Investors Lost Rs 1 Trillion On Budget Day
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Investors lost Rs 1 trillion on Budget day

Buisness Developer

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 ICICI bank were the major losers with their stock prices falling between four and eight per cent.

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