Sensex in Feb 2006
The Sensex was upbeat on the Budget day last year. It settled above the 10,000 point-mark -- at 10,370 -- a gain of 88 points, on February 28, after moving in a wide range of 10,206 to 10,423. The rise was well backed by buying in engineering, cement and FMCG stocks. However, oil and gas stocks slipped on the big day.
Sensex in Feb 2005
The Sensex swing on February 28, 2005 was interesting. The index moved in a narrow range during the Budget speech, before slipping into the red to touch a low of 6,546 in early noon trades. The markets, however, saw a smart recovery after all the Budget announcements were made on the back of fresh buying. The markets gained momentum and the index zoom past the 6,700-mark to touch its all-time high (till that date) of 6,721.
The Sensex, after exhibiting extreme volatility during the intra-day trades, finally wrapped up the session with an all-time closing high of 144 points at 6,714.
Sensex in July 2004
In 2004-05, the United Progressive Alliance presented its first Budget on July 8 (following the ouster of the previous NDA government). The Sensex gained 50 points during the opening hours but plunged by 112 points after the announcement of the proposal to levy securities transaction tax. The index crossed the 5,000-mark during early noon deals to hit a high of 5,004. It dropped more than 100 points after that to touch a low of 4,809. The Sensex finally ended the day with a loss of 112 points at 4,844.
Sensex in Feb 2003
Stocks saw volatility as analysts expected the Budget to be market-friendly. The stock market opened in the positive zone ahead of the Budget but as the then finance minister Jaswant Singh started his speech, share prices started fluctuating. Although there was huge interest in technology stocks, the Sensex hit the day's high of 3,317 and closed up by just 6 points. The BSE IT index zoomed by 62 points (4.29 per cent).
Removal of 10 per cent tax on export earning and no additional tax led to this rise.
Image: People walk past the high rise Bombay Stock Exchange building
Photograph: Rob Elliott/AFP/Getty Images
Also read: Why did the stock market crash?