Power Grid Corporation ticked up by 3.5 per cent, ONGC by 3.3 per cent and Titan by 2.9 per cent. However, Bharti Airtel fell by 2.3 per cent, SBI Life by 0.6 per cent and Hindalco by 0.5 per cent.

BSE S&P Sensex closed 1,939 points or 3.8 per cent lower at 49,100 while the Nifty 50 tumbled by 568 points or 3.76 per cent to 14,529. Mid and small-caps outperformed their larger peers as the BSE Midcap and Smallcap indices fell 1.75 percent and 0.74 percent.

Axis Bank was up by 3.5 per cent, IndusInd Bank by 3.4 per cent, Tata Consultancy Services by 2.7 per cent and Dr Reddy's by 2.4 per cent.

Among stocks, Wipro moved up by 2.4 per cent to Rs 447.50 per share. Infosys and Tech Mahindra gained by 1.8 per cent each while HCL Technology and Tata Consultancy Services edged higher by 0.9 per cent.

MSCI's broadest index of Asia Pacific shares outside Japan eased by 0.1 per cent, having climbed for four sessions straight to be up over 10 per cent so far this year. 

South Korean equities fell slightly as worsening unemployment data weighed on investor sentiment ahead of the Lunar New Year holiday.

The other major gainers were GAIL, Hindalco, Adani Ports and State Bank of India. However, those which lost were Britannia, UPL, Bajaj Auto, Cipla and HCL Technologies.

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.

BSE benchmark index S&P Sensex, ended 2,314 points higher at 48,600 and NSE Nifty 50 index gained 646 points to 14,281. This is once in a life time jump seen on Budget day, with Sensex and Nifty rising over 5% each.

Buoyed by the Finance Minister’s announcements, Sensex and Nifty both witnessed strong positive sentiments and showed the return of ‘bull run’ at Dalal Street.