Bad bank, no Covid cess: Why Sensex zoomed 2,300 pts post Budget proposals

The markets gained ground post the Budget speech by Finance Minister Nirmala Sitharaman with the S&P BSE Sensex surging over 2,300 points to settle at 48,601 levels. The Nifty50, on the other hand vaulted over 4 per cent during the day to reclaim 14,200 levels.

The optimism despite higher borrowing and a wider fiscal deficit, analysts say, was on account of the positive measures to revive the Covid-19 hit economy. That said, while the fiscal deficit number and the gross borrowing estimates are a tad higher-than-expected, the money is being put to good use. Besides, foreign portfolio investors (FPIs), too,