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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • India must follow China on its path to the future

    There are many theories, real and imagined, doing the rounds in the national and international media about Barack Obama’s overtures to ‘rebalance

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Will the adventurous UGC succeed?

The impact of the Modi government on the education sector ...

Zehra Naqvi

The urge to tell stories

One wants to tell a story, like Scheherzade, in order ...

Dharmendra Khandal

Don’t interfere with nature

Just before we celebrated the news of tiger numbers swelling, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture