The Hindu Business Line : Market movers

WHEN almost all the stocks were hammered on the Budget day, two index heavyweight stocks — Hindustan Lever and ITC — firmed up. In addition, stocks such as HDFC, IDBI, Procter & Gamble, Indian Rayon and Tata Tea also closed higher.

Dealers said most of these stocks ended higher due to the benefits arising out of the Budget proposals for 2002-03.

HLL has the highest weightage both in BSE Sensex and S&P CNX Nifty index. Similarly, ITC is among the top five stocks in both the indices in terms of weightage.

HLL closed higher by 1.34 per cent at Rs 249.80 on the BSE. The rise was mainly due to the lowering of corporate taxes for foreign companies. The rise in ITCwas due to the increase in custom duties on imported cigarettes. This measure is likely to benefit the company's premium cigarette segment.

For IDBI, the corporatisation proposals for the financial institution lifted the sentiment. HDFC was up on account of sops for the housing sector. Tata Tea closed higher due to the lowering of excise duty on tea.

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