The Bombay Stock Exchange barometer Sensex managed to close in the positive zone for the second day today in a row, inching up 49 points, after trading in a narrow range throughout the day as investors preferred to play it safe before the Budget.
While weak Asian advices had the major indices opening down, reports that Dubai World has come to a repayment plan boosted the markets across the continent, boosting Dalal Street to some extent. Global markets are awaiting US Fed chairman’s statement tonight on policy rates.
Marketmen said both the funds and retail investors are not betting big as they await expiry of the February contracts on Thursday and some guidance from the Budget on Friday.
The 30-share Sensex moved in a narrow range of 16,324.93 an 16,178.91 before concluding the day at 16,286.32, a net rise of 49.27 points or 0.30 per cent. On poor Asian cues the index had a 58—points gap-down opening.
Realty counters were at the forefront on expectations of some positive measures in the Budget while metals continued to attract good buying support following the rising prices on the London Metal Exchange.
However, the auto segment suffered a sharp setback on heavy selling fearing a hike in excise duty in the Budget.
On overseas front, Asia ended higher barring Japan and China, and European indices edged up half a percentage in their morning trade. The CAC was up by 0.43 per cent, the DAX by 0.30 per cent and the FTSE by 0.53 per cent.
