Markets extend gains

The markets have extended their gains as the Finance Minister, Pranab Mukherjee unveils his Budget vision. The Sensex is now quoting at 16484, higher by 228 points and the Nifty is at 4934, up 74 points. Auto, energy and metal sectors are trading firm on the BSE.

After dwelling on the larger picture in the initial part of his Budget speech, the Finance minister has got down to the nitty-gritty. The FM has reaffirmed his commitment to GST and fiscal consolidation. He has promised to focus on improving food security and healthcare. And there have been a slew of announcements ranging from allocation of Rs 3,675 crore for primary education in the rural areas and Rs 137,000 crore for the social sector. And he has set a  divestment target of Rs 25,000 crore in FY10.

M&M, Tata Motors and Hero Honda have gained between 1% and 2% each. And in the auto-ancillaries space, Bharat Forge and Exide Industries are trading firm.

And in the metals space, Tata Steel and Sail have added around a per cent each.

The markets breadth remains firm. Out of 2619 stocks traded on the BSE, there were 1575 advancing stocks as against 955 declines.
 

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(Updated at 1120am)

The Finance minister Pranab Mukherjee has got going. And the markets continue to play the waiting game. The Sensex is quoting at 16324, higher by 70 points and the Nifty is at 4879, up 19 points.

Energy, metal and metal sectors continue to be in the limelight. The 

To begin with, he outlined his vision for a modern and economically strong India. He expressed faith in the strength of the Indian economy and stressed on harnessing economic progress to make growth more inclusive. He also expressed optimism on achieving a growth rate of 9% and even double digit numbers in the not-too-distant future. The resilience of the domestic economy to the global slowdown also came in for special mention. Amid all the feel-good talk, the FM did not shy away from expressing his concern on the spiralling food inflation.

Among the leading gainers on the Sensex, GAIL and BPCL have strengthened by 2.6% each at Rs 409 and Rs 581 respectively, while Hindalco has added 2.3% at Rs 157.

On the loser's side, Ranbaxy has weakened by 5.3% at Rs 429, while Tata Power has shed 3.9% at Rs 1219 and HCL Tech has lost 0.9% at Rs 364.

The market breadth is positive. Out of 2513 stocks traded on the BSE, there are 1469 advancing stocks as against 969 declines.