Markets welcome Budget; Sensex gains 238 points in week | business | Hindustan Times
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Markets welcome Budget; Sensex gains 238 points in week

The Bombay Stock Exchange (BSE) benchmark Sensex, in a volatile week, shot up 237.92 points to end at 16,429.55, while welcoming Budget 2010-11 for its investor and industry-friendly measures, and lower fiscal deficit projection.

business Updated: Feb 27, 2010 14:01 IST

The Bombay Stock Exchange (BSE) benchmark Sensex, in a volatile week, shot up 237.92 points to end at 16,429.55, while welcoming Budget 2010-11 for its investor and industry-friendly measures, and lower fiscal deficit projection.

Sensex gained 237.92 points or 1.47 per cent to scale 16,429.55 levels over last weekend's level, after touching a high of 16,669.25 during the week.

The National Stock Exchange's (NSE) 50-share Nifty also shot up 77.40 points or 1.60 per cent to 4,922.30 from last weekend's level.

Finance Minister Pranab Mukherjee, presenting the Union Budget 2010-11, on Friday pegged fiscal deficit for the next financial year at 5.5 per cent of gross domestic product (GDP).

He also proposed a reduction in surcharge on corporate tax for domestic companies to 7.5 per cent from 10 per cent.

Disinvestment of public sector units, aimed at garnering Rs 40,000 crore in the new fiscal, also boosted share prices.

Hailing the Budget, the markets ended in the positive territory gaining 175 points on Friday.