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  • Sensex shoots up 623 pts in post-Budget rally; auto leads

    Published on March 1, 2011

    The Sensex rose by nearly 209 points in opening trade on the Bombay Stock Exchange on Tuesday as investors embarked on a buying spree, cheered up by proposals in the 2011-12 Budget for raising FII investment limits and slashing surcharge on corporate tax.
    In a post-Budget rally, the BSE benchmark Sensex today shot up 623 points-the biggest single day gain in 21 months -to close at 18,446.50, as led by auto stocks funds bought blue-chips at lower levels amid positive global cues.

    As the market turned bullish, all the 30-BSE index scrips as well as the 13 sectoral indices closed with gains.

    Markets also got a boost following reports of higher export growth numbers and strongest expansion in three months in the six core infrastructure sectors during January.

    The Bombay Stock Exchange benchmark Sensex, which gained nearly 200 points in last two trading sessions, recorded a whopping rise of 623.10 points to close at 18,446.50, its biggest single day jump since May, 2009.

    Similarly, the broad-based National Stock Exchange index Nifty spurted by 189.05 points to 5,522.30 following a rise in in stocks of auto, bank, realty and capital goods.

    The rally was led by handsome gains in auto stocks as monthly sales figures poured in, and government’s decision to keep the excise duty unchanged.

    Besides, a firming trend in the Asian region and higher opening in Europe fuelled the market sentiment.

    There was a sharp upsurge in the US markets on hopes of strong economic recovery.

    Marketmen said trading sentiment was bolstered after the budgetary proposals said the country will narrow its deficit to 4.6 per cent of GDP in 2011-2012.

    The auto sector index gained the most by rising 5.64 per cent to 8,718.22, followed by banking index by 4.35 per cent to 12,355.22.

    The realty sector shot up by 4.20 per cent to 2,064.81 and capital goods index by 4.19 per cent to 12,918.87.

    As the buying activity spilled over a wide-front, midcap index rose by 3.20 per cent to 6,577.29 and smallcap index by 2.38 per cent to 8,003.06.