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Budget magic vanishes; Nifty closes at 5,331


Budget magic vanishes; Nifty ends at 5,331
Mumbai, Feb 28: Following the Union Budget 2011, indices gained power from the very begining of today's trade but the budget magic slowly vanished towards the end of the trading session.

The 30-share BSE Sensex was trading at 17,824, up 124 points and the 50-share NSE Nifty gained 18 points at 5,331.


Tata Motors, IDFC, ITC and ICICI Bank, who among the top gainers, were at 5.34 percent, 5.10 percent, 3.75 percent and 3.67 percent up respectively.

Reliance Comm, Reliance Infra, Mah and Mah and Hindalco, who among the top losers, were at 5.31 percent, 4.25 percent, 3.38 percent and 2.56 percent down respectively.
4:32 PM

Budget effects on Sensex; gains 500 pts

After Finance Minister Pranab Mukherjee's Union Budget speech in Lok Sabha, BSE Sensex gained more than 500 points during the afternoon trade.

At 2:39 pm, the 30-share BSE Sensex was trading at 18,023, up 322 points and the 50-share NSE Nifty rose 92 points to 5,396. The broader indices gained one percent.

All sectoral indices were in positive trend. The BSE FMCG Index surged 5 percent. Realty, Capital Goods, Oil & Gas, Bank, IT, Auto, Power and Healthcare indices gained 1-3 percent.
2:47 PM

Sensex gains 62 pts; Budget helps

Following Finance Minister Pranab Mukherjee's Union Budget 2011, Indian markets gained power in the noon trade.

At 1: 02 pm, the Nifty gained 62 points at 5,365 and the Sensex rallied 216 points to 17,917.

Export duty is set at 20 percent for iron ore and basic customs duty on pet coke and gypsum will be reduced to 2.5 percent from 5 percent.

Mr Banerjee stated in the Parliament, "Stainless steel scrap exempted from basic customs duty and cut customs duty on yarn to 5 percent from 7.5 percent. export duty on iron ore pellets withdrawn."
1:15 PM


Markets gain power ahead of Union Budget 2011

Indian markets extended some gains ahead of Union Budget 2011 which will be declared shortly on Monday, Feb 28.

At 10:32 am, the Sensex was trading at 17,841, up 141 points and the Nifty gained 44 points at 5,348. About 889 shares advanced while 280 shares declined on the National Stock Exchange.

Oil & gas, technology, infrastructure, financial, realty and select metal companies' shares were leading the Sensex higher by 100 points.

However, cement and auto companies' shares were on sellers' radar, which limited the gains. Hindalco, Ranbaxy and Reliance Communications too were down.
10:45 AM

OneIndia News

Read more about: sensex nifty
Story first published: Monday, February 28, 2011, 10:47 [IST]
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