Markets back in working, somewhat happy, mode: FM Sitharaman

TIL Desk/Business/New Delhi/ Rebutting charges that country”s stock markets had crashed due to the Union Budget on Saturday, Finance Minister Nirmala Sitharaman on Monday said that investors were back in work mode on Monday and that key indices made gains.

Replying to a question asked at a post-Budget event at Ficci, she said that on Monday markets were not exuberant but happy somewhat. Similar questions were asked of her on Budget day — February 1 — which was a Saturday.

That day, both the NSE Nifty50 and S&P BSE Sensex had crashed drastically. However, on Monday, the Sensex closed at 39,872.31, higher by 136.78 points and the Nifty gained 62 points to settle at 11,724.05. Nifty PSU Bank index lost 2.46 per cent, the most among the sectoral indices.

Nevertheless, analysts cited a rebound in Manufacturing PMI index which rose from 52.7 in December to 55.3 in January, its highest level in just under eight years, as a key reason for the market”s rise.