Sensex soars 550 points mid-session

February 28, 2011 03:05 pm | Updated November 17, 2021 03:39 am IST - Mumbai

Cheering Budget proposals enhancing FII limits and slashing the surcharge on corporate tax, the Bombay Stock Exchange benchmark Sensex was trading over 550 points higher at mid-session today.

The Sensex kept rising after the Budget was tabled in parliament, gaining 550.23 points to 18,251.14 on fund buying triggered by budgetary proposals to hike FII limits and reduce surcharge on corporate tax, as well as the emphasis on containing inflation and spurring economic growth.

The broad-based national Stock Exchange’ Nifty also saw an upswing and shot up by 126.70 points to 5,430.25 following widespread gains in stock prices.

“The cut in surcharge on corporate tax and proposals to keep up the tempo of disinvestment process, besides raising income tax limit, cheered the trading sentiment,” said chartered accountant Tarun Malik of TCM Associates.

He said a moderate hike in MAT will hardly have any impact on the market.

A Delhi-based BSE broker, Rajiv Malik, said the proposal to issue bonds worth Rs 30,000 crore would bring more liquidity into the equity markets.

Furthermore, a reduction in the qualifying age for senior citizens to 60 years from 65 years earlier and a hike in the their tax exemption limit from 2.4 lakh to 2.5 lakh was a double benefit, said senior investor Ratnesh Gupta.

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