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Markets rally for third day in a row
Stock markets continued their forward march for third consecutive day on Thursday as the post-Budget feel-good factor remained intact. The benchmark Sensex pushed up 364 points to end at nearly a one-month high of 24,607, fuelled by sustained buying amid positive global leads. The broader NSE Nifty retook the 7,400 - mark.
Sensex rises by 364 points as post-Budget buoyancy continues
Mumbai: Stock markets continued their forward march for third consecutive day on Thursday as the post-Budget feel-good factor remained intact. The benchmark Sensex pushed up 364 points to end at nearly a one-month high of 24,607, fuelled by sustained buying amid positive global leads. The broader NSE Nifty retook the 7,400 - mark.
Most Asian markets closed higher, tracking overnight gains in the US on upbeat jobs data and strength in commodities, which gave investors a lot to cheer for. Major European indices stayed in the positive zone too. Finance Minister Arun Jaitley has chosen to maintain fiscal discipline in the Budget by limiting deficit target to 3.5 per cent of GDP for 2016-17, a move that sent positive vibes across stock markets.
Buying accelerated on expectations that RBI would reciprocate with a rate cut sooner than later after a private survey showed services sector activity fell to a
3-month low amid subdued growth in new orders. The 30 -share Sensex ended the session at 24,606.99, its highest closing since February 8, up 364.01 points, or 1.50 per cent.
The gauge had gained 1,241 points in the previous two sessions after the presentation of the Budget. The NSE Nifty regained control of the crucial 7,400-mark and added 106.75 points, or 1.45 per cent, at 7,475.60 at the close. Data showed that foreign institutional investors, who had been major sellers for several sessions, net bought shares worth Rs 1,437.50 crore in Wednesday’s trade, adding to the level of optimism.
All barring four in the 30-share Sensex pack advanced. Tata Steel led the charge by surging 7.17 per cent to Rs 286.30 while Tata Motors zoomed 6.10 per cent to Rs 336.35. L&T, BHEL, Dr Reddy’s, GAIL, Adani Ports, TCS, Axis Bank and Sun Pharma too supported the upmove. ICICI Bank, ITC, NTPC and Maruti Suzuki, however, lost.
BSE capital jumped the most (up 4.12 per cent) followed by metal (4.05 per cent), auto (2.08 per cent), infrastructure (1.97 per cent), healthcare (1.69 per cent) and oil and gas (1.54 per cent). Broader markets were in the green too, with the smallcap index rising 1.35 per cent and midcap 0.58 per cent.