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Following a budget boost, Sensex and Nifty rise strongly; Paytm hits a lower circuit

<p>Benchmark equity indices experienced a significant surge on the preceding Friday, as the government steadfastly adhered to its commitment to achieve fiscal consolidation goals outlined in the Interim Budget for the fiscal year 2024-25.</p>
<p><img decoding=”async” class=”alignnone wp-image-383674″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-following-a-budget-boost-sensex-and-nifty-rise-strongly-paytm-hits-a-lower-circuit.jpg” alt=”theindiaprint.com following a budget boost sensex and nifty rise strongly paytm hits a lower circuit” width=”1079″ height=”607″ title=”Following a budget boost, Sensex and Nifty rise strongly; Paytm hits a lower circuit 9″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-following-a-budget-boost-sensex-and-nifty-rise-strongly-paytm-hits-a-lower-circuit.jpg 690w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-following-a-budget-boost-sensex-and-nifty-rise-strongly-paytm-hits-a-lower-circuit-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-following-a-budget-boost-sensex-and-nifty-rise-strongly-paytm-hits-a-lower-circuit-150×84.jpg 150w” sizes=”(max-width: 1079px) 100vw, 1079px” /></p>
<p>Around 10:27 am, the S&P BSE Sensex witnessed a commendable ascent of 1.08 per cent, reaching 72,419.65, while the NSE Nifty50 mirrored this upward trajectory with a gain of 1.10 per cent, reaching 21,935.20. Concurrently, broader market indices followed suit, aligning with the optimistic atmosphere prevailing on Dalal Street.</p>
<p>Although investors on Dalal Street initially displayed tepid reactions to Finance Minister Nirmala Sitharaman’s budgetary presentation on Thursday, those with a long-term perspective embraced her resolve to adhere to the course of fiscal consolidation.</p>
<p>It is noteworthy that the government has set forth an ambitious target of reducing the fiscal deficit to 5.1 per cent in FY25.</p>
<p>Among the top performers on the Nift50 were Power Grid, BPCL, Adani Ports, Hero MotoCorp, and Infosys. Conversely, Eicher Motors, HDFC Life, HUL, Titan, and Axis Bank found themselves among the leading decliners.</p>
<p>However, One 97 Communications, the parent entity of the digital payments giant Paytm, witnessed a consecutive 20 per cent decline on Friday, following a similar downturn in the preceding session, reaching the exchange-mandated lower limit for the second consecutive day.</p>
<p>This decline ensued after the Reserve Bank of India directed Paytm Payments Bank to cease the acceptance of fresh deposits in its accounts or digital wallets from March.</p>

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