Stock market erodes all gains post Budget speech, recovers afterwards

The stock market eroded all of its gains in Tuesday's trade post Finance Minister Nirmala Sitharaman's Budget speech before a recovery kicked in. At 2pm, the 30-share Sensex was trading 621.07 points or 1.07 per cent higher at 58,856.24, and the broader Nifty rose 160 points or 0.93 per cent to 17,500.35.

Sun Pharma was the top gainer in the Sensex pack, rising 5.30 per cent, followed by IndusInd Bank, ICICI Bank, Tata Steel, HDFC, Infosys, Axis Bank and Infosys. Among the 30 Sensex constituents, 27 scrips were trading in the green. Bharti Airtel, Dr Reddy's and and State Bank of India were the laggards.

In the previous session, the 30-share BSE index finished 813.94 points or 1.42 per cent higher at 58,014.17. Similarly, the broader NSE Nifty rallied 237.90 points or 1.39 per cent to end at 17,339.85. Sitharaman said sharp rebound in the economy was reflected in 2021-22, and growth is expected at 9.2 per cent. Speed in coverage of vaccination has helped in economic recovery, she noted.