Budget, Reliance take Sensex to 17K level

Budget, Reliance take Sensex to 17K level

Budget, Reliance take Sensex to 17K level

The market leader Reliance Industries led the rally, gaining by 3.90 per cent after US media reports said Lyondell Basell had rejected the USD 14.5-billion takeover bid by the domestic petrochem giant for the bankrupt US chemicals major.

The FIIs continued to buy across the board and the demand was so strong that all sectoral indices ended in the green with oil & gas, realty, power,FMCG and banking leading.Apart from Reliance, JP Associates and Tata Power, NPTC and M&M too aided the market with a 6.14-per cent and 5.08 per cent rally respectively.

The BSE 30-share barometer remained in the green through out the day after opening 120 points up and closed above the psychological 17,000-mark, a level not seen since January 21, netting a gain of 227.45 points or 1.36 per cent at 17,000.01 points after touching the day's high of 17,012.61. The Sensex surged by 520 points in the past two sessions since the Budget.

The wide-based NSE index Nifty 50 also surged by 71.10 points, or 1.42 per cent at 5,088.10. It touched a high of 5,093.25 points after opening 35.55 points up.
Angel Broking chairman Dinesh Thakkar said, "FIIs are buying heavily since the Budget. The good side of the Budget is still not discounted in the prices. The post-Budget rally will continue for sometime more as FIIs have ample liquidity now. It seems positive side of the Budget is overweighing the current negative global cues." 

Among the 30 Sensex stocks, 25 closed with gains, while all the sectoral indices closed in the green gaining from half percentage points to 2.28 per cent.
The market heavyweight Reliance surged by 3.90 per cent to Rs 1,021.95, on reports that Lyondell Bassel had rejected its offer, which was considered by investors as overvalued.

The biggest private power firm Tata Power rose to six weeks high after it was upgraded to "buy" from "add" by Kotak Equities. The stock rose by 5.08 per cent to Rs 1,334.55.
Asian stocks, except Hong Kong, ended with marginal gains today as metal and oil prices rose after concerns about the Greece sovereign debt problems eased.
FIIs pumped in a whopping Rs 1,335.32 crore on March 2 while DIIs pulled out Rs 977.36 crore on the same day.

Among the BSE sectoral indices, oil& gas flared up 2.28 per cent, realty 2.16 per cent, power 1.93 per cent, FMCG 1.49 per cent and Bankex 1.42 per cent.
The gainers pack was led by JP Associates which spurted by 6.14 per cent, Tata Power 5.08 per cent, NTPC 2.27 percent, M&M 2.11 per cent, DLF 2.05 per cent, HDFC Bank 1.80 per cent, HDFC 1.75 per cent, HUL 1.69 per cent, SBI 1.57 per cent, Grasim 1.36 per cent and Tata Motors 1.30 per cent.

The market breadth remained positive with 1,966 gaining against 891 losing on the BSE.
Volume too improved to Rs 5,036.60 crore from Rs 4,199.13 crore yesterday. ARSS Infra, which was listed today, was the most active counter with Rs 812.69 crore turnover, followed by RIL (Rs 145.57 crore), Tata Motors (Rs 142.75 crore), Ranbaxy (Rs 97.31 crore) and Tata Steel (Rs 95.43 crore).