Budget 2012-13: Sensex rises 140 pts FM targets 7.6% GDP growth in FY13
The BSE Sensex gained 140 points during Union Budget speech by the Finance Minister Pranab Mukherjee. FM targets GDP growth of 7.35-7.85% for FY13, which was expected lines. Experts had expected at 7.5-7.75%.
He said, "We will fully fund Food Subsidy act from FY13. We will bring subsidies to 1.7% of GDP in next 3 years."
The government has set Rs 30,000 crore divestment target for FY13, which is lesser than earlier targets of Rs 40,000 crore in FY12 (the government could not met this target as it raised over Rs 14000 crore so far).
The 30-share BSE Sensex rose 143 points to 17,818.37 and the 50-share NSE Nifty gained 48 points at 5,428.55.
At 11:14 hours IST: Sensex ext s gains as FM s Budget speech
The BSE Sensex ext ed gains as the Union Budget speech started by the Finance Minister Pranab Mukherjee. Banks, capital goods, technology and metal stocks were on buyers' radar while Reliance Industries and auto (four-wheeler) stocks were under pressure.
The BSE Sensex rose 135 points to 17,811.05 and the NSE Nifty gained 45 points at 5,425.45.
The market has been rallying on the back of strong inflow of foreign money, but at the same time domestic institutional investors were net sellers in 2012 due to lack of fundamental reasons.
Investors are looking for some strong fundamental reasons to stop selling further, feels Samir Arora, Fund Manager, Helios Capital.
He said, "Although flows may continue for sometime the fact is that our underperformance or outperformance will be governed by some fundamental reasons. Domestic investors have been sellers to the extent of USD 4 billion because domestic investors refuse to accept liquidity as a reason for buying the market."
BHEL and BGR Energy were up 2-3% as sector experts feel the government may impose import duty on power equipment.
Advancing shares outnumbered declining in the ratio of 2:1 on the National Stock Exchange.
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