Markets respond to Nirmala's budget, Sensex sees biggest Budget-day jump

The market rally, which was driven by gains in banking, financial and auto stock, saw the Sensex jump by 2200 points -- the most on any budget day in its entire history. 

Markets respond to Nirmala's budget, Sensex sees biggest Budget day jump

Markets witnessed a once-in-a-lifetime jump seen on Budget day, with Sensex and Nifty rising over 5 per cent each.

The market rally, which was driven by gains in banking, financial and auto stock, saw the Sensex jump by 2200 points -- the most on any budget day in its entire history. 

The total market capitalisation of the BSE-listed firms went up by Rs 6.4 lakh crore to Rs 192.53 lakh crore. 

Nifty too rose 580 points to hit intraday high of 14,214.

The finance minister's announcement proposing to increase the foreign direct investment limit in the Insurance sector from 49 per cent to 79 per cent saw the sector stocks surge. 

Also rallying were shares of public sector banks, riding high on Nirmala Sitharaman's proposed divestment and bank recapitalisation plan to boost the banking sector

Shares of Central Bank of India saw a jump of over 5 per cent followed by SBI, Bank of Baroda and Canara Bank, among others.

Auto shares like that of Mahindra and Mahindra (6 per cent), Maruti and Bajaj Auto surged after the finance minister announced that scrappage policy wherein personal vehicles would have to undergo a fitness test after 20 years while commercial vehicles would need to take it after completing 15 years.

Overall, barring the pharma sector, almost all sectors closed higher today.