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Stocks gain 1% this week on budget hopes

Stocks gain 1% this week on budget hopes
PTI
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First Published: Sat, Jul 04 2009. 05 07 PM IST
Updated: Sat, Jul 04 2009. 05 07 PM IST
Mumbai: The stock markets remained bullish past week as the Bombay Stock Exchange 30-share benchmark, the Sensex, and National Stock Exchange 50-share index, the Nifty, gained 1% each amid high expectations about sops to the industry and economic reforms in the Union Budget 2009-10 to be presented on Monday.
During the week, the Economic Survey has recommended sweeping tax reforms and asked the government to revitalize disinvestment programme and plan to generate at least Rs25,000 crore per year while the Railway Budget 2009-10 left freight raters and passenger fares unchanged with a focus on upgrade of rail infrastructure.
Analysts, however, visualized heavy built up of positions if the government announce industry-friendly budget with its thrust on infrastructure sector and economic reforms to boost growth amid disappointing US jobs data indicating to obstacles in any economic revival.
In the week ended 3 July, the Sensex fluctuated widely between 14,955.55 and 14,355.52 before ending the week at 14,913.05, netting a rise of 148.41 points or 1.01% over last weekend’s close.
Similarly, the NSE Nifty gained 48.75 points or 1.11% to conclude the week at 4,424.25 from its previous weekend’s close.
A hike in petrol and diesel prices and lower global crude prices helped oil PSUs surge strongly over the week.
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First Published: Sat, Jul 04 2009. 05 07 PM IST
More Topics: Sensex | Nifty | Budget 2009 | Stocks | Shares |