Indian markets give thumbs down to Chidambaram's Union Budget as itignored major expectations from the streets. The market fell sharply with highest ever turnover of Rs 4,300 billion. At the close, the benchmark 30-share index, BSE Sensex lost 290.87 or 1.52% at 18,861.54 with 25 components registering drop. Meanwhile, the broad based NSE Nifty fell by 103.85 or 1.79% at 5,693.05 with 45 components registering drop.The Finance Minister P. Chidambaram presented an overall neutral Union Budget. As expected, Chidambaram has made steep hike in allocation to social and rural schemes, eyeing general elections due next year. At the same time, he has pegged fiscal deficit at 4.8% for next fiscal to avoid possible rating downgrade. However, it was disappointing for most industries, which are looking at growth stimulus and for common man looking at reduction in taxes.
Sensex Movers
I C I C I Bank contributed fall of
55.88 points in the Sensex. It was followed by State Bank Of India
(39.29 points), H D F C Bank (38.35 points), Reliance Industries
(35.11 points) and Housing Development Finance Corporation (32.89
points).
However, Tata Consultancy Services contributed rise of 20.96 points in the Sensex. It was followed by Tata Motors (3.12 points), Bharti Airtel (2.94 points), Sun Pharmaceutical Industries (1.55 points) and I T C (0 points).
Major gainers in the 30-share index were Tata Consultancy Services (2.14%), Bharti Airtel (0.62%), Tata Motors (0.49%), Sun Pharmaceutical Industries (0.40%), and Bajaj Auto (0.35%).
On the other hand, State Bank Of India (5.80%), I C I C I Bank (3.86%), Maruti Suzuki India (3.74%), Larsen & Toubro (3.17%), Hindalco Industries (3.03%), and Jindal Steel & Power (2.91%) were the major losers in the Sensex.
Mid & Small-cap Space
The BSE Mid and small caps underperformed their larger counterparts declining -2.46% and -1.97% respectively.The major losers in the BSE Midcap were CORE Education and Technologies (9.04%), A B G Shipyard (5.42%), Alstom India (3.4%), A I A Engineering (2.02%) and Aban Offshore (1.73%).The major losers in the BSE Smallcap were Aanjaneya Lifecare (9.99%), Aarti Industries (4.65%), Styrolution ABS (India) (3.45%), Trident (0.62%) and A2Z Maintenance & Engineering Services (0.35%).
Sectors in Limelight
The Power index was at 1,744.07, down by 78.25 points or by 4.29%. The major losers were Reliance Infrastructure (9.28%), Adani Power (6.01%), C E S C (2.9%), Bharat Heavy Electricals (2.54%) and A B B (1.94%).
The Bankex index was at 13,203.87, down by 491.82 points or by 3.59%. The major losers were Bank Of India(5.38%), Bank Of Baroda (4.48%), Canara Bank (2.91%), H D F C Bank (2.67%) and Federal Bank (1.3%).
The Capital Goods index was at 9,184.50, down by 321.79 points or by 3.39%. The major losers were BEML (4.86%), Alstom India (3.4%), A I A Engineering (2.02%), A B B (1.94%) and Bharat Electronics (1.32%).
On the other hand, the Consumer Durables index was at 7,172.11, up by 60.61 points or by 0.85%. The major gainers were Titan Industries (2.2%), Gitanjali Gems (1.57%), Whirlpool Of India (1.53%), Bajaj Electricals (1.08%) and Rajesh Exports (0.12%).
Market Breadth
Market breadth was negative with 906 advances against 1,989 declines.
Value and Volume Toppers
Suzlon Energy topped the value chart on the BSE with a turnover of Rs. 2,749.87 million. It was followed by State Bank Of India (Rs. 1,923.02 million), Strides Arcolab (Rs. 1,327.86 million) and Jet Airways (India) (Rs. 1,024.14 million).
The volume chart was led by Suzlon Energy with trades of over 171.33 million shares. It was followed by I F C I (7.28 million), CORE Education and Technologies (5.82 million) and Reliance Communications (5.40 million).
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