Indian benchmark indices started the session on a soft note and thereafter indices traded in a narrow range ahead of the budget. However, they staged a spectacular rally in the afternoon session on the back of broad based buying, as the Union Budget presented by the Finance Minister, Arun Jaitely was appreciated by the market participants as there was no long term capital gains tax imposed as most of the market experts had anticipated. Finally, the NSE’s 50-share broadly followed index, Nifty, surged by close to two per cent to settle above the crucial 8,700 support level; while Bombay Stock Exchange’s Sensitive Index-Sensex accumulated over four hundred points and closed above the psychological 28,100 mark. Moreover, the broader markets too participated in the rally and closed with gains of over one and half per cent.