Bombay Stock Exchange (BSE) Sensex jumped 500 points following finance minister's announcement to increase income tax exemption limit to Rs 5 lakh, reports BloombergQuint.
While the Sensex Index increased by 0.9 per cent to 36,600 points, NSE (National Stock Exchange) rose by 0.97 per cent to end at 10,937.05 as of 12:55 a.m.
There was increased buying activity in the auto, FMCG, realty and pharma stocks. Blue-chip companies like HDFC, HDFC Bank, Maruti and Reliance Industries were the biggest gainers.
It should be noted this rally in stocks was despite the downward revision of fiscal deficit to 3.4 per cent instead of the 3.3 per cent announced in the last budget.
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