Pre-budget relief rally at Dalal Street

It was a relief rally of sorts with the markets trying to claw back some of its earlier losses ahead of the Budget Day on February 29. 

With good support from the global markets as well as a rebound in oil prices, the S&P BSE Sensex gained 178.3 points (0.78%) to close at 23,154.3, the Nifty 50 ended 59.15 points (0.85%) higher at 7029.75.

“Markets opened the day on a positive note and continued to trade in the green for the rest of the day following positive cues from Asian markets. Markets also gained strength after the Economic Survey 2015-16, tabled in the parliament on Friday stated that the country’s macro-economic foundation is stable, founded on the government’s commitment to fiscal consolidation and low inflation,” BNP Paribas Mutual Fund Fund Manager (Equities) Shreyash Devalkar said.

Coal India was the top gainer on Nifty 50 ending up 4.21% at Rs 312. Other major gainers included Hindalco (up 3.57% to Rs 69.55), State Bank of India (up 3.43% to Rs 157), Vedanta (up 3.3% to Rs 71.9) and Cairn (up 2.98% to Rs 124.25).

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