Thank you readers! Here are the key highlights from today's session

> Market Records The Biggest Ever ‘Budget Day’ Gain In Absolute Terms

> Financials Are The Biggest Market Movers; Lift Nifty By 374 Points

> Nifty Bank Rises To record High, Posts The Biggest 1-day Gain Ever

> Midcaps Rise But Not As Much As Large Caps; The Index Up Over 3%

> Sensex Gains 2,315 Points To 48,601 & Nifty 647 Points To 14,281

> Nifty Bank Climbs 2,524 Pts To 33,089 & Midcap Index 691 Pts To 21,601

> BSE Adds Mkp Cap Of `6.62 Lk Cr; Total Mkt Cap At Record High Of `193 Lk Cr

> 45 Nifty Stocks Close In The Green; IndusInd, ICICI, Bajaj Finserv, SBI Top Gainers

> PSU Banks Rise On Budget Announcement Of 2 Divestments In FY22

> FM Announcing FDI Rise To 74% Helps Insurance Sector Gain

> ITC Rises More Than 6% On No Mention Of Cigarette Cess Hike

> NCC, HEG, IDBI, ITD, Chola, RBL Amongst Top Midcap Gainers

> Market Breadth Favours Advances; Advance-Decline Ratio At 5:2

Meanwhile, stay tuned with all the action and highlights from the Union Budget 2021 today

Feb 1, 2021 3:47 PM

Closing Bell: Sensex ends 2,341 points higher, Nifty above 14,250; Nifty Bank at all-time high

Indian indices settled over 5 percent higher on Monday as investors cheered Budget announcements. The Sensex ended 2,315 points higher at 48,600 while the Nifty rose 646 points to settle at 14,281. Gains in the domestic indices were mainly led by banking, financial and auto stocks. The Nifty Bank hit its all-time high, up 9 percent after the FM announced measures to clean up the NPAs in the sector. Meanwhile the Nifty Auto index added 4 percent on the announcement of scrappage policy. On the Nifty50 index, IndusInd Bank, ICICI Bank, Bajaj Finserv, SBI and L&T were the top gainers while UPL, Dr Reddy's, Cipla, Tech Mahindra and HUL led the losses.

Feb 1, 2021 3:35 PM

Budget quote by Aditya Narain, Head, Research, Institutional Equities, Edelweiss Securities

"This is a budget that strikes the right cords. It marks a shift in its basic stance - expansionary now, focuses on the plumbing of the operating environment through clearing regulatory cobwebs, and sets a path for a longer term policy stance. The markets will like it, its what a lot of economic doctors have been ordering, and while there will be risks in inflation and the currency, this is the time to take those risks. We do believe market players will be ready to take risk on the back of the approach and the risks the budget is taking."

Feb 1, 2021 3:29 PM

Titan shares rally 6% as Budget 2021 proposes to cut import duty on gold, silver

Shares of jewellery maker Titan Company rallied over 6 percent reacting to the Budget 2021-2022 proposal to cut import duty on import of gold and silver from 12.5 percent currently. Finance Minister Nirmala Sitharaman noted that since the duty on gold and silver was raised from 10 percent in July 2019, prices of precious metals have risen sharply. “To bring it closer to previous levels, we are rationalizing custom duty on gold and silver,” said Sitharaman. While the cut on duties is at 7.5 percent for gold and silver from earlier 12.5 percent, there is additional Agriculture Infrastructure and Development cess at the rate of 2.5 percent added to this.

Feb 1, 2021 3:21 PM

Budget 2021: No negative news for taxpayers is positive news, says Nirmal Jain

In an interview to CNBC-TV18, Nirmal Jain, Chairman and CEO of IIFL Finance reacted to Finance Minister Nirmala Sitharaman’s Union Budget 2021.Get latest Economy online at cnbctv18.com

Feb 1, 2021 3:11 PM

ITC soars as Budget keeps cigarette taxes untouched

Shares of India’s largest cigarette manufacturer ITC jumped 6 percent after the Union Budget for 2021-22 skipped any taxation changes on tobacco products in a major relief for the sector.

Feb 1, 2021 3:02 PM

Budget quote by Jimeet Modi, Founder & CEO Samco Group

"Markets heaved a sigh of relief in absence of any major change in personal or corporate taxes and therefore reacted positively. Though the exuberance might be temporary but this budget is truly a right fit in times of a pandemic. The difficult times orchestrated by pandemic have been appropriately tackled by the divestment of two PSU banks and one insurance company along with a decent hike in market borrowings by the government to offset the slowdown in the economy. These initiatives would definitely enable the government to jump-start the economy and place it back on growth track. Additionally, the Government stuck to its path of elevated capex to accelerate growth and put money back in the hands of people through real asset creation in the economy rather than simply writing cheques to the citizens as done by the developed nations to support their slouching economy."

Feb 1, 2021 2:59 PM

Nifty Bank at all-time high

Feb 1, 2021 2:46 PM

Feb 1, 2021 2:46 PM

Budget 2021: LIC IPO to be out in FY22

Finance minister Nirmala Sitharaman, in the Budget 2021 speech, announced that the initial public offering (IPO) of Life Insurance Corporation of India (LIC) will be out in FY22. Legislative amendments for the LIC IPO will be launched in the Parliament in the Budget session itself, added Sitharaman. The government will need Parliamentary approval to facilitate the sale of the LIC stake. "We would also bring the IPO of LIC in 2021-22, for which I am bringing the requisite amendments in this session itself," Finance Minister Nirmala Sitharaman said in her Budget speech.

Feb 1, 2021 2:39 PM

Insurance shares rally up to 9% as FM increases FDI limit in sector to 74%

Insurance shares rallied on Monday after Finance Minister Nirmala Sitharaman increased the foreign direct investment limit for the insurance sector to 74 percent from 49 percent earlier. The share price of New India Assurance jumped 9 percent followed by GIC, which rose 5 percent. ICICI Lombard, SBI Life Insurance Company, and HDFC Life added around 2 percent each. Foreign Direct Investment cap in the insurance sector was first raised to 49 percent from 26 percent in March 2016, but industry experts were of the view that it did not enthuse foreign investors as they could not get management control. More here

Feb 1, 2021 2:27 PM

Budget 2021: Amitabh Kant says disinvestment the key; 4 key sectors to have very few PSUs

In his first reaction to Budget 2021 Amitabh Kant, CEO of NITI Aayog welcomed the focus on asset monetisation by FM Nirmala Sitharaman. He further added that the key four sectors will have reduced…

Feb 1, 2021 2:13 PM

Budget quote by Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

"Market has given complete thumbs up to this mega event has recovered fair bit of ground. Banking has been the major charioteer in this move. For Nifty 14200 is the level to watch on a closing basis. If manages to surpass, we may see it heading higher. However, a close below 14000 will not bode well for the bulls."

Feb 1, 2021 1:59 PM

Budget 2021 Impact: Auto stocks rally on voluntary vehicle scrapping policy announcement; Nifty Auto jums 4%

Shares of auto companies rallied on Monday after Finance Minister Nirmala Sitharaman announced a voluntary vehicle scrapping policy to phase out old vehicles. Under the scrappage policy, Sitharaman said that there will be a fitness test for vehicles after 20 years in the case of personal vehicles and 15 years in the case of commercial vehicles. The Nifty Auto index surged over 4 percent post the announcement with all index constituents in the green. M&M jumped the most, up over 7 percent while Ashok Leyland, Tata Motors, Bharat Forge, Motherson Sumi, Eicher Motors, and MRF added between 3.5 percent and 7 percent.

Feb 1, 2021 1:46 PM

Budget 2021 Impact: Banking index rallies 6% on measures to clean up the NPAs, PSB recap

Banking stocks jumped on Monday after Finance Minister Nirmala Sitharaman announced measures to clean up the NPAs in the banking sector. While presenting Budget 2021, the FM proposed to set up an asset reconstruction company (ARC) for non-performing asset (NPA) management. Additionally, Rs 22,000 crore will be provided for PSB recapitalisation, she said. The Nifty Bank index surged over 6 percent post the announcement with all constituents, except IDFC First Bank, in the green. IndusInd Bank and ICICI Bank jumped the most, up nearly 12 percent and 10 percent, respectively. These lenders were also lifted on the back of positive sentiment post their better than expected December quarter results. Meanwhile, SBI, Bank of Baroda, Axis Bank, RBL Bank, Federal Bank and HDFC Bank were also up between 4 percent and 7 percent each. The PSU Bank index also surged 5.5 percent on recapitalization news.

Feb 1, 2021 1:33 PM

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