At 1:50 pm, the BSE Sensex was trading at 28975.57 down -0.84 per cent. The Nifty drops -0.59 per cent to 8783.80.

Ahead of Narendra Modi government’s first full Budget 2015, The 30-share index of the Bombay Stock Exchange, which zoomed 473.47 points in the previous session on the back of robust growth projections in the Economic Survey, gained 262.33 points, or 0.89 per cent, to 29,482.45. Similarly, the National Stock Exchange index Nifty reclaimed the 8,900-mark by surging 74.65 points, or 0.84 per cent, to 8,919.25.

The Sensex logged its best daily gain in almost six weeks to regain 29000 level after Economic Survey made a strong pitch for big-bang reforms while projecting faster growth and improved fiscal situation.

The government’s economy survey reiterated India would not overshoot its deficit target of 4.1 per cent of gross domestic product in the current financial year ending March. It also stood by a medium-term target of cutting it to 3 percent of GDP.

Brokers said continued buying by funds and retail investors on hopes of an investor-friendly and growth-oriented Budget for 2015-16 influenced trading sentiments.

All the sectoral indices, led by capital goods, realty, power and banking were trading in positive zone with gains up to 1.76 per cent.

This is probably the first time in many years that the Union Budget is being presented on a Saturday. The stock markets are generally closed on Saturdays and Sundays, except for special circumstances.