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Updated: March 6, 2010 15:49 IST

Budget buzz dominates bourses; Sensex hits 17K, gains 565 pts

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The building of the Bombay Stock Exchange(BSE). File photo
The building of the Bombay Stock Exchange(BSE). File photo

Stocks: The stock markets remained upbeat and ended the week in positive territory after the Budget 2010-11 emphasised infrastructure development and the government’s resolve to reduce fiscal deficit over the next three years.

The BSE benchmark Sensex shot up further by 564.94 points or 3.44 per cent to end at 16,994.49 from 16,429.55 last week.

The Finance Minister has raised personal income tax slabs, which will result in higher disposable incomes in the hands of the people, which would boost consumption and have a positive impact on the market in turn.

However, profit-booking at higher levels towards the end of the week affected the market slightly.

The NSE’s 50-share Nifty also gained 166.40 points or 3.38 per cent and rose to 5,088.70 from last weekend’s level.

The uptrend is expected to continue the next week too on Prime Minister Manmohan Singh’s statement of India ending the current financial year with a healthy GDP growth of 7.2-7.5 per cent, with the hope of achieving 8 per cent next fiscal (FY 2010-11).

Index heavyweight Reliance Industries rose 3.26 per cent as the company said it had no plans to increase its bid for bankrupt chemicals major LyondellBasell Industries.

ICICI Bank rose 3.43 per cent as the leading private lender raised auto loans by 25-50 basis points for different segments.

Other gainers were Tata Motors, up 11.85 per cent, Jaipakash Asso 10.51 per cent, Tata Steel 7.74 per cent, Bharti Airtel 6.91 per cent, M&M 6.80 per cent, DLF 6.52 per cent, ACC 5.03 per cent and ITC 5.38 per cent.

All indices ended in the green on good buying support.

The BSE-Metal index shot up 1,158.74 points or 7.06 per cent, the BSE-Realty rose 223.50 points or 6.91 per cent, the BSE-Auto by 382.21 points or 5.33 per cent and Bankex gained 370.31 points or 3.77 per cent.

Small-cap and Mid-cap indices also shot up by 432.24 or 5.36 per cent, and 337.67 or 5.28 per cent, respectively, due to fresh buying.

Turnover at the BSE and the NSE was at Rs 20,382.79 crore and Rs 60,480.27 crore, respectively, from last weekend’s level Rs 20,055.37 crore and Rs 63,319.96 crore.

Keywords: BSESensexmarketsboursesbudgetmid-cap

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