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Markets extend gains, Sensex jumps 156 pts after rail budget

Markets extend gains, Sensex jumps 156 pts after rail budget
PTI
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First Published: Tue, Feb 26 2008. 06 31 PM IST
Updated: Tue, Feb 26 2008. 06 31 PM IST
Mumbai: Investors gave a thumbs-up to the Railway Budget proposals, which among other things include a cut in freight rates, as the markets extended their gains for the second day today.
The 30-share benchmark Sensex on the Bombay Stock Exchange settled the day at 17,806.19 points, a net rise of 155.62 points, or 0.88%, over its previous close.
Anil Ambani-promoted Reliance Energy posted a smart gain of 4.59% on news that the company’s board meeting on 5 March will consider buyback of its equity shares.
Marketmen said the Rail Budget 2008-09 seems to have lifted the investor sentiments further as the proposals provide across-the-board concessions in the fares and freight rates with a thrust on modernization of rail infrastructure.
They said the budget has further ballooned the expectations of large scale concessions in the Union Budget, which is to be presented on 29 February.
The government’s clarification on lending and borrowing of securities under the securities lending and borrowing scheme, has given hopes of some tax sops, mainly related to corporate tax, for the capital markets, marketmen added.
The BSE barometer settled the day at 17,806.19, a net rise of 155.62 points, or 0.88%, over its previous close. The key index had touched the day’s low of 17,678.74 during afternoon trade.
Analysts termed it as a technical bounce and attributed it to approaching expiry of Futures contract and finance minister P Chidambaram’s last budget.
At 1030 hrs
Mumbai: The Bombay Stock Exchange benchmark Sensex wiped off part of its early gains today and was quoted 131 points up at 1030 hours, ahead of the expiry of February contract in derivatives on Thursday.
The BSE barometer was quoted at 17,781.65 at 1030 hrs, up 131.08 points over previous close of 17,650.57. It had gained 148.99 to trade at 17,799.56 points in the first five minutes of trading.
The broader S&P CNX Nifty of the National Stock Exchange also advanced by 50.50 points to 5,251.20 at 1030 hrs from last close of 5,200.70.
The market sentiment was boosted by firm trend in Asian equity after American stocks rallied smartly yesterday.
The Dow Jones Industrial Average gained 189.20 points or 1.53 per cent and the Nasdaq Composite Index spurted by 24.13 points or 1.05 per cent.
Asian indices were moderately up in morning trade.
Attributing the rally to approaching end of derivatives series and the Union Budget at the week-end, marketmen said the budget proposals are expected to be encouraging for investors as well as the general public.
Opening Bell
Mumbai: The Bombay Stock Exchange benchmark Sensex gained 149 points in early trade Tuesday on sustained buying in stocks led by those of cement manufacturing firms.
The 30-share index, which gained over 300 points in previous day’s trading, added another 148.99 at 17,799.56 points in the first five minutes of trading.
Wide-based C&X Nifty of the National Stock Exchange index rose 23.60 points to 5,254.30 as most of index-related stock made noteable gains.
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First Published: Tue, Feb 26 2008. 06 31 PM IST