Tax sops, Capex push, Adani rout: Why Sensex swayed 2,000pts on Budget day?

Budget 2023: Analysts said the Budget push in the capital expenditure (capex) outlays across sectors and the income tax relief have been the top boosters to support the domestic economy

The growth-oriented and consumer-friendly proposals announced in the Budget 2023-24 bolstered spirits of Dalal Street investors on Wednesday sending the BSE Sensex 1,223 points higher to its intra-day high. Though this was soon followed by a sudden slump led by losses in Adani group shares and PSU banks. 

The BSE Sensex moved 1,956 points between the highest and lowest points of the day. It tanked 733 points to the day's low. Finally, the index recovered to close 158 points higher at 59,708. The NSE Nifty ended 46 points lower at 17,616.  

Adani Enterprises and Adani Ports sank 27 per