Equity markets surged in Wednesday’s afternoon trading, a day after the Centre announced the Union Budget for the fiscal year 2022-’23.

At 1 pm, the 30-share BSE Sensex was at 59,496.50, up by 633.9 points, or 1.08%, from the previous close mark. The broader 50-share NSE Nifty also rose 184.70 points (1.05%) to 17,761.55.

Shares of Bajaj Finserv Limited, IndusInd Bank, HCL Technologies, Kotak Bank, Axis Bank, Wipro and ITC made the biggest gains on the BSE all with gains in the range of 2% to 5%. Meanwhile, Reliance, Tech Mahindra, Bharti Airtel, NTPC, Tata Steel and Maruti made losses.

All sectoral sub-indices were making gains in afternoon trade. The Nifty Bank and Nifty Media sub-indices had gained close to 2% each.

Markets director of financial services firm Arihant Capital, Anita Gandhi told Reuters that that the capital expenditure-driven budget would drive credit growth in the Indian economy. On Tuesday, Finance Minister Nirmala Sitharaman had announced that the government’s capital expenditure in the financial year 2022-’23 would go up by more than 35%.

“We may see benefits for the banking sector, which was a laggard,” Gandhi said. “The only concern is from rising yields, both globally and domestically. We will also have to see how foreign investor numbers stack up from now on.”