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FM P. Chidambaram's Budget 2014 continues to power Indian stock markets with BSE Sensex gaining 0.7% on Tuesday, extending gains after the finance minister on Monday said that the fiscal deficit will be contained at 4.6% of GDP in FY14.
On Monday, while unveiling the interim budget finance minister P. Chidambaram announced a number of pro-industry measures including excise duty cuts on vehicles, capital goods products and mobile handsets.
Among sectoral indices, the BSE Bankex gained 2.10%, BSE Capital Goods (0.59%) and BSE Metal (0.87%) were among the major gainers on Tuesday. Among individual stocks, Housing Development Finance Corporation (2.70%), ICICI Bank(2.66%), Axis Bank (1.96%) and State Bank of India(1.93%) were the major gainers.
Asian markets showed a mixed trend. The Nikkei was trading 3.29% higher as the Bank of Japan decided to continue with its stimulus package on Tuesday. The Hang Seng (0.01%), KOSPI (0.02%) and Jakarta Composite (0.14%) were trading in the green. The Shanghai Composite (-0.68%) was trading in the red.
Experts expect markets to remain range-bound. “Nifty may trade within a range of 6000 – 6150. We expect technical pullback from the current level and Nifty may touch 6100,” Standard Chartered said in a note.