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%.
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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.
Pressure in the market continued in the last trading hour of the Budget day. The market looked disappointed as the Finance Minister P Chidambaram did not provide many boosters.
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.
The market seemed to shrug off Finance Minister’s Union Budget proposal that he presented in the Parliament today. The Sensex was down 144.48 points or 0.75% at 19007.93 while the Nifty fell 45.25 points or 0.78% at 5751.65.
Union Budget is a non-event for the market and not worthy of the expectations that P Chidambaram might have stroked in his commentary in the past. There are some irritants for the market.
The market is still struggling to gain investors’ confidence as the Finance Minister P Chidambaram announced some important duty hikes. The Sensex was down 69.63 points or 0.36% at 19082.78, and the Nifty fell 20.95 points or 0.36% at 5775.95.
Investors have not liked the FM’s way of dealing with taxation this time. Both the BSE Sensex and Nifty have lost majorly now. The Sensex was down 83.21 points or 0.43% at 19069.20, while the Nifty lost 26.25 points or 0.45% at 5770.65.
Holding it firm for sometime, the market seemed to be giving up all its gains. The FM has not allocated any major boosters so far. The Sensex was down 5.80 points or 0.03% at 19146.61, while the Nifty slipped below 5800 at 5792.90 down 4.00 points or 0.07%.
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