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Dalal Street welcomes Arun Jaitley Budget

Tue, Mar 01, 2016, 05:09 PM
A post-budget rally in equities broke out a day late and gave the benchmark Sensex a 777-point lift on Tuesday. All bank stocks gained.

The 30-share index opened the day 300 points higher and then rose steadily to hit an intra-day peak of 23,821 before closing at 23,779. It was the biggest intra-day rally high for the Sensex since January 2015.
The 50-share NIfty index reclaimed the crucial 7200 mark at about 2 pm before hitting a high of 7235, but closed slightly lower at 7222. The rally in the Nifty50 was powered by realty and bank stocks.

The budget blues may have affected the opposition parties, but the stocks welcomed Finance Minister Arun Jaitley's presentation. Simultaneously, Asian markets showing profits also helped.

All the companies that have made some benefit out of the budget proposals also saw their stocks going up.
Trading had in fact to be stopped for those that hit the upper circuit such as Nucleus Soft and Igarasi Motors. Madhukan Projects, Suven Life Sciences and Shakti Pumps have benfited by 19% rise in their stock prices.
Maruti Suzuki stocks went up by 8%. Hero Motors, Tata Motors and MRF stocks rose 5%.
Agency: Ap7am Desk

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