Mkts rise to 3-wk high on budget expectations, rate cut hopes

Indian markets today rose to nearly three-week highs with the benchmark Sensex jumping 184.38 points to end at 29,320.36 and the Nifty index gaining 59.75 points to close at 8,869.10 on hopes of growth-oriented Budget and firming expectations of rate cuts after inflation slowed.
Besides, global cues were positive as Asian and European stocks ended higher amid speculation Greece will resolve its standoff with creditors, said equity brokers.
The BSE Sensex resumed higher at 29,136.07 and shot up further to 29,411.32 before closing at 29,320.26, showing a gain of 184.38 points or 0.63 per cent. This its highest since closing at 29,681.77 on January 29, 2015.

In six days, the BSE blue-chip index has gained 1,092.84 points, or 3.87 per cent.
"Falling crude prices and relief amidst tensions over Greek economy, mixed sentiments amongst domestic market players due to constant flow of news and events related to Union budget kept markets in a bullish tone," said Bonanza Portfolio, Senior Vice President, Rakesh Goyal.
Major Sensex gainers were HDFC (2.96 per cent), Tata Power (2.50 per cent), TCS (1.88 per cent), Tata Motors (1.59 per cent), M&M (1.52 per cent), NTPC (1.32 per cent), ICICI Bank (1.23 per cent) and Wipro (1.09 per cent). As many as 20 of 30 Sensex constituents rose.

However, Hero Motocorp dropped by 5.09 per cent after Hero Group sold 70 lakh equity shares for over Rs 1,800 crore. Sesa Sterlite (3.19 per cent), Bharti Airtel (2.43 per cent) and ONGC (2.32 per cent) were among the major laggards today.

Meanwhile, the 50-share NSE Nifty also rallied further by 59.75 points or 0.68 per cent to close at 8,869.10.
In the broader market, defence shares like BEL, BEML, Pipavav Defence rose after Prime Minister Narendra Modi promised steps to boost domestic defence industry.
Globally, European stocks edged higher in their early trade amid hopes Greece can secure a deal with its creditors. Indices in the UK, France and Germany were up 0.13-0.86 per cent. Asian stocks ended higher tracking gains in the US as fears eased over Greece leaving the eurozone. Benchmark indices in Hong Kong, Indonesia, Japan and Singapore were up 0.19-1.18 per cent.