Key Indian equity indices stage post-budget bull run

After a fall on Budget day, the bull run on Indian stock markets continued for the second straight day on Wednesday, with the mood also lifted by the strong showing in other Asian markets and overnight gains in the US and Europe.

The opening itself was quite strong with the sensitive index (Sensex) of the BSE debuting above the 24,000-point mark at 24,044.96 points, against the previous close at 23,779.35 points. Post-noon, the index was ruling at 24,178.10 points (at 12.31 p.m.) -- up 398.75 points or 1.68 percent.

At the National Stock Exchange, the broader Nifty opened at 7,321.70 points, against the previous close at 7,222.30 points. It was since quoting at 7,356.90 points -- up 134.60 or 1.86 percent.

Analysts said the sentiments were also boosted by signs of a surprise rate cut by the Reserve Bank of India (RBI), given that Finance Minister Arun Jaitley has decided to adhere to meeting the deficit target of 3.9 percent for this fiscal, and lowering it to 3.5 percent for the next.

Sector-wise, the S&P BSE realty index gained 5.10 percent, bankex moved up by 4.27 percent, finance index got augmented by 3.77 percent and basic materials index went up by 2.65 percent.