Sensex up 120 points as post-budget rally continues
The Bombay Stock Exchange benchmark Sensex shot up by 120 points, or 0.70 per cent, in the opening trading today on steady inflow of capital by foreign funds, prompted by the growth oriented Budget.business Updated: Mar 03, 2010 11:44 IST
The Bombay Stock Exchange benchmark Sensex shot up by 120 points, or 0.70 per cent, in the opening trading today on steady inflow of capital by foreign funds, prompted by the growth oriented Budget.
Growth in exports for the third straight month in January at 11.5 per cent also gave a boost to the market.
The 30-share index, which rallied by nearly 520 points in the past two sessions, rose by another 119.29 points, or 0.70 per cent to 16,891.85 points in the opening trade with metal, oil & gas, auto and banking sectors leading the surge.
The wide-based National Stock Exchange index Nifty also moved up by 35.55 points, or 0.70 per cent to 5,052.55 points at the same time.
Stock brokers said changes in the income tax slabs and cut in surcharge on corporate tax in the Budget have boosted market sentiments leading to widespread buying by foreign funds.
Among the gainers Reliance Industries rose by 2.21 per cent to Rs 1,005.30, Infosys Technologies by 0.44 per cent to Rs 2,652, Tata Steel by 0.76 per cent to Rs 613.75 and Sterlite Industries by 0.40 per cent to Rs 812.60.
In the auto segment, Tata Motors gathered another 0.99 per cent to Rs 805, while Hero Honda gained 0.23 per cent to Rs 1,801.30 on the back of strong sales in February.