Budget Fever Grips Markets; Sensex Ends 470 Points Higher

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The Sensex and the Nifty ended the day sharply higher ahead of the Union Budget on Saturday with infra and banking stocks powering ahead. The Sensex closed the day with gains of 460 points, while the Nifty ended the day with gains of 160 points, leading the set of gainers from the Nifty were infrastructure stocks like Tata Power and Larsen Toubro, which saw huge gains of 4-5 per cent each on hopes that there would be a boost to the infrastructure sector.

Budget Fever Grips Markets; Sensex Ends 470 Points Higher
Indices
Sensex26,694.28Sensex Quote457.41 [1.74%]
Nifty8,246.85Nifty Quote144.80 [1.79%]
Other stocks that saw a sharp rally in trade were banking stocks including the likes of State Bank of India and ICICI Bank. There were very few losers in trade. ITC ended the day slightly weak on worries that there might be an excise duty hike for cigarettes.

Other winners in trade were Hindalco, NTPC and Maruti. Infrastructure stocks had a solid day in trade led by GMR, which surged a huge 8 per cent, while NCC and Sadhbhav were the other gains in trade. Rolta surged in trade after reports that a Consortium of BEL and Rolta were selected as development agency for over Rs 50,000 crore BMS project by Defence.

Meanwhile, markets across Asia ended the day higher, while most of Europe was trading with gains. Analysts say that a reform oriented Union Budget could spark a sharp rally across the markets.

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