Employees walk in a lobby at the Bombay Stock Exchange (BSE) during the announcement of the annual budget in Mumbai February 28, 2013. India unveiled higher-than-expected spending for fiscal 2013/14 on Thursday, aiming to fund it with higher revenues - including new taxes on the rich and large companies - in a budget aimed at reviving growth amid the country's worst slowdown in a decade.
Indians watch a display screen on the facade of the Bombay Stock Exchange (BSE) building as they stand beside a parked police vehicle in Mumbai, India, Thursday, Feb. 28, 2013. India's finance minister Thursday unveiled a national budget with a promise to put Asia's third largest economy back on a path of high growth and to check runaway inflation and the fiscal deficit.
The reflection of the Bombay Stock Exchange is seen on the glasses of a bystander as he watches the digital board telecast of Indian Finance Minister P. Chidambaram delivering his budget speech in Parliament, in Mumbai on February 28, 2013. India's finance minister proposed a 16 percent rise in public spending in his annual budget as he sought to balance demands for pre-election spending with alarm over the public deficit.
An Indian onlooker watches the digital board of the Bombay Stock Exchange (BSE) in Mumbai on January 15, 2013. India's Sensex index rose 0.40 percent or 80.41 points at 19,986.82, crossing the key 20,000 points mark intraday after two years, on optimism of a rate cut as inflation eased this week.
An Indian woman speaks on her mobile phone as onlookers watch the digital broadcast on the facade of the Bombay Stock Exchange (BSE) in Mumbai on January 15, 2013. India's Sensex index rose 0.40 percent or 80.41 points at 19,986.82, crossing the key 20,000 points mark intraday after two years, on optimism of a rate cut as inflation eased this week.
The BSE Sensex rose for a second consecutive session todayas the Banking Amendment Bill got approval in the Lok Sabha. The market seemed to cheer the developments and the indices settled at higher levels, led by gains in IT and banking stocks.
The BSE Sensex provisionally gained 0.48 percent, while the 50-share Nifty ended up 0.5 percent.
Private banks, which perceived as likely acquisition targets once RBI issues the final guidelines for banking license, were the star performers of the day. Federal Bank, Karnataka Bank and Dhanlaxmi Bank gained 3-6%. Banking license hopefuls like L&T Finance and Bajaj Finance began the day on an upbeat note, but gave up much of their gains towards close of trading.
Consistent buying existed among rate-sensitive sectors like Auto and Realty stocks on hopes of policy easing by the Reserve Bank of India in January monetary policy after positive undertone in Tuesday's review supported the mood on the street.
Tata Consultancy Services was seen trading in green after Morgan Stanley upgraded the stock to 'overweight' from 'equal-weight' and raised its target price on the stock.The stock closed 1.8 percent higher.
