On Tuesday, frontline indices swung back and forth in trade as investors applauded the pro-growth Budget 2022. Nirmala Sitharaman, the Finance Minister, introduced a Budget on Tuesday that tries to stimulate growth in the face of continuous disruption from Covid-19 and growing prices.

The BSE Sensex began the day with a positive gap and extended its rise following the Budget announcements, reaching a high of 59,032. This was over a thousand points higher than the previous day's close. Profit-booking, on the other hand, pulled the index down 1,294 points to a low of 57,738. However, bulls were aided by favourable global cues and the long-term benefits of the Budget, as the index rose 848 points to close at 58,863 levels. The Nifty50 on the NSE followed a similar path, soaring 367 points intra-day to a high of 17,622 and a low of 17,244. It eventually closed up 237 points at 17,577.

As the Budget statement stayed silent on PSB privatisation, the Nifty PSU Bank index closed in the red, down 0.6 percent. The Nifty Auto index, which closed 0.7 percent lower today, was another loser on the stock exchanges.

On the bright side, the Nifty Metal index rose by over 5% as the government announced Rs 7.5 trillion in capital expenditure estimates for the fiscal year 22-23. In addition, the government recommended a one-year extension of the customs duty exemption on steel scrap.

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