Investors lost Rs 1 trillion on Budget day
Investors lost
close to Rs one lakh crore (Rs 1 trillion) on Monday as the market gave a
thumbs down to the interim Budget FY'2009-10, which failed to provide any sops
for key sectors.
After two weeks of pre-budget rally, the benchmark index Sensex on Monday
nosedived over 300 points to 9,305.45 points, with metals and realty stocks
witnessing huge sell-offs.
"The markets have been disappointed as a section of the industry and
market was expecting that there would be some kind of stimulus from the
government in view of slowing down of the industrial growth (negative two per
cent in December 08) and exports," brokerage firm Bonanza Portfolio
Director Shiv Kumar Goel said.
Further, the 30-Sensex companies, which account for over 47 per cent of the
total marketcap of all the companies, saw their combined market valuation
falling by over Rs 48,400 crore (Rs 484 billion) in a single day.
The benchmark index Sensex settled down 329 points or 3.29 per cent at 9,305.45
on massive buying by funds.The combined marketcap of the 30 bluechip stocks
dropped to Rs 14.28 lakh crore from Rs 14.76 lakh crore last week.
Among the Sensex companies, Jaiprakash Associates , Reliance Infrastructure,
Reliance Industries and I
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