Mumbai: The Bombay Stock Exchange benchmark Sensex surged over 350 points within a minute of direct tax sops, including income tax concessions, proposed by Finance Minister Pranab Mukherjee in Budget 2010-11, while taking in its stride the partial withdrawal of stimulus measures.
The 30-share Sensex jumped and remained up in a range of 300 points from the minute Mukherjee touched upon the tax proposals.
The BSE index was 350 points crossing 16,600.
Led by market leader Reliance Industries, PSU bank State Bank of India and Hindalco, the barometer index saw an upswing as investor confidence was back that the government will not borrow much from the market.
Oil, gas stocks up in noon trade
Led by market leader Reliance Industries, shares of oil & gas companies gained on the Bombay Stock Exchange amid the budgetary proceedings in the Parliament.
Portraying the gains in the sector stocks, the 10-share BSE oil& Gas index was the biggest gainer in the intra-day trade and added over two per cent to 9,699.73 points in the noon trade on the bourse.
"The Kirit Parekh report on fuel price deregulation will be taken up by Oil Minister Murli Deora in due course," Mukherjee said in his Budget speech.
Shares of country's most valued firm Reliance Industries rose 2.25 per cent to Rs 986. Essar Oil was trading 1.82 per cent higher, Gail India 1.92 per cent, Reliance Natural Resources Ltd 2.11 per cent and ONGC 0.43 per cent on the BSE.
However, Cairn India and Aban Offshore, were trading in the negative territory in the noon.
Mukherjee stated that the government would continue doling out cash subsidy for fuel and fertiliser instead of bonds.
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