Indian Shares Recover From Budget Shock
(RTTNews) - Indian shares bounced back on Monday after tumbling during the special weekend trading session on Sunday amid disappointment over the government's budget proposal to increase taxes on equity derivatives trading.
The benchmark BSE Sensex jumped 943.52 points, or 1.17 percent, to 81,666.46, after having fallen nearly 2 percent the previous day - marking the second sharpest fall on Budget Day since 2014.
The broader NSE Nifty index surged 262.95 points, or 1.06 percent, to 25,088.40 as investors assessed the implication of the federal budget, which was structurally positive, offering improved earnings visibility through infrastructure-led growth and policy certainty.
Underlying sentiment was also underpinned by falling oil prices in international markets.
Crude oil prices were down more than 5 percent in European trade after U.S. President Donald Trump said he was hopeful of agreeing a deal with Iran.
The BSE mid-cap and small-cap indexes gained 0.9 percent and 0.3 percent, respectively.
The market breadth was weak on the BSE, with 2,217 shares falling while 2,041 shares rose and 170 shares closed unchanged.
Among the top gainers, Larsen & Toubro, Mahindra & Mahindra, Reliance Industries, BEL, Adani Ports and Power Grid Corp rallied 3-8 percent.
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