2,315: Single-day gain for the BSE benchmark Sensex on Monday, the day of Finance Minister Nirmala Sitharaman presented Budget 2021.
- The gains on Monday were seen as the equity markets’ appreciation for the Union Budget, which many termed historic for its transparency and focus on growth.
- In percentage terms, the Sensex rose 5 per cent over its previous close.
- The was the best Budget-day performance of the markets since 1999. The only three instances in the past 30 years when single-day gains were better than this time are Yashwant Sinha’s Budget for 1999-2000 (5.1%), P Chidambaram’s Budget for 1997-98 (6.5%), and Manmohan Singh’s Budget for 1992-93 (9.4%)
- The top gainers on the Sensex this Monday were IndusInd Bank, which rose 14.8% over its previous close, ICICI Bank (12.5%), Bajaj Finserv (11.2%), SBI (10.3%) and HDFC (8.6%).
A few links for further reading
Insecure and uncertain in insurance business as Covid-18 damage claims mount
Insurance companies around the world were sailing smoothly, helped by growth in emerging markets and strong capitalisation. Things changed in late February when markets realised that Covid-19’s impact on insurers could be significant. Insurers are yet to know the full impact of the crisis as governments and regulators nudge them to give moratoriums to policyholders and quickly settle claims too. India’s insurance regulator has set strict deadlines for medical insurers to settle Covid-19 claims. General insurers face damage claims from businesses devastated by the national lockdown to contain the disease. Is insurance secured to survive, Joydeep Ghosh explains
There was a time when pay cuts we see today were a complete no-no; govt and public sector jobs were considered safe, as pay and pensions were both assured. Not any longer, it seems, writes T N Ninan
Quick approval, grace period
The COVID-19 pandemic has brought home the significance of health and life insurance like nothing else earlier. Even those who were blasé about these covers in the past are now looking to buy a new policy or want to enhance the sum insured on their existing ones. Meanwhile, the Insurance Regulatory and Development Authority of India (IRDAI) has been issuing a slew of guidelines to health/general and life insurance companies aimed at easing matters for customers.