Market update … Budget cheers Bank Nifty to record high … All | Free Trading

Market update … Budget cheers Bank Nifty to record high … All round buying on Dalal Street

·   Market climbed up as investors cheers after the Finance Minsiter announced descent Union budget that to deliver strong growth in economy. Bank Nifty climbed up 4% to all time high and Nifty gained 3%

·   Government announced more disinvestment in the PSU sectors of nearly Rs2lakh cr.

·   Government not to impose covid tax (market expectation)

·   Tax free bonds in the Infrastructure sectors

·   Government not to hike any tax for corporate or individuals

·   Hikes FDI limit in Insurance from 49% to 74%

·   Government proposes mega textiles parks aimed at exports

·   Government to set up manage stressed debt at banks

·   To divest 2 state run banks and PSUs – Container Corp, IDBI Bank, BEML, BPCL, LIC IPO in FY22