Live Market Updates: Sensex falls 144 points; SBI down 4.4%, ICICI Bank dip 3.2%

Moneycontrol Bureau

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.

Chidambaram has kept his macro promises on the fiscal deficit; he has taxed the rich in a token way, but nothing significant. His revenue take of Rs 18,000 crore is not a big blow for the economy, but this means one can`t be sure how good his estimates are. His assumptions will tell whether his Budget outlays are based on reality or just built on hope and hype. We have to wait for the fineprint to figure out whether he has delivered a clean budget or one with gaping holes and doubtful arithmetic. Given the huge expectations before the budget, Chidambaram has done nothing to rattle the markets or business.
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It is a "responsible" Budget, for the simple reason that he has done little for anybody. Compared to expectations, he has delivered a mouse. But that may be better than promising the moon and not delivering.

The FM's proposal that interest subvention on crop loans to continue seemed to be dampner for the banks.

Major losers on the Sensex were the banking stocks including SBI (down 4.1%) and ICICI Bank (down 3.6%). Hindalco (down 3.6%) and Maruti Suzuki (down 3%) too are on the losing side.