Equity benchmarks soared on Monday afternoon after Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22.

During the last trading hours, Sensex was trading at 48,555.42, higher by 2,269.65 points or 4.90 per cent, pushing banking stocks in an upward direction with IndusInd Bank was the top gainer, trading 13 per cent higher.

Similarly, the Nifty50 was trading at 13,826.45, higher by 191.85 points or 1.41 per cent from its previous close.

Other gainers on the Sensex pack included ICIC Bank, Bajaj Finserv, SBI and HDFC, trading between 12per cent to 9 per cent.

On another hand, Dr Reddy’s Labs, Tech Mahindra and HUL were only three stocks to trade in negative.

On the broader market, the SmallCap was trading in green at 18,354.64, up by 366.44 points or 2.04 per cent while the MidCap was trading 535.74 points or 2.96 per cent higher at 18,617.97.

The government in the budget also announced to establish a “bad bank” for management and monetisation of stressed assets.

Giving a major push to infrastructure development in the backdrop of the Covid pandemic, the Finance Minister announced to set up a Development Finance Institution (DFI) with a capital of Rs 20,000 crore.

To provide ease of compliance, Budget 2021 has also proposed to make a dividend payment to REIT/ InvIT exempt from Tax Deduction at Source (TDS).

Sitharaman announced that the government will launch a Securities Market Code in a bid to streamline the securities market. The Code will include SEBI Act, Govt Securities Act and Depositories Act. All these Acts will be amended for the Code.