Saturday, March 6, 2010

After Budget: Nifty wrapped the week 166 points (3.38%) up

Market applauds Budget


Market closes higher for the fourth week straight on a strong post-budget rally 

Domestic market rode on budget bonanza given by the finance minister like the reduction in surcharge on corporate tax, lower fiscal deficit projection and changed personal tax rates. Data showing a surge in manufacturing and services activity in February and rise in exports for the third consecutive month in January 2010, record sales number posted by automobile firms and continuous buying in metal and realty stocks. The Sensex touched the crucial level of 17000 for the first time since January 21, 2010. Nifty also crossed the significant level of 5000 during the week. At the end of the week the Sensex closed 569 points (3.32%) higher and the Nifty wrapped the week 166 points (3.38%) up.

Budget proposals seem to let bulls free. All the sector indices close in green with metal, realty and auto stocks leading the chart. BSE Metal was up by 7.06% followed by BSE Realty that gained 6.91% and BSE Auto that surged 5.33%. 

In coming weeks, the market may consolidate after a strong post-budget rally. The index of industrial production numbers (IIP) on March 12, 2010 and the movement of global indices will also set the trend.

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The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
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