Mumbai, Mar 16 (IANS): A benchmark index for Indian equities markets Friday was ruling 101 points higher as Finance Minister Pranab Mukherjee finished his 110-minute budget speech laden with promises of cutting subsidies and incentives for capital markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,656.81 points, was ruling at 17,776.86 points around 1.15 p.m., up 101 points or 0.57, from its previous close at 17,675.85 points.

The Sensex was fluctuating wildly, moving to a high of 17,871 points and slipping to a low of 17,534.65 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also was ruling higher at 5,414.5 points, up 0.63 percent compared to its previous close.

FMCG, auto and banking stocks were among the major gainers at this time.

Broader markets were also in the green with the BSE 500 index trading 0.52 percent higher.

Among capital market reforms, the finance minister said he would allow foreign investors in Indian corporate debt markets this year, while simplifying the process of subscribing to shares through the initial public offering route.

Assuring further liberalisation of capital markets, he also announced a new equity savings scheme to extend income tax deduction of 50 percent to those who invest up to Rs.50,000 in equities and whose annual income is less than Rs.10 lakh.