Sensex Drops Below 23,000 Points As Rail Budget Fails To Ignite Spark

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The Union Railway Budget 2016, failed to ignite any kind of spark to the stock markets, which ended the day lower, despite European cues being strong. The Sensex lost ground for the third straight day with the Nifty losing as much as 250 points in these 3 days.

Asia closed the day mixed after the Shanghai Composite had a roller coaster ride and lost slightly more than 6 per cent in trade.

Sensex Drops Below 23,000 Points As Rail Budget Fails To Ignite Spark
The Sensex ended the day lower by 112 points, while the Nifty dropped 48 points in trade. The Sensex fell below the 23,000 points mark, while the Nifty ended below the 7000 points mark. Leading the set of gainers in trade was ONGC, HDFC and Sun Pharma. Stocks that lost ground in trade were Gail, State Bank of India, Bajaj Auto, Infosys, Wipro and Axis Bank.

Rail oriented stocks saw a severe drubbing with Kalindee Rail dropping 8 per cent, while Kernex fell 5 per cent and Texmaco Rail and Titagarh Wagons falling as much as 10 per cent each.

Shares in Castrol saw some selling pressure, after it was downgraded by a leading brokerage firm. The midcap index saw an even larger slump in prices with the index falling nearly 2 per cent in trade. Voltas, DHFL and Unitech saw the deepest cuts from the space.

Meanwhile, markets in Europe were trading higher after a rebound in crude prices. The German DAX, French CAC and the UK's FTSE were all lower.

GoodReturns.in

Read more about: sensex, nifty, sun pharma, infosys, wipro
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