Most Asian markets closed higher, tracking overnight gains in the US on upbeat jobs data and strength in commodities, which gave investors a lot to cheer for. Major European indices stayed in the positive zone too. The broader NSE Nifty retook the 7,400-mark today.

Finance Minister Arun Jaitley has chosen to maintain fiscal discipline in the Budget by limiting deficit target to 3.5 per cent of GDP for 2016-17. Buying accelerated on expectations that RBI would reciprocate with a rate cut sooner than later after a private survey showed services sector activity fell to a 3-month low amid subdued growth in new orders.

Data showed that foreign institutional investors, who had been major sellers for several sessions, net bought shares worth Rs 1,437.50 crore in yesterday's trade, adding to the level of optimism. The 30-share Sensex ended the session at 24,606.99, its highest closing since February 8, up 364.01 points, or 1.50 per cent.

The gauge had gained 1,241 points in the previous two sessions after the presentation of the Budget 2016-17. The NSE Nifty regained control of the crucial 7,400-mark and added 106.75 points, or 1.45 per cent, at 7,475.60 at the close.

The rupee appreciated for the fifth straight day to trade at a fresh seven-week high of 67.28 (intra-day) against the dollar, keeping mood upbeat. All barring four in the 30-share Sensex pack advanced. Broader markets were in the green too, with the small-cap index rising 1.35 per cent and mid-cap 0.58 per cent.

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