Sensex zooms past 3,700 points
Mumbai:  The Bombay Stock Exchange Sensex surged 99 points on 26 February, shooting past the 3,700-mark, buoyed by the economic survey and the rail budget.

The Sensex, for the first time since last May, crossed the 3,700-level as foreign funds and speculators pressed buying in stocks across the board, led by the old economy counters.

PSU stocks rallied sharply on foreign fund buying with speculators boarding the bandwagon on expectations that in the next six months around, nine more PSUs will get divested and the forthcoming budget will address economic reforms more aggressively.

PSU stocks which soared include: IndianOil, Bharat Petroleum Corporation, Shipping Corporation of India, Oil and Natural Gas Corporation, Mahanagar Telephone Nigamand Hindustan Petroleum Corporation.

The rail budget proposed a cut in freight rates for cement, petro products and steel. Following this, cement and petro stocks, which were already on the upward march surged higher.
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