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Sensex rises by 1.5% on interim budget expectations

Sensex rises by 1.5% on interim budget expectations
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First Published: Fri, Feb 13 2009. 10 25 AM IST
Updated: Fri, Feb 13 2009. 10 25 AM IST
Mumbai: The benchmark Sensex rose by over 146 points in the opening trade on Friday on buying by foreign funds ahead of an interim Railways budget.
The Bombay Stock Exchange barometer gained 146.83 points at 9,612.66 points with the steel, cement, realty and banking stocks leading the recovery. The 30-share index had lost 152.71 points in the previous session.
The broader National Stock Exchange Nifty soared by 46.35 points to 2,939.40.
Marketmen said buying activity emerged on expectations of a cut in freight rates in an interim railway budget, due at 11am today. They said major players were seen enlarging their positions ahead of interim Budget on Monday, which may unveil a stimulus plan to revive economy.
Firming trends on the other Asian stock markets also influenced the trading sentiments on the domestic markets.
Among major gainers, Tata Steel was up 2.10% at Rs189.35, while copper manufacturer Sterlite Industries shares gained 1.80% at Rs273.80.
Cement major ACC rose by 2.15% to Rs561 while Grasim Industries moved up by 1.86% to Rs1,374.25.
BSE bellwether Reliance Industries surged by 1.69% to Rs1,374.50, Reliance Infra by 2.64% at Rs564.50, RCom by 1.42% at Rs174.90, State Bank of India by 1.58% at Rs1,177.80, ICICI Bank by 2.54% at Rs432 and HDFC Bank by 1.64% at Rs947.
Buying activity was also seen in mid- and small-cap company stocks.
Meanwhile, Hong Kong’s Hang Seng index gained 2.01%, while Japan’s Nikkei advanced by 1.87% in early trade.
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First Published: Fri, Feb 13 2009. 10 25 AM IST
More Topics: India | Stocks | NSE | BSE | Sensex |