Sensex snaps three-week losing streak, up 334 pts

Tags: Stock Market
The BSE benchmark Sensex snapped 3-week losing streak by gaining 334 points as investors cheered the interim budget proposals coupled with Finance Minister P Chidambaram's announcement that the fiscal deficit will be contained at 4.6 per cent of the GDP for the fiscal year ending March 31, 2014.

Buoyant global cues after the US manufacturing activity, which hit its highest in nearly four years, also boosted investor sentiment in the domestic market. Positive comments by IMF about India's growth outlook also aided buying.

Fresh capital inflows into equity market also aided the firm trend as investors infused Rs 2,046.61 crore during the week, including the provisional figure of February 21, as per data issued by Sebi.

The Sensex resumed at 20,438.87 and shot up further to a high of 20,750.52 before settling the week at 20,700.75, showing a gain of 333.93 points or 1.64 per cent from its last weekend's level.

The NSE 50-share Nifty also rose by 107.10 points or 1.77 per cent to end at 6,155.45.

FM said the fiscal deficit for the ongoing financial year will be contained at 4.6 per cent, current account gap will be capped at $ 45 billion and net borrowing for 2014-15 would be lower than FY'14 revised estimates.

On GDP growth, he further commented that the economy is more stable than what it was two years ago following several steps taken by the government and that the growth will be higher in the second half of the fiscal.

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