Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

BSE Sensex falls to 3-mth low in worst Budget day show since 2009

Feb 28 2013, 20:56 IST
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BSE Sensex, NSE Nifty fall to 3-mth low as Budget 2013 disappoints markets, SBI shares plunge 5%. (Indian Express)				    BSE Sensex, NSE Nifty fall to 3-mth low as Budget 2013 disappoints markets, SBI shares plunge 5%. (Indian Express)
SummarySensex fell 1.17 percent, while the 50-share Nifty index ended down 1.8 percent.

NTPC, Hindalco and Sterlite Ind closed down between 1.99-5.80 per cent range. Total 363 shares settled in their lower circuit band.

D R Dogra, MD and CEO, CARE Ratings & Research said: "The stock market movement during the course of the speech was indicative of a rather indifferent reaction to Budget bordering on disappointment. The reduction of the STT is positive though the commodity market will not be too happy with the introduction of CTT on non-farm products."

However, D K Aggarwal, CMD, SMC Investments and Advisors said, Budget announced by the Finance Minister seems to be a balanced budget considering constraints faced by him.

Globally, Asian stocks finished firm with gains of up to 2.71 per cent on strong closing on Wall Street yesterday after better-than-estimated US economic data bolstered confidence in the global economic recovery. European markets too were trading higher in their early trade.

Turning back to the local market, 24 scrips out of 30-share Sensex finished lower and five ended higher while and ITC ruled steady.

Among the sectoral indices, the BSE-Power dropped by 4.29 per ent, followed by Bankex (3.59 pc), BSE-CG (3.39 pc), BSE-Metal (2.95 pc), BSE-PSU (2.18 pc) and BSE-Realty (1.64 pc). The BSE-Midcap and BSE-Small cap indices also fell by 2.46 per cent and 1.97 per cent respectively, due to heavy selling from retail investors.

Market breadth turned negative as 1,972 shares ended lower while 857 finished higher while 102 scrips ruled steady.

Total turnover rose to Rs 3,555.24 crore from Rs 2,106.87 crore yesterday. FIIs had picked up shares worth Rs 106.36 crore yesterday as per provisional data.

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