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BSE Sensex gains day after FM P. Chidambaram presents Budget 2014

Feb 18 2014, 18:24 IST
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P. Chidambaram said that the fiscal deficit will be contained at 4.6% of GDP in FY14 in his Budget 2014 speech. Reuters P. Chidambaram said that the fiscal deficit will be contained at 4.6% of GDP in FY14 in his Budget 2014 speech. Reuters
SummaryP. Chidambaram said that the fiscal deficit will be contained at 4.6% of GDP in FY14 in his Budget 2014 speech.

The BSE barometer, Sensex ended 170.15 points higher at 20,634.21 points, while the NSE's Nifty ended 53.80 points higher at 6,127 points as benchmark indices gained on Tuesday extending gains after the finance minister P. Chidambaram on Monday said that the fiscal deficit will be contained at 4.6% of GDP in FY14 in his Budget 2014 speech.

On Monday, while unveiling the interim budget finance minister P Chidambaram announced a number of pro-industry measures including excise duty cuts on vehicles, capital goods products and mobile handsets.

Among sectoral indices, the BSE Bankex gained 2.34%. BSE Capital Goods (2.09%) and BSE Metal (1.03%) were among the major gainers on Tuesday. Among individual stocks, Axis Bank (4.42%), Housing Development Finance Corporation (2.99%) and ICICI Bank (2.80%) were the major gainers.

Asian markets showed a mixed trend. The Nikkei ended 3.13% higher as the Bank of Japan decided to continue with its stimulus package on Tuesday. The Hang Seng (0.23%), KOSPI (0.03%) and Taiwan Taiex (0.43%) ended in the green. Meanwhile, the Shanghai Composite (-0.77%) ended in the red.

Experts expect markets to remain range-bound. “Nifty may trade within a range of 6000 – 6150. We expect technical pullback from the current level and Nifty may touch 6100,” Standard Chartered said in a note.

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