Sensex up by 209 points: The Budget effect!

The BSE Sensex rose up early on Monday by 209 points following its third straight session. This sudden mount can be credited to the much awaited, promising and growth anticipated budget presented.

The 30-share index, had earned 614.85 points in the past two sessions, thanks to the hale growth strategized in the Economic Survey and also a series of proposals in the Union Budget. It again accelerated by 209 points, or 0.71 per cent, to 29,570.50.

The National Stock Exchange; Nifty was no less; sprouting up by 63.80 points or 0.73 per cent to 8,965.65.

The other Asian markets viz. Hong Kong’s Hang Seng by 0.37 per cent, and Japan’s Nikkei gained 0.37 per cent and 0.26 per cent respectively in early trade on Monday.

Foreign Funds were not purchased by many on the Budget Day, since it was a holiday for global markets resulted in active buying in today’s trade and the instantaneous push to the stock indices.

Brokers have said that the low corporate tax and the delaying of GAAR in the Union Budget 2015-2016 urged the investors to buy the respective stocks.

• About the Author

About Sanika Govekar

An avid reader with a love for English, an achiever; she has a burning desire to succeed. She wants to make a difference to the society and strongly believes that self-discipline and a monumental work ethic can beat natural ability. Aim to Major in Economics.