Free Press Journal

Sensex, Nifty both extend gains for 3rd straight week



Mumbai: In highly volatile trading, markets extended gains for the 3rd straight week on persistent buying as investors sentiments were high on anticipation of big announcements in the Economic Survey and Union Budget. India’s GDP is likely to grow at 8.1-8.5 per cent next fiscal and accelerate to double-digit levels in the coming years on the back of reforms, falling crude prices and likely cut in interest rates, says the Economic Survey. The Finance Minister said that the credibility of the Indian economy has been re-established in the last 9 months and the government is targeting a reduction of fiscal deficit to 3 pct of GDP in 3 years.

He also said that corporate tax rate is proposed to be reduced from the current 30 pct to 25 pct over the next 4 years. Cigarette makers declined following proposal to increase excise duty on cigarettes by 25 pct for cigarettes of length not exceeding 65 mm and by 15 pct for cigarettes of other lengths.

The Sensex resumed higher at 29,316.58 and hovered in a wide range of 29,560.32 and 28,693.82 before concluding the week at 29,361.50, showing a gain of 130.09 points or 0.45 per cent. The Sensex has gained by 643.59 points or 2.24 per cent in three weeks.

The CNX 50-share Nifty also rose by 68.25 points or 0.77 per cent to end at 8,901.85. It has also gained by 240.80 points of 2.78 per cent in the three weeks.