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A positive Union Budget led the domestic indices to close higher for a third week straight. The Finance Minister pledge to progressively cut the budget deficit over the next three fiscal years and a reduction in surcharge on corporate tax to 7.5% from 10% lifted the market sentiment. The government's plan to introduce direct and indirect tax reforms from April 01, 2011 also cheered the investors and buying in metal shares helped the Sensex post gains. The Sensex swung 502 points during the week. The Sensex reading on Friday close was 16429.55, 1.47% higher over the previous week?s reading and Nifty closed at 4922, 1.60% up. 
Metal stocks gave the best returns for the week with the BSE Metal up by 3.77%. Banking and capital goods (CG) scrips also did well with the BSE Bankex and BSE CG up by 2.5% each. On the obverse side, fast moving consumer goods (FMCG) and capital durables (CD) bourses did poorly with the BSE FMCG down by 3.32% and the BSE CD lower by 1.89%.
