BSE: Sensex gains 100 pts after initial losses
Mumbai, Feb 28: The stock markets dipped after the announcments of the Union Budget with the benchmark index of the Bombay Stock Exchange (BSE) touching a low of 10,206, down by 76 points around 1300 hrs.
However, the Sensex overcame the losses and went up by more than 100 points at 10,399 at 1402 hrs.
"The budget has no road map for infrastructure development and planning as well as the all crucial power sector," said a leading BSE broker.
Reduction in the excise duty on small cars helped Maruti and Tata Motors scrips to gain by 3.53 per cent and 2.40 per cent respectively .
FMCG major ITC Ltd, Hindustan Lever and Dabur gained as the budget announced sops for the processed food and packaged food items.
ITC was leading the gainers pack on the Sensex with a rise of 4.70 per cent, Hindustan Lever was also up by 2.45 per cent.
The BSE FMCG index shot up by 3.24 per cent.
ONGC, Ranbaxy and Hindalco were the major losers after the budget announcements. Other major losers were Infosys, Satyam Computers, SBI HDFC and Dr Reddy's Lab.