The stock markets remained bullish past week as the key indices Sensex and Nifty gained one per cent each amid high expectations about sops to the industry and economic reforms in the Union Budget to be presented on Monday.

During the week, the Economic Survey has recommended sweeping tax reforms and asked the Government to revitalize disinvestment programme and plan to generate at least Rs 25,000 crore per year while the Railway Budget left freight raters and passenger fares unchanged with a focus on upgrade of rail infrastructure.

Analysts, however, visualised heavy built up of positions if the Government announce industry-friendly budget with its thrust on infrastructure sector and economic reforms to boost growth amid disappointing US jobs data indicating to obstacles in any economic revival.

In the week ended July 3, the Bombay Stock Exchange 30-share barometer fluctuated widely between 14,955.55 and 14,355.52 before ending the week at 14,913.05, netting a rise of 148.41 points or 1.01 per cent over last weekend's close.

Similarly, the National Stock Exchange's 50-share Nifty gained 48.75 points or 1.11 per cent to conclude the week at 4,424.25 from its previous weekend's close.

A hike in petrol and diesel prices and lower global crude prices helped oil PSUs surge strongly over the week.