India shares jump after the federal government unveils budget
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Gulf Today Report
Indian shares gained on Tuesday following the jump in finance and infra stocks.
The benchmark S&P BSE Sensex was up 2.17% at 49,656.93 by 04:57 GMT after rising as much as 3.2% to 50,154.48. The NSE Nifty 50 index climbed 2.1% to 14,581.10.
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AK Prabhakar, head of research at IDBI Capital in Mumbai said "it is a reaction to the budget as well as short-covering. This will be there for a few days and we should be cautious at the current level."
In its federal budget, India boosted healthcare spending by 135%, lifted caps on foreign investment in its vast insurance market, and increased capital expenditure for 2021/2022 by 35%.
