The Sensex, which had zoomed past the 3800-level from its pre-Budget level of 3223 points, began its journey downhill on April 5 when the two ministers of the AIADMK resigned from the Union Cabinet. As the political drama unfolded, the Sensex lost over 500 points. The last straw was the dissolution of the Lok Sabha, which saw the Sensex plunging to 3245 (close to the pre-Budget level).

A study of the A group on BSE reveals that not a single stock has managed to sustain its post-Budget gains. While the mid-cap companies have borne most of the bear onsluaght (in percentage terms, the loss is higher than Group A), one stock has been able to hold steady. Riding high on its merger deal with ICICI, Anagram Finance is a lone-ranger in the B1 group on BSE.

The top loser in Group A is Essar Steel. The scrip has almost halved to Rs 6.4 from its post-Budget high of Rs 13.7. On the eve of Budget, the scrip quoted at Rs 11.85. Expectations of major sops for the steel sector resulted in sharp recovery. Although the Budget has been passed, marketmen now say the revival will be much slower.

The pharmaceutical sector has also taken a severe beating. The top loser in this sector is Smithkline Beecham Pharma. The stock has shed nearly 50 per cent from its post-Budget high. On Monday, the scrip closed at Rs 317.75 as against its post-Budget high of Rs 657. Marketmen says the company's poor performance in the first-quarter of calender 1999 as well as the delay in passing the Patent's bill has led to selling pressure in the stock.

Another pharma stock which has been hammered is Parke Davis. The stock had risen to its 52-week high of Rs 510 after the Budget, but is currently trading at Rs 291.5. On the day of Budget, the scrip closed at Rs 389.25. The story is same for Burrough's Wellcome -- the scrip has lost 34 per cent from its 52-week high of Rs 1130.

With major Budget sops, the software sector was expected to witness heavy profit booking. Surprisingly, the fall is not that steep in the Group A stocks. Altough Satyam Computers has lost nearly 40 per cent from its post- Budget high of Rs 1751.25 (also its all-time high), but it is still trading higher at Rs 1058.25 from its pre-Budget level of Rs 920. On the contrary, mid-cap software companies have been badly hit. Unlike their peers in Group A, B1 stocks like DSQ Software, Pertech Computers, TVS Electronics, Silverline, Software Solutions and CMC have lost more than 50 per cent from their post-Budget highs.

In the B1 group, the two-penny stocks are the worst hit. Lesser-known housing finance companies like Lok Housing and SBI Home Finance, which soared after the Budget thanks to the sops given to the housing sector, have now fallen below par. Pittie Cement and Hind Everest, the also-rans in the post-Budget euphoria, are now lower than their pre-Budget level.