The Indian stock market gained 237 points over the week in reaction to the budget. The Sensex index of the Bombay Stock Exchange closed 237 points higher than the previous week's close. While broader midcap and smallcap indices ended lower for the week, specific companies like Hindalco, Maruti Suzuki, and ICICI Bank saw gains of over 5%. Analysts noted the budget provided a boost in breaking the market out of its sideways movement, but further major rallies were not expected.

1. Sensex gains 237 points in week
27 Feb 2010 01:16:31 PM IST
MUMBAI: Indian stock markets, which were in stasis for much of this week, reacted positively to the
budget, with a benchmark index breaking free to close 237 points higher than its previous weekly close.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) moved up 237.92 points or
1.47 percent to end Friday at 16,429.55 points, 237 points above its previous weekly close at 16,191.63
points.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) too posted gains to end the week at
4,922.3 points, up 77.4 points or 1.57 percent.
Broader market indices, however, ended the week in the red with the BSE midcap index closing 0.54
percent down and the BSE smallcap index 1.67 percent lower.
"Though it is not possible to keep everyone happy, the finance minister has done a commendable job.
This was evident from the way markets reacted to the announcements," said Jagannadham
Thunuguntla, the equity head for brokerage firm SMC Capitals.
"The budget did help in breaking from the side-ways movement, but it is not going to help much going
forward. A lot of the budget news has been factored in and one should not expect a major rally," he
added.
The top gainers during the week included Hindalco (up 7.7 percent), Maruti Suzuki (up 6.8 percent), L&T
(up 6.2 percent), Hero Honda (up 5.5 percent) and ICICI Bank (up 5 percent).
Among top losers were ITC (down 6.5 percent), Reliance Communications (down 2.8 percent), Tata
Power (down 2.2 percent), Hindustan Unilever (down 2.2 percent) and Reliance Industries (down 0.6
percent).
Data with markets watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds
were net buyers during the week, having bought scrips worth $313.56 million.
Benchmark indices in the US ended slightly lower this week with Dow Jones industrial average dipping
0.8 percent, the Standard and Poor's 500 Index 500 down 0.4 percent and the Nasdaq composite falling
0.3 percent.