D-Street Buzz: Bank Nifty spikes 4%, hits fresh record high; HDFC Bank, SBI, Axis Bank jump 4-6% each
HDFC Bank jumped over 5 percent followed by State Bank of India, Axis Bank, RBL Bank and Federal Bank which added 4 percent each.
Indian stock market continues its bull run after investors gave a thumbs up to Budget 2021.
Bank Nifty jumped 4 percent after surging over 8 percent on Budget day. The index hit new record high of 34,652.50 at 09:42 hours.
The rally comes after the Finance Minister announced setting up of an Asset Reconstruction Company. She further introduced a plan to recapitalise public sector banks. The government has also announced the intention to privatise two state-run lenders.
Union Home Minister Amit Shah has described Budget 2021-22 as promoting economic development. Amit Shah said that this year s budget was definitely a complex task in the backdrop of the Corona pandemic. But under the guidance of Prime Minister Narendra Modi, the Finance Minister Smt. Nirmala Sitaram has presented an all-inclusive budget which paves the way for the Prime Minister s pledge of a self-reliant India, a $ 5 trillion economy and for farmers to double their income. The global economy is in a reset mode after the Corona pandemic and this budget will definitely help India emerge stronger in the global scenario, and in the coming years India will be the fastest growing economy in the world.
Parsa Venkateshwar Rao Jr | State back in saddle; can pvt sector drive growth?
Published : Feb 2, 2021, 7:14 am IST
Updated : Feb 2, 2021, 7:14 am IST
There is the feeling that the economy is at the end of the Covid-19 tunnel, and the post-pandemic turnaround is around the corner
Ms Sitharaman has announced a huge capital expenditure outlay across sectors from health to infrastructure, and even to the financial sector, by setting up a Developmental Financial Institution with a capitalisation of Rs 20,000 crores. ((Sajjad HUSSAIN / AFP)
It was a sober budget for sombre times. Finance minister Nirmala Sitharaman delivered her third Union Budget without rhetorical flourishes. It was not the “once in hundred years” Budget the finance minister had promised. There is nothing bold or imaginative. It is the usual State-led Budget. But her quotation from Rabindranath Tagore, “Faith is the bird that feels the light and sings when the dawn is still dark”, reflects the mood