Nifty logs new closing peak,Sensex gains 97pts on Budget cheer

The benchmark Sensex today rose for the third straight session, gaining 97.64 points to end at 29,459.14 and the Nifty index increased 54.90 points to new closing peak of 8,956.75 as investors cheered growth-oriented proposals in the Union Budget.
Capital goods, healthcare, financials and power stocks led the buying list. Foreign investors poured funds on the back of positive economic momentum and the improvement in global macro outlook, said analysts. Investors focused on Budget measures for infrastructure sector, deferral of GAAR and roadmap for lower corporate taxes, they added.
The BSE Sensex resumed firm at 29,533.42 and fluctuated between a high of 29,576.32 and a low of 29,259.77 before concluding at 29,459.14 -- a smart rise of 97.64 points or 0.33 per cent, over its previous close. It has risen by over 700 points in three successive sessions.

The 50-share Nifty also rose by 54.90, or 0.62 per cent to end at new closing peak of 8,956.75. 75. This surpasses its previous record closing of 8,952.35 reached on January 29.
"Sentiments were upbeat in response to announcement made by the Finance Minister in his Union Budget speech and it was reflecting in stocks," said Religare Securities, President-retail distribution, Jayant Manglik.
Brokers said some selling occurred in FMCG shares led by ITC. Most auto counters fell on weak monthly sales data. IT and metal scrips saw profit-booking.

Besides, sentiments did dip momentarily after an HSBC survey showed manufacturing growth slipped to 5-month low in February. However, riding high on Budget support, key frontline and midcap cement stocks attracted buying interest.

Shares of state-run oil firms witnessed strong momentum after the hike in fuel prices hike over the weekend.
Elsewhere in the region, equities displayed a mixed trend with key indices in Singapore, Hongkong, and Japan finished in positive terrain, while Taiwan ended marginally lower.