Share markets in India rose after finance minister Arun Jaitley unveiled a budget with a range of incentives for companies and geared towards boosting infrastructure and developing the rural economy.

At the closing bell, the BSE Sensex stood higher by 486 points, while the NSE Nifty finished up by 155 points. The S&P BSE Mid Cap & the S&P BSE Small Cap finished up by 1.7% respectively. Realty stocks gained the most, followed by auto, FMCG and bank stocks.

In a relief to taxpayers who are bearing the brunt of demonetisation, Finance Minister Arun Jaitley announced a reduction in the tax rate for individuals having income in the Rs 2.5 lakh-Rs 5 lakh bracket to 5% from the current 10%. This will lead to a 50% saving in the income tax if a person is earning up to Rs 5 lakh.

The government also kept the securities transaction tax (STT) and other taxes for the capital markets unchanged.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.56%, while the Hang Seng lost 0.18%. European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 1.03% while London’s FTSE 100 is up 0.95% and Germany’s DAX is up 0.95%.

Extending gains for the sixth straight session, the Rs strengthened by another 24 paise to 67.63 against the US$. Oil prices were trading at US$ 52.93 at the time of writing.

Shares of state-run banks such as SBI, Union Bank of India, Bank of Baroda, Punjab National Bank and Syndicate bank hogged the limelight and climbed by up to 4% as the government announced infusion of Rs 100 billion in public sector banks in the next fiscal.

The Finance Minister also proposed to double the lending target of Pradhan Mantri Mudra Yojana (PMMY) and set it up at Rs 2.44 lakh crore for 2017-18. The government’s plan to recapitalise banks continues, despite the deluge of deposits in public sector banks (PSBs) following demonetisation.