Markets witnessed profits near day’s ending after the statement of the interim railway budget for the current year. European markets’ positive opening also boosted the rally and the BSE benchmark closed the day at 1.7% high.
Markets today recovered from yesterday’s fall of 1.5% as investors look forward to more inducements by the government in the budget to be declared on Monday. Decline in India’s industrial production by 2% is an obvious indicator of a financial downturn and also sets state of affairs for more rate reductions to salvage the financial system.
Buying was witnessed more or less all over the board with Metal leading by 2.8% rise; also there were capital realty, power, goods, auto and banking.
The30-share Sensex was floated more after the announcement of rate reductions in AC and mail express trains by 2%. Sensex ended at 9,634.74, 168.91 points high and 50-share Nifty 55.30 points up at 2,948.35.