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Markets Salute PC

The Sensex gave a 400-point salute to the Budget during the week ended March 3. Other indices including S&P CNX 500 and CNX Midcap moved in tandem

A 'positive' budget fuelled stock rally in the week ended March 3. The 30-stock BSE Sensex added nearly 400 points or 3.87 per cent to close at 10,595 levels. The index swung between the range of 10,109.34 to 10,706.22 levels. Simultaneously, Nifty followed it up with a gain of 3.19 per cent. Among the broader indices, the S&P CNX 500 zoomed 3 per cent while mid-cap barometer CNX Midcap rose a little over 4 per cent.

Equity markets had an auspicious start to the week. Stocks rose in anticipation of a positive Budget as hectic buying from FIIs and domestic mutual funds helped the Sensex add over 80 points. Markets' view on the Budget became a reality on February 28 when the finance minister announced sops for the industry. The Sensex welcome the Budget with spurt of nearly 90 points. However, as the story unfolded and markets assessed the positive aspects of the Budget, the rally picked up the day after, when the Sensex added 195 points. Though the rally lost some steam and went for a correction on Friday, the Sensex had added nearly 400 points over the week.

Among the 30 Sensex stocks, 24 ended the week on a positive note. The pack was led by Maruti, which rose 19.35 per cent, after the finance minister announced an excise cut on small cars. Tata Motors and ACC zoomed over 15 per cent each. The losers were led by HDFC, which shed 3.27 per cent.

Among the sectoral indices, BSE Metal gained 6.52 per cent, followed by BSE FMCG index at 4.47 per cent.

The combined daily average turnover on both exchanges went up by 31.31 per cent to Rs 12,657 crore in the week ended March 3. The FIIs invested nearly Rs 2,809 crore and domestic mutual funds pumped in Rs 616 crore over the week.