<p> The decision to formally introduce the constitutional amendment for GST, no increase in excise duty, allowing foreign investors to directly invest in mutual funds, rise in investment limit for foreign funds in corporate bonds, bringing down fiscal deficit boosted sentiments.<br /><br />The industry welcomed the budget terming it as “positive” and “growth-oriented.”<br /><br />The BSE benchmark Sensex recorded its highest point-wise gain after 21 months, surging over 623 points on March 1st across-the-board buying. The BSE benchmark Sensex shot up by 785.54 points, or 4.44 per cent, to end the week at 18,486.45 from its last weekend’s level. <br /><br />No negatives<br /><br />There were no major negative factors in the Union Budget announced by the finance minister and no rise in excise duty, Rs 40,000 crore disinvestment in Public Sector Undertakings (PSUs) in the next fiscal year, supported the market sentiments. <br /><br />The NSE 50-share Nifty also rose by 235.20 points, or 4.43 per cent, to end the week at 5,538.75. Permission for foreign investors to invest in mutual fund schemes and increase in FII investment ceiling on corporate bonds announced in the budget underpinned sentiment.<br /><br />Brokers also attributed rise on hopes of financial sector reforms as the Union Cabinet cleared the Banking Regulation (Amendment) Bill 2011. Among major indices, BSE-Auto index shot up by 668.25 points, or 8.10 per cent, followed by BSE-FMCG by 223.06 points or 6.79 per cent, BSE-Realty by 121.18 points or 6.19 per cent, Bankex by 612.36 points, or 5.18 per cent, BSE-Capital Goods by 625.28 points, or 5.07 per cent, and BSE-PSU by 354.15 points or 4.31 per cent. <br /><br />The total turnover at BSE and NSE fell to Rs 14,445.93 crore and Rs 56,543.00 crore from its last weekend’s level of Rs 16,350.25 crore and Rs 66,987.68 crore respectively.</p>
<p> The decision to formally introduce the constitutional amendment for GST, no increase in excise duty, allowing foreign investors to directly invest in mutual funds, rise in investment limit for foreign funds in corporate bonds, bringing down fiscal deficit boosted sentiments.<br /><br />The industry welcomed the budget terming it as “positive” and “growth-oriented.”<br /><br />The BSE benchmark Sensex recorded its highest point-wise gain after 21 months, surging over 623 points on March 1st across-the-board buying. The BSE benchmark Sensex shot up by 785.54 points, or 4.44 per cent, to end the week at 18,486.45 from its last weekend’s level. <br /><br />No negatives<br /><br />There were no major negative factors in the Union Budget announced by the finance minister and no rise in excise duty, Rs 40,000 crore disinvestment in Public Sector Undertakings (PSUs) in the next fiscal year, supported the market sentiments. <br /><br />The NSE 50-share Nifty also rose by 235.20 points, or 4.43 per cent, to end the week at 5,538.75. Permission for foreign investors to invest in mutual fund schemes and increase in FII investment ceiling on corporate bonds announced in the budget underpinned sentiment.<br /><br />Brokers also attributed rise on hopes of financial sector reforms as the Union Cabinet cleared the Banking Regulation (Amendment) Bill 2011. Among major indices, BSE-Auto index shot up by 668.25 points, or 8.10 per cent, followed by BSE-FMCG by 223.06 points or 6.79 per cent, BSE-Realty by 121.18 points or 6.19 per cent, Bankex by 612.36 points, or 5.18 per cent, BSE-Capital Goods by 625.28 points, or 5.07 per cent, and BSE-PSU by 354.15 points or 4.31 per cent. <br /><br />The total turnover at BSE and NSE fell to Rs 14,445.93 crore and Rs 56,543.00 crore from its last weekend’s level of Rs 16,350.25 crore and Rs 66,987.68 crore respectively.</p>
