Domestic indices further extended gains and hit fresh record high in mid-morning trade. The Nifty scaled the crucial 14,800 mark. At 11:27 IST, the barometer index, the S&P BSE Sensex, surged 516.30 points or 1.04% at 50,314.66. The Nifty 50 index was up 162.80 points or 1.11% at 14,810.75.
The Sensex scaled record high of 50,377.52 while the Nifty recorded an all time high of 14,828.85.
The rally was broad based. The S&P BSE Mid-Cap index was up 1.45% while the S&P BSE Small-Cap index was up 1.47%.
The market breadth was strong. On the BSE, 1726 shares rose and 898 shares fell. A total of 175 shares were unchanged.
The Union Budget 2021 unveiled on 1 February 2021 supported all the essential aspects of growth by an increase in government spending without an increase in indirect taxes. The Budget offered huge stimulus to infrastructure, capex, healthcare and boosted the credit flow by taking out the toxic assets of the banking system. Increased FDI limit in insurance improved the overall outlook of the sector.