Sensex rises 228 points on global cues, Budget hopes

The benchmark BSE Sensex rose over 228 points in early trade on Wednesday amid a firming global trend and hopes of a growth-oriented Budget.

Further, covering-up of short positions by speculators ahead of tomorrow's monthly expiry in the derivatives segment, supported the upside. Rising for the second straight session, the 30-share barometer spurted by 228.67 points, or 0.79%, to 29,233.33.

The index had gained 29.55 points in on Tuesdays session. All sectoral indices, led by oil & gas, metal, realty and banking were trading in positive zone with gains up to 1.03%.

Similarly, the National Stock Exchange index Nifty was trading above the 8,800-mark by gaining 60.10 points, or 0.69%, to 8,822.20. 

Brokers said pre-Budget buying by optimistic participants on hopes of growth-oriented measures and foreign capital inflows mainly buoyed the trading sentiments.

Finance Minister Arun Jaitley will table the first full Budget of the Narendra Modi-led government on February 28. Besides, a firming trend at other Asian markets following strong cues from Wall Street as US Federal Reserve hinted that a rate hike is unlikely before June and relief over Greek debt deal, triggered buying by investors and foreign funds, they added. 

Among other Asian markets, Hong Kong's Hang Seng was up by 0.29%, while Japan's Nikkei gained 0.18% in early trade today. The US Dow Jones Industrial Average ended 0.51% higher yesterday.