Moneycontrol
Feb 28, 2013 03:10 PM IST | Source: Moneycontrol.com

Live Market Updates: Budget spills blood on D-street, BSE Sensex loses 170 pnts

The market continued to sulk post the Budget speech presented by Finance Minister P Chidambaram today. The Sensex was down 170.18 points or 0.89% at 18982.23, and the Nifty lost 60.45 points or 1.04% at 5736.45. BSE Midcap was still down 1.6%.

Live Market Updates: Budget spills blood on D-street, BSE Sensex loses 170 pnts

Moneycontrol Bureau


The market continued to sulk post the Budget speech presented by Finance Minister P Chidambaram today. The Sensex was down 170.18 points or 0.89% at 18982.23, and the Nifty lost 60.45 points or 1.04% at 5736.45. BSE Midcap was still down 1.6%.


Top losers on the Sensex continued to be SBI (down 5.1%), Tata Steel, Jindal Steel, ICICI Bank and Maruti Suzuki slipping around 3-4% each. Anil Dhirubhai Ambani Group (ADAG) stocks are getting hammered out of shape. Reliance Communications was down about 8.5 percent. Reliance Infrastructure was down 7.88%.


Get full Budget coverage: http://www.moneycontrol.com/budget2013/


Vallabh Bhanshali, Chairman, Enam Securities feels that the big disappointment is not spelling out how the current account deficit (CAD) will be dealt with. “Partly, he has said the commerce minister with deal with. Secondly, he has said that as far as gold disincentivising is concerned he is still working out a scheme. I think is a very big area of concern for everyone,” he says in an interview to CNBC-TV18.

However, Uday Kotak, Executive VC & MD, Kotak Mahindra Bank thinks that the Budget is therefore good for capital markets, mutual funds, insurance companies. “There is a significant focus and rationalization of many things for these sectors,” he adds.

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