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Budget disappoints, markets tank
July, 06th 2009

The key benchmark indices plunged further in a broad decline in late afternoon trade today. Banking, metals, realty and capital goods counters were under severe selling pressure.

Finance Minister Pranab Mukherjee set a sharply higher fiscal deficit target to 6.8 per cent for the financial year ending March 2010. In a big surprise, the finance minister totally bypassed the issue of divestment. Finance minister also surprised the markets by keeping quiet on FDI.

The Sensex was trading at 14,088, down 824 points. The Nifty fell 246 points to 4,177 levels.

Rashesh Shah, chairman of Edelweiss said, Markets are disappointed as no announcements were made on the disinvestment and FDI front.

On the sectoral front, the BSE banking index plunged 7.7 per cent. The BSE realty index fell 6.9 per cent and the BSE capital goods index shed 6.7 per cent.

In the 30-share Sensex pack, 29 stocks were trading lower.

Reliance Infra was the biggest loser. The stock plunged over 12 per cent. HDFC, SBI and Tata Steel  were the other main losers in the group, down over 8.5 per cent each.

 ITC was the only stock trading higher in the Sensex pack. The stock was up nearly 3 per cent.

 
 
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