Capital markets bet the budget will sail through

Pivotals recovered smartly from a sharp decline earlier on Friday, April 11, at the Bombay Stock Exchange. The sentiment was supported by local operators' speculative buying.

The recovery, despite the political uncertainty in New Delhi, was attributed to Speaker P A Sangma's assurance that the federal budget would be passed by the Parliament's three-day special sitting from April 21.

The 30-share BSE Sensex opened at 3573.97 points, declined by 62 points against the day's open to touch a low of 3512.05 points. Later it bounced back to a high of 3644.24 points and closed at 3633.72 points, a net gain of 35.36 points over the previous close of 3598.37 points.

Similarly, the BSE-100 index moved up by 11.52 points to 1567.05 points against the previous close of 1555.53 points. The BSE-200 and Dollex indices closed higher by 1.60 points and 0.74 points to 349.08 points and 162.16 points against the previous close of 347.48 points and 161.42 points respectively.

Meanwhile, authorities at the BSE, the National Stock Exchange and the Over The Counter Exchange Of India have decided to keep market open for trading on Saturday, April 12, in view of the political uncertainty.

The National Stock Exchange

Pivotals opened low but firmed up towards the end of the trading session.

Reflecting the trend, the NSE-50 opened at 993.30 points, touched the day's high of 1017.20 points, declined to the day's low of 985.65 points and closed at 1013.40 points, showing a net gain of 5.05 points over the previous close of 1008.35 points.

The Midcap Index however, eased by 2.55 points to 1067.75 points against the previous close of 1070.30 points.

The total turnover on the NSE was Rs 14.41 billion.

UNI

Sensex leaps as traders jump to conclusions