Day after Budget, Sensex soars on rate cut hopes

March 01, 2016 10:42

A day after suffering losses following the presentation of the Union Budget, the benchmark Sensex bounced back by over 500 points (10:41am) today, bolstered by renewed hopes of a rate cut by the Reserve Bank amid positive Asian cues.

With the Budget out of the way, the focus now shifts to RBI Governor Raghuram Rajan's monetary policy action to revive investment and growth.

The 30-share index rebounded by 516.19 points to 23,518.23 on heavy buying.

The gauge had lost 152.30 in a highly volatile trade yesterday, mainly hit by a proposal for a higher dividend distribution tax on those earning more and a one on raising securities transaction tax on options trading.

Also, the NSE Nifty reclaimed the crucial 7,100-mark by surging 157 points to 7,144.05.

All sectoral indices led by FMCG, banking, IT, realty, technology and capital goods traded in the positive territory, rising by up to 3.39 per cent.

While foreign institutional investors took to selling, domestic financial institutions stuck to buying, helping the benchmark indices recover.

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