In the opening session on Wednesday, the Sensex gained nearly 400 points and the Nifty crossed the 17,650-level, a day after the Union Budget suggested more infrastructure expenditure to stimulate economic development and job creation.

The 30-share Sensex was up 416.56 points, or 0.71%, at 59,279.13, while the Nifty was up 117.95 points, or 0.67%, at 17,694.80.

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PowerGrid led the Sensex pack with a rise of more than 2%, followed by ITC, Axis Bank, Kotak Bank, Bajaj Finance, IndusInd Bank, and Bajaj Finserv. On the other hand, Tech Mahindra, Tata Steel, UltraTech Cement, L&T, Sun Pharma and Wipro were in the red.

24 of the 30 Sensex members were trading in the green. The 30-share BSE index concluded the previous session 848.40 points, or 1.46% higher, at 58,862.57. Similarly, the broader NSE Nifty gained 237 points, or 1.37%, to close at 17,576.85.

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Finance Minister Nirmala Sitharaman introduced a larger Rs 39.45 lakh crore Budget on Tuesday, with more investment on highways and affordable housing, with the goal of revving up the economy’s core engines and sustaining a world-beating recovery from the pandemic.

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“India unveiled on Tuesday a bigger budget of 39.45 trillion rupees (USD 529.7 billion) for the coming fiscal year, stepping up investment on highways and affordable housing to put growth on a firmer footing as the economy recovers from the pandemic,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.

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Elsewhere in Asia, the Nikkei 225 was up in mid-session trades. Several Asian markets are closed for the Lunar New Year holiday, including China, Hong Kong, and South Korea. In the overnight session, stock markets in the United States finished higher.

According to provisional statistics, foreign institutional investors continued to be net sellers in the domestic capital market on Tuesday, withdrawing Rs 21.79 crore.

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Meanwhile, Brent crude, the international oil standard, increased 0.19% to USD 89.33 per barrel. Rupee rises 11 paise to 74.71 against US dollar in early trade.