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Sensex Sinks As Rail Budget Fails To Impress
Stock markets ended the day sharply lower as analysts were not impressed with the Rail Budget as worries remained on where the resources for the ambitious Rail programmes would come from.
The Sensex ended the day sharply lower by 263 points, while the Nifty ended the day lower by 83 points. Leading the set of losers from the Nifty were Bhel, Bajaj Auto, Sun Pharma, Hindalco, Coal India and Infosys.
Read more on the highlights of the Railway Budget here
Kalindee Rail Nirman, Texmaco, Titagorh Wagons and Container Corporation dropped sharply in trade. DLF was an outperformer in trade rallying on hopes that there could be some sops for the real estate sector in the Budget.
Cement stocks lost ground on hike in rates for cement freight in the railways.
PSU banking stocks came in for some heavy selling pressure with Punjab National Bank, Syndicate Bank and Bank of Baroda losing ground.
Mid cap stocks had a bad day in trade with many of the stocks slumping more than three per cent in trade. Among those that fell more than three per cent were stocks like Godrej Industries, Just Dial, Bharat Forge and Hindustan Petroleum.
Meanwhile, markets are expected to be volatile ahead of the Union Budget to be held on Saturday. The economic survey is likely to be presented on Friday ahead of the Budget.
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