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| Markets jump this week on post-Budget feel |
| SI Reporter / Mumbai Mar 06, 2010, 13:30 IST |
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The Union Budget on last Friday, gave the markets a much-needed boost.
The Nifty touched the 5,000 mark on the first trading day of the week and gained steadily to touch a high of 5,118. The index finally ended the week with a gain of 167 points (3.3%).
The Sensex started the week in green and regained the 17,000 mark on the back of buying in metal and auto stocks. The index touched a high of 17,098, but slipped on latter half of the week as investors booked profits. Global cues were also weak ahead of the European Bank's meeting on major policy decision.
The Sensex finally ended with a gain of 3.4% or 565 points at 16,994.
The BSE midcap and the smallcap indices outperformed the Sensex. The midcap and the small cap indices both gained 5% each while the benchmark BSE index was up 5%.
The metal index soared 7% to 17,560 as metal prices rose in the London Metal Index. Auto sales numbers buoyed the BSE auto index 5.3% to 7,553. The Finance Minister's decision on income taxes also saw the FMCG index jumping 4.5%.
However the IT index remained weak and added only 1% this week. The PSU and oil indices were also marginal gainers.
Tata Motors was the clear show stealer as the stock soared 12% to Rs 711. The company posted robust sales numbers for the month of February. In the process, the stock registered the biggest gain by any Sensex stock in last seven months.
Jaiprakash Associates surged 10.5% to Rs 132. Tata Power jumped 10% to Rs 1,331 on on reports that the company has proposed to increase its coal mining capacity in Indonesia to 75 mt from the current 60 mt.
Tata Steel, Bharti Airtel, Mahindra & Mahindra and DLF also gained 6-8% each. ITC jumped 5.3% to Rs 232 on news of a hike in cigarette prices.
However, PSU stock, ONGC was weak and slipped 2% to Rs 1,117 as doubts remained in the pricing of oil exploration.
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