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Sensex rallies nearly 1200 points, a day after logging record gains on Budget Day

The BSE S&P Sensex breached 50,000 mark for second day and finally closed the day 1,197 points or 2.46 per cent higher at 49,798 while the Nifty 50 edged higher by 367 points or 2.57 per cent to 14,648.

New Delhi: Bull run continued at the bourses, a day after the Budget Day. The momentum continued for the second straight session on Tuesday, as the BSE reclaimed the 50,000 mark and NSE Nifty clawed back to above 14,700 mark.

Overall, the key equity indices moved up by 2.5 per cent on Tuesday.

Investors were relieved that the government stayed away from making any change in personal and corporate tax, and there was no levy of wealth tax, super-rich tax or Covid cess which was widely feared.

The BSE S&P Sensex breached 50,000 mark for second day and finally closed the day 1,197 points or 2.46 per cent higher at 49,798 while the Nifty 50 edged higher by 367 points or 2.57 per cent to 14,648.

All sectoral indices at the National Stock Exchange were in the positive zone with Nifty auto ticking up by 4 per cent, PSU bank by 3.4 per cent, private bank by 3 per cent, realty by 3.8 per cent and pharma by 2.1 per cent.

Sensex surges to record high

Tata Motors jumped 17% to Rs 326.95 per share after the company reported 94 per cent year-on-year growth in domestic passenger vehicles sales at 26,978 units during January.

The other major gainers were State Bank of India, HDFC Bank, Larsen & Toubro, Hindalco, UPL and Bharat Petroleum Corporation.

However, those which lost were HDFC Life, SBI Life, Bajaj Finserv, Hero MotoCorp, Titan, Hindustan Lever and Britannia.

Meanwhile, Asian stock markets extended gains on increased optimism about stimulus packages and global economic recovery.