Mumbai: The SENSEX gained by another 2.07 per cent over the week, extending the winning streak to fifth straight week on the Bombay Stock Exchange (BSE) even as a "disappointing Union Budget" sparked off selling across the board on February 28.

The market that remained bullish on expectations of fresh incentives to several industries and announcements of fast reforms, received hectic support from Foreign Institutional Investors (FIIs) aiding stocks to almost recover their losses on the Budget-day.

FIIs, which were totally sidelined on the B-day, seemed to have studied the Budget proposals and then accumulated shares of key counters including public sector undertakings (PSUs).

Withstanding adverse political developments with the Bharatiya Janata Party (BJP) suffering a defeat in key state like Uttar Pradesh as well as Uttaranchal and Manipur, the market also overcame a turmoil in Gujarat caused by an attack on February 27 by unidentified persons on an express train setting on fire four bogies carrying Ram sevaks near Godhra railway station in Gujarat.

However, it was tough Budget proposals containing heavy dose of taxation rather than any major relief to the industry in particular and the capital market in general, that sent SENSEX reeling down by a whopping 3.87 per cent or 143.35 points on February 28.

Disappointed domestic players were believed to have booked profits and not even responded to an announcement by Reliance Industries (RIL) that the boards of RIL and Reliance Petroleum (RPL) will meet on March 3 to consider amalgamation of the petroleum major with RIL.

PTI