Sensex crossed 600 points marking Biggest Single Day Gain in Two Years

Following the presentation of Union Budget 2011-12 in the Lok Sabha on 28 February 2011 the Sensex skyrocketed more than 600 points on 1 March 2011 marking its biggest single day gain in almost two years. Strong export figures and auto sales numbers prompted the Sensex to cross 600 points. Also the global cues gave a fillip to the equity market, already buoyed by the Budget announcements. The Sensex closed near the day's high at 18446.5 which was 2.5 per cent or 623 points higher from its previous close. A surge of this extent in the Sensex was last seen in May 2009 when UPA Government was re-elected. The Sensex back then in May 2009 had zoomed more than 2000 points. Not only did the benchmark surge, also the BSE Midcap and Smallcap indices ended the day up 3.2 per cent and 2.3 per cent respectively. BSE Auto was up 5.64 per cent, Bankex was up by 4.35 per cent and Realty 4.2 per cent.

Foreign institutional investors were net buyers for Rs 418 crore on 1 March 2011. Domestic institutions were net buyers for Rs 95 crore. Retail investors booked profits as they were net sellers for Rs 175 crore on the BSE.

The market breadth on the BSE was positive with 2128 scrips advancing and 759 declining. All the Sensex scrips ended the day with gains. Mahindra and Mahindra, Maruti Suzuki and Jaiprakash Associates gained the most. They surged between 7.1 per cent and 8.36 per cent.

The broader Nifty was up 3.5 per cent at 5,522 points.