Moneycontrol
Feb 28, 2013 02:25 PM IST | Source: Moneycontrol.com

Live Market Updates: Midcaps lose 1.2%; infra, banks bleed post Budget speech

Finance Minister P Chidambaram's Union Budget proposal is not being well received by the market. Soon after the FM‘s speech, the market started to lose all its gains. The Sensex lost 123.10 points or 0.64% at 19029.31, and the Nifty was down 37.90 points or 0.65% at 5759.00.

Live Market Updates: Midcaps lose 1.2%; infra, banks bleed post Budget speech

Moneycontrol Bureau

Finance Minister P Chidambaram's Union Budget proposal is not being well received by the market. Soon after the FM’s speech, the market started to lose all its gains. The Sensex lost 123.10 points or 0.64% at 19029.31, and the Nifty was down 37.90 points or 0.65% at 5759.00.

There are pockets of weakness in the infra, banks and auto sectors. The midcap index continued to be battered, losing 1.2%. Among the midcaps, Pantaloon Retail was the major loser, slipping 14.3%, ABG Shipyard (down 9.3%) and Suzlon Energy (down 8.2%).

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

Auto stocks too are reeling under as the FM has proposed to increase excise duty on SUV's from 27% to 30%. Meanwhile STT is reduced from 0.17% to 0.1%. Tata Motors, M&M and Maruti are the biggest losers in the sector.

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