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Budget offers tax balm Sensex shoots up 486 points

Budget - Dated:- 2-2-2017 - Mumbai, Feb 1 (PTI) A focus on fiscal discipline and clarity on FPI taxation as reflected in the Union Budget came as music to investors' ears, with the Sensex leaping nearly 486 points on Wednesday to close at an over 3-month high of 28,142. Financial and realty stocks powered the show. Markets welcomed the budgetary proposals of infusing ₹ 10,000 crore in public sector banks and keeping long-term (LTCG) and short-term capital gains tax (STCG) unchanged for .....

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ng and closed higher by 485.68 points, or 1.76 per cent, at 28,141.64. This is its highest closing since October 24 last year when it settled at 28,179.08. It had shot up about 504 points intra-day. The broad-based Nifty was also on the upswing and rallied by 155.10 points, or 1.81 per cent, to settle at 8,716.40 after touching the day's high of 8,722.40 and a low of 8,537.50. The rupee firming up 40 paise to end at 67.47 - a one and a half month high - helped pace the gains. No change in lo .....

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tion as well as buying levels and expansion in the sector by increasing to 50.4, from 49.6 in December. Shares of state-run banks such as SBI, Union Bank of India, Bank of Baroda, PNB and Syndicate Bank hogged limelight and climbed by up to 5.64 per cent as the government announced infusion of ₹ 10,000 crore in public sector banks in the next fiscal. The Budget also allocated a record ₹ 3.96 lakh crore to the infrastructure sector. Also, the government announced infrastructure status .....

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