Flat budget gives further fizz to IndiaÆs stock market

IndiaÆs stock markets scale new high of 10,370 on increased liquidity post 2006-07 Budget announcements.
February 28, 2006
India's benchmark Sensex Index hit a new record high of 10,370 yesterday February 28 after finance minister Palaniappan Chidambaram delivered his third budget. The United Progressive Alliance government minister is now something of a veteran at the task, having delivered a total of five budgets over the course of his political career.

JPMorgan's Indian Head of Markets V. Srinivasan believes the market's strong 0.9% upswing can be attributed to a build up in big cash positions that investors, Immediately ploughed into markets once no untoward news emerged.

As had been widely predicted, Chidambaram did not announce a second ôDream Budgetö. This had been the billing for his 1997-98 budget, which carried a host of...

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