The BSE Sensex closed the day lower by 209 points at 17464 points, while the Nifty closed the day lower at 5317 points, 62.90 points lower. Among the top losers today were Sun Pharma, Jindal Steel, ONGC and Siemens.

Markets were expecting Pranab Mukhejee to do more on the reforms front and the deficit front, both of which were disappointing. A section of the markets also feels that considering the high level of projected fiscal deficit there maybe delay on the part of the RBI to act on repo rate cuts.

There are also fears that unless the RBI cuts interest rates the chances of the economy achieving the projected GDP growth rate of 7.6% looks difficult.

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