 368.84 points or 1.02 per cent to settle at 35,656.70. The Nifty 50 index fell 119 points or 1.10 per cent to settle at 10,661.55. On Tuesday volatile trade was witnessed as the Sensex further lost by 64.20 points at 35,592.50. The Nifty too eased 9.35 points at 10,652.20.

After alternately swinging between positive and negative zone throughout the trading session on Wednesday it declined by 1.25 points at 35,591.25. The Nifty 50 index fell 0.40 points to settle at 10,651.80.

On Thursday, a day ahead of the Union Interim Budget on Friday, the Sensex surged by 665.44 points or 1.87 pc at 36,256.69. The Nifty 50 index advanced 179.15 points or 1.68 pc at 10,830.95. Positive global cues also boosted investors sentiment.

On Friday, after the government presented a farm-friendly, consumption-oriented Budget ahead of the general elections, the Sensex rose 212.74 points at 36,469.43. The Nifty 50 index rose by 62.70 points at 10,893.65. (UNI)