Post-Budget rally adds up; Sensex gains 364 points, Nifty regains 7,400-mark

The NSE Nifty regained control of the crucial 7,400-mark and added 106.75 points, or 1.45 percent, at 7,475.60 at the close.

PTI| Updated: Mar 03, 2016, 17:40 PM IST
Post-Budget rally adds up; Sensex gains 364 points, Nifty regains 7,400-mark

Mumbai: The post-Budget feel-good factor remained intact for the third straight day Thursday as the benchmark Sensex pushed up 364 points to end at nearly a one-month high of 24,607, fuelled by sustained buying amid positive global leads.

Most Asian markets closed higher, tracking overnight gains in the US on upbeat jobs data and strength in commodities, which gave investors a lot to cheer for.

Major European indices stayed in the positive zone too.

The broader NSE Nifty retook the 7,400-mark today.

 

Finance Minister Arun Jaitley has chosen to maintain fiscal discipline in the Budget by limiting deficit target to 3.5 percent of GDP for 2016-17.

Buying accelerated on expectations that RBI would reciprocate with a rate cut sooner than later after a private survey showed services sector activity fell to a 3-month low amid subdued growth in new orders.

Data showed that foreign institutional investors, who had been major sellers for several sessions, net bought shares worth Rs 1,437.50 crore in yesterday's trade, adding to the level of optimism.

The 30-share Sensex ended the session at 24,606.99, its highest closing since February 8, up 364.01 points, or 1.50 percent.
The gauge had gained 1,241 points in the previous two sessions after the presentation of the Budget 2016-17.

The NSE Nifty regained control of the crucial 7,400-mark and added 106.75 points, or 1.45 percent, at 7,475.60 at the close.
The rupee appreciated for the fifth straight day to trade at a fresh seven-week high of 67.28 (intra-day) against the dollar, keeping mood upbeat.

All barring four in the 30-share Sensex pack advanced.

Tata Steel led the charge by surging 7.17 percent to Rs 286.30 while Tata Motors zoomed 6.10 percent to Rs 336.35.

L&T, BHEL, Dr Reddy's, GAIL, Adani Ports, TCS, Axis Bank and Sun Pharma too supported the upmove.

ICICI Bank, ITC, NTPC and Maruti Suzuki, however, lost.

BSE capital jumped the most (up 4.12 percent) followed by metal (4.05 percent), auto (2.08 percent), infrastructure (1.97 percent), healthcare (1.69 percent) and oil and gas (1.54 percent).

Broader markets were in the green too, with the small-cap index rising 1.35 percent and mid-cap 0.58 percent.