Budget spurs Nifty up by 3.54%

The bourses saw the positive vibes generated after Monday's Union Budget.

The bourses saw the positive vibes generated after yesterdays Union Budget witnessed a spectacular across the board buying spree lifting the bench- mark CNX Nifty to close above the 5,500 mark at the NSE today.

The 50-share index scaled to a high 5,533.05 before closing at 5,522.30,a sharp gain of 189.05 points,or 3.54 per cent,over its previous close.

Commencing the first session of March series on a strong note support by firm global cues,the market momentum continued to rally with an all-round buying spree while consolidating every gains till the end session.

As investors looked into goodies of Union Budget which supported the market rally,the macro economic data news also generated a large scale enthusiasm among traders to get into buying mood.

The January output data on six core infra industries clearly indicated a healthy 7.1 per cent growth,while the exports climbed to 32.4 per cent on year-on-year basis virtually supported the market sentiment.

Strong February sales numbers from automobile companies perked up frantic buying in the Auto stocks.

Besides,investors mood also generally backed by the Union Budget mainly witnessed heavy buying in Financial,Infrastructure and Mid and Small Cap counters.

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M&M,JP Associates,Suzlon,Maruti,Axis Bank,NTPC,L&T,IDFC,BPCL and HCL Tech were the top gainers from the Nifty.

Total turnover in the cash segment dropped to Rs 13,300 crore from Rs 16,540 crore yesterday. A total of 6,931.63 lakh shares changed hands in 65,88,101 trades. The market capitalisation stood at Rs 63,82,495 crore.