Sensex up 950 pts, Nifty near 17,600; Budget proposes digital Rupee

LIVE market update: Benchmark indices swung to day's high as Finance Minister Nirmala Sitharaman announced introduction of digital Rupee from FY23 under the guidance of RBI using blockchain technology. The S&P BSE Sensex was up 943 points at 58,956 level while the Nifty50 was at 17,599.

Broader MidCap and SmallCap indices on the BSE were mildly underperforming the frontline indices and were up 0.2 per cent each.

FM Sitharaman said Indian economy in a strong position to withstand global challenges. She has pegged FY23 fiscal deficit at 6.4 per cent of the GDP while FY22 fiscal deficit has been revised to 6.9 per cent from 6.8 per cent Budgeted earlier.

Key highlights of Budget 2022:

• GDP growth in 2021-23 expected to be 9.2%, the highest for any large economy
• Indian economy in a strong position to withstand global challenges
• Promoting fintech and digital economy a focus area for this Budget
• The PLI schemes to boost Atmanirbhar Bharat has received good response, will create 6 million jobs
• LIC IPO expected shortly; NARCL has begun its activities
• 400 new-gen Vande Bharat trains to be built over the next three years
• Gati Shakti master plan for expressways to be made this financial year