BSE Sensex plunges to 3-mth low over Rail Budget 2013 blow, NSE Nifty closes under 5,800-mark
The BSE benchmark index Sensex today widened early losses to end 316.55 points down at 3-month low of 19,015.14, wiping out over Rs 1 lakh crore wealth as Rail Budget 2013 failed to inspire investors, already rattled by fears of worsening EU debt crisis following poll stalemate in Italy.
The Bombay Stock Exchange 30-share S&P BSE Sensex resumed lower on the back of weak Asian cues following steep 216-point fall on Wall Street yesterday on concerns over Italian elections and looming spending cuts in the US.
Sensex continued to reel under selling pressure breaching the 19K level to a low of 18,976.94 before settling at 19,015.14 -- a loss of 316.55 points or 1.64 per cent. This was its lowest close since 18,842.08 on November 27, 2012.
Similarly, the 50-issue CNX Nifty of the NSE also plunged by 93.40 points or 1.60 per cent to end below 5,800-mark at a three-month low of 5,761.35.
Presenting the Railway Budget in the Lok Sabha today, Railway Minister Pawan Kumar Bansal hiked freight tariff of less than five per cent, effective from April 1 this year.
"There was nothing exciting in the budget and the freight rate hike could push up prices," said Pankaj Pandey, Head Research, ICICIdirect.
25 out of 30 Sensex-based scrips fell. Losses were led by RIL, HDFC, Tata Motors, ONGC, M&M, Bajaj Auto and CIL all of whom shed 3-4 per cent each. Mid-cap and small-cap counters bled for the second straight day today with their BSE indices losing 1.76 and 2.43 per cent respectively.
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