Budget 2012-13: Sensex off day's high; HDIL, Kingfisher move up

The BSE Sensex erased some gains as the Finance Minister Pranab Mukherjee proceeds further with his Union Budget 2012-13 speech. He says FDI in aviation is under consideration, which is positive for Kingfisher Airlines (gained 2%).

He emphasised more on allowing ECB for low cost affordable housing projects, which is positive for Housing Development and Infrastructure (rose 2%).
The 30-share BSE Sensex rose 82 points to 17,758.09 and the 50-share NSE Nifty gained 33 points at 5,413.55.
Advancing shares outnumbered declining by 945 to 487 on the National Stock Exchange.
_PAGEBREAK_ At 11:35 hours IST: Sensex up 189 pts; IVRCL, HCC gain 4%
The BSE Sensex rallied 189 points to 17,865 as the Finance Minister Pranab Mukherjee proceeded further with his Union Budget 2012-13. He proposes Rs 16880 crore for recapitalisation of PSU banks in FY13. SBI and PNB gained 2% each.
FM expects infrastructure Investment in the 12th Plan to be Rs 50 lakh crore, which will be big boost for infrastructure sector. IVRCL, HCC, Lanco Infratech and NCC rallied 2-4%. At 11:23 hours IST: Sensex rises 140 pts; FM targets 7.6% GDP growth in FY13
The BSE Sensex gained 140 points during Union Budget speech by the Finance Minister Pranab Mukherjee. FM targets GDP growth of 7.35-7.85% for FY13, which was expected lines. Experts had expected at 7.5-7.75%.
He said, "We will fully fund Food Subsidy act from FY13. We will bring subsidies to 1.7% of GDP in next 3 years."
The government has set Rs 30,000 crore divestment target for FY13, which is lesser than earlier targets of Rs 40,000 crore in FY12 (the government could not met this target as it raised over Rs 14000 crore so far).
The 30-share BSE Sensex rose 143 points to 17,818.37 and the 50-share NSE Nifty gained 48 points at 5,428.55. At 11:14 hours IST: Sensex extends gains as FM begins Budget speech
The BSE Sensex extended gains as the Union Budget speech started by the Finance Minister Pranab Mukherjee. Banks, capital goods, technology and metal stocks were on buyers' radar while Reliance Industries and auto (four-wheeler) stocks were under pressure.
The BSE Sensex rose 135 points to 17,811.05 and the NSE Nifty gained 45 points at 5,425.45.
The market has been rallying on the back of strong inflow of foreign money, but at the same time domestic institutional investors were net sellers in 2012 due to lack of fundamental reasons.
Investors are looking for some strong fundamental reasons to stop selling further, feels Samir Arora, Fund Manager, Helios Capital.
He said,