Sensex rallies 500 points, Nifty reclaims 8,700 as investors cheer Budget

The BSE Midcap and BSE Smallcap indices mirrored the gains in frontline indices

The benchmark indices recovered the lost ground as finance minister Arun Jaitley made no reference to long-term capital gains tax on equities, and also set a comfortable fiscal deficit target of 3.2% for the fiscal year 2017-18. 

After the Budget speech, the S&P BSE Sensex gained over 400 points to reclaim 28,000 level, while Nifty50 surged above its crucial 8,650 mark.

At 3.05 pm BSE Sensex was up 481 points at 28,138 while the broader Nifty 50 index was quoting at 8,716, up 155 points.

In the broader market, the BSE Midcap and BSE Smallcap indices mirrored the gains