Sensex falls 193 pts on Budgetblues
The BSE Sensex fell 193 points to 17,273.37 amid lingering post-Budget blues, continuing high interest rate regime and weak markets globally.
Realty, power, capital goods, banking, PSU, IT and refinery stocks facedselling after hike in excise duty made in the Budget 2012-13 that was presented on Friday.
Besides, retail inflation for February, data for which was released today, came out at 8.83 per cent, higher than 7.65 per cent in January. Brokerssaid it dampened investor hopes or cut in l ing rates by the Reserve Bankat the next monetary policy review.
Contrary to expectations of a rate cut, RBI had left the high interest rateregime to tame inflation unchanged at last week's review. Although most of the policy decisions take into account wholesale price index based price rise,brokers said, overall inflation remains a concern, which was fanned by the retail price data.
Fall in RIL, TCS, SBI, HDFC, HDFC Bank, Info and L& T erased around 160 points from the Sensex.
In all, 11 of the 13 sectoral indices closed in the red, while 24 of the 30 Sensex scrips finished with losses.Although Sensex touched 17,561.46 after ing low, it turned negative again and continued the slide. It closed at 17,273.37, down 192.83 points or 1.10per cent. It has slumped 645.93 points or 3.60 per cent in three sessions straight.
The NSE 50-issue index Nifty tumbled 60.85 points or 1.14 per cent to one week low of 5,257.05.
"The Sensex declined in the first post-Budget trading. Concerns of policy reforms, higher fiscal deficit, higher service tax and customs duty have badly impacted the market," said Rikesh Parikh, VP Equities, Motilal Oswal Securities.Read More.....
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