Sensex surges over 350 pts on direct tax sops

The Bombay Stock Exchange benchmark Sensex surged over 350 points within a minute of direct tax sops, including income tax concessions, proposed by Finance Minister Pranab Mukherjee in Budget 2010-11, while taking in its stride the partial withdrawal of stimulus measures.

The Bombay Stock Exchange benchmark Sensex surged over 350 points within a minute of direct tax sops, including income tax concessions, proposed by Finance Minister Pranab Mukherjee in Budget 2010-11, while taking in its stride the partial withdrawal of stimulus measures.

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The 30-share Sensex jumped and remained up in a range of 300 points from the minute Mukherjee touched upon the tax proposals.

The BSE index was 350 points crossing 16,600.

Led by market leader Reliance Industries, PSU bank State Bank of India and Hindalco, the barometer index saw an upswing as investor confidence was back that the government will not borrow much from the market.