Budget 2017: Sensex surges 300 points, Nifty reclaims 8,600

Nifty PSU Banks gained 0.8% led by PNB, Bank of Baroda, Union Bank of India and SBI

Benchmark indices gained as Finance Minister Arun Jaitley tabled the Union Budget for the year 2017-18.

Investors were optimistic as FM made no reference to long term or short term capital gains tax on equities. Fiscal deficit target was announced at 3.2% of GDP for FY18. 
  
At 1:06 pm, the S&P BSE Sensex was trading at 27,947, up 291 points, while the broader Nifty50 was ruling at 8,621, up 60 points.
 
In the broader market, BSE Midcap and BSE Smallcap indices gained 0.6% each.

Sectors and Stocks

Nifty PSU Banks gained 0.8% led by PNB,