The stock markets on Friday cheered the Budget proposals by Finance Minister Pranab Mukherjee and surged 420 points on the BSE index but could not sustain the momentum due to profit-booking and closed the day just 175 points over the previous level.

Analysts could not specify any specific reason for the slide from the day’s high of 16,669 points to 16,429.

The 30-issue benchmark finally settled the day at 175.35 points at 16,429. 55, up 1.08 per cent, with all the sectoral indices barring FMCG and IT closed in the green.

The wide-based National Stock Exchange index Nifty 50 rose by 62. 55 points to 4,922. 30, after touching the day’s high of 4. 992.It dipped to 4,858.45 points during the session.

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