Market welcomes Budget, Sensex soars 550 points
Mumbai:Cheering Budget proposals enhancing FII limits and slashing the surcharge on corporate tax, the Bombay Stock Exchange benchmark Sensex was trading over 550 points higher.
The Sensex kept rising after the Budget was tabled in parliament, gaining 550.23 points to 18,251.14 on fund buying triggered by budgetary proposals to hike FII limits and reduce surcharge on corporate tax, as well as the emphasis on containing inflation and spurring economic growth.
The broad-based national Stock Exchange' Nifty also saw an upswing and shot up by 126.70 points to 5,430.25 following widespread gains in stock prices.
"The cut in surcharge on corporate tax and proposals to keep up the tempo of disinvestment process, besides raising income tax limit, cheered the trading sentiment," said chartered accountant Tarun Malik of TCM Associates.
Source: PTI
