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Sensex gains 178 points, Nifty holds 7,050 ahead of Budget 2016

The headline indices gained after the Economic Survey projected the Indian economy to grow at 7-7.75 per cent in 2016-17, which could accelerate to 8 per cent in a couple of years.

BT Online   New Delhi     Last Updated: February 29, 2016  | 09:19 IST
Sensex gains 178 points, Nifty holds 7,050 ahead of Budget 2016
Market breadth turned fairly positive with 19 of the 30 Sensex components ending the day in green. Photo: Reuters

Snapping the three-session long losing spree, the S&P BSE Sensex settled the day 178 points higher to regain its crucial psychological level of 23,000, while broader CNX Nifty ended above its key 7,050-mark.  

The headline indices gained after the Economic Survey projected the Indian economy to grow at 7-7.75 per cent in 2016-17, which could accelerate to 8 per cent in a couple of years.

It is over to Finance Minister Arun Jaitley now, who will table Budget 2016 on Monday.

The 30-share index ended the day at 23,154, up 178.30 points, while broad-based 50-share index quoted 6,970, up 48.10 points at close.

ALSO READ: Will Sensex fall on Budget day? Here is what history tells

Market breadth turned fairly positive with 19 of the 30 Sensex components ending the day in green.

Shares of United Spirits gained over 6 per cent intraday as Vijay Mallya quit as Chairman of the company after its new majority owner Diageo agreed to pay Rs 515 crore and absolve him of all liabilities over alleged financial lapses at the company founded by his family. The scrip ended 2.45 per cent higher.

Markets also too cues from positive trend seen in Asian markets as global finance ministers and central bankers gathered in Shanghai to participate in a two-day G-20 meet that kicked off today.

Among Asian markets, China's Shanghai Composite gained 0.95 per cent after a 6-per cent fall on Thursday, while Hong Kong's Hang Seng index added 2.52 per cent. Japan's Nikkei also notched up 0.30 per cent.


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