Budget 2012-13: Sensex loses over 150 pts; Standard Chartered shoots up 20%

The BSE Sensex fell more than 300 points from day's high while the bond 8.79% 2012 yield moved up by 0.93% to 8.44. The fall was majorly led by oil & gas, power, capital goods, metals and banks; respective indices were down 1.5-3%.

Oil & gas producers and index heavyweights Reliance Industries and ONGC dropped 2.5% & 5%, respectively.

Country's largest lenders SBI and ICICI Bank were down 2.5% and 1%, respectively. Capital goods majors L&T and BHEL slipped 2-2.7%.

The BSE benchmark was down 160 points to 17,516.01 and the NSE benchmark fell 43 points to 5,337.10.

Private steel companies Jindal Steel and Sterlite Industries tanked 3-3.7%.

However, shares of ITC and M&M outperformed others, rising 2-3%. TCS, HDFC Bank, HDFC, Wipro, DLF and Maruti were up 0.4-0.8%.

Standard Chartered IDR was locked at 20% upper circuit after the Finance Minister proposed 2-way fungibility of IDR (Indian Depositary Receipt) in his Union Budget 2012-13.

According to investopedia.com, fungibility means - cross-listed stocks are considered fungible because it doesn't matter if you purchased a share of XYZ stock in its home country or in a foreign country; it should be accepted at either location as XYZ stock.