Following the unveiling of the Interim Budget 2024-25, the benchmark stock market indices witnessed a robust surge on Friday, propelled by the government’s steadfast commitment to fiscal consolidation.
At approximately 10:27 am, the S&P BSE Sensex soared by 1.08 per cent to reach 72,419.65, while the NSE Nifty50 climbed 1.10 per cent to 21,935.20. Concurrently, broader market indices displayed the upward trajectory, indicating the prevailing optimism on Dalal Street.
Initially, met with moderate response, Finance Minister Nirmala Sitharaman’s budget presentation garnered favour among long-term investors for maintaining a course of fiscal prudence.
Of notable significance is the government’s projection to reduce the fiscal deficit to 5.1 per cent in FY25, a move that resonated positively with market participants.
Leading the gains on the Nifty50 were Power Grid, BPCL, Adani Ports, Hero MotoCorp, and Infosys, while Eicher Motors, HDFC Life, HUL, Titan, and Axis Bank registered as top losers.
However, amidst the market euphoria, One 97 Communications, the parent entity of digital payments behemoth Paytm, experienced a staggering downturn, plummeting by 20 per cent for the second consecutive day, triggering the exchange-mandated lower circuit.
This precipitous decline follows the Reserve Bank of India’s directive instructing Paytm Payments Bank to halt the acceptance of fresh deposits into its accounts or digital wallets effective from March.
Expressing gratitude to app users for their unwavering support, however, Paytm founder and CEO Vijay Shekhar Sharma clarified in a post on X, “To every Paytmer, your favourite app is working, will keep working beyond 29 February as usual… For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance.”
