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The S&P/ASX 200 index closed 0.5 per cent higher at 7,006, helped by gains in banking and gold stocks. It fell about 6.4 per cent in January, marking its biggest monthly drop since March 2020.

“Expecting a repeat of 2020-2021 in the market is probably a bit too optimistic as of the current moment.”

The pan-European STOXX 600 rose 1.2 per cent after marking its worst month since October 2020 in January. Financial stocks and miners led the gains.

Traders who were expecting the government to comfortably meet the Budgeted fiscal deficit target of 6.8 per cent of GDP for the current financial year on the back of higher revenues were in for a rude shock as the Centre chose to increase the target to 6.9 per cent of GDP.

Axis Securities expected raising of either excise duty or NCCD (national calamity contingent duty) on cigarettes and tobacco products, which would have been negative for companies such as ITC, VST Industries and Godfrey Phillips.

The stock quoted a 52-week high price of Rs 1063.75 and a 52-week low of Rs 590.25.

Zen Technologies hit the 5 per cent upper circuit limit at Rs 209.85. Mazagon Dock Shipbuilders advanced 2.2 per cent to Rs 276.70.

The proceeds from the green bonds will be utilised in PSU projects to lower carbon intensivity, FM said

“The Budget is very macro picture, growth-led and high on capital expenditure, infrastructure spending, railways.”

​​The market has a history of trading in a wide range on Budget days. This has been true for the last couple of years.