Feb 28, 2013, 02.25 PM IST
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%).
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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.
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%.
The market is not showing much movement as the Finance Minister P Chidambaram reads out his Budget allocation for various sectors. The Sensex was up 67.10 points or 0.35% at 19219.51, and the Nifty gained 15.15 points or 0.26% at 5812.05.
The market was holding gains as infra stocks boosted the indices. In his Budget speech, Finance Minsiter P Chidambaram spoke of approving Rs 50,000 crore tax-free bonds in FY14. The government expects to raise Rs 25,000 crore via tax-free bonds in FY13.
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