Investors lose Rs 2.54 lakh cr on Budget day

MUMBAI: Investors lost over Rs 2.54 lakh crore on Monday as the market gave a thumbs-down to the Union Budget 2009-10, which failed to provide a
budget24.jpg
concrete road map for reducing the burgeoning fiscal deficit.

The total investors’ wealth, measured in terms of combined market capitalisation of all the listed companies, declined by over Rs 2,54,153 crore at the end of trade today to Rs 46,23,304.34 crore.

The total market capitalisation of all listed entities was at Rs 48,77,457.38 crore at the end of Friday last.

Analysts believe the Budget fell short of high market expectations as it did not make clear how it would push forward with the divestment plans.

The government today said the fiscal deficit for the financial year ending March 2010 would increase to 6.8 per cent of GDP from 6.2 per cent in the previous year.

The 30-share Bombay Stock Exchange
Sensex nosedived by 869.65 points at 14,043.40, after witnessing a low of 13,959, down 952 points.

Further, the 30-Sensex companies, which account for over 46 per cent of the total market capitalisation of all the companies, saw their combined market valuation declined by over Rs 1.23 lakh crore today.

The combined market capitalisation of the 30-blue chip stocks fell to Rs 21,13,970.97 crore today from Rs 22,37,570.19 crore at the end of trade on Friday.

Among the Sensex companies, Reliance Infrastructure was the biggest loser as it plunged 12.47 per cent, followed by ICICI Bank 10.09 per cent.

Other major index-wise losers include Jaiprakash Associates, Tata Steel, HDFC and Larsen & Toubro, which fell between 9 per cent and 10 per cent.

At the end of trade today, Reliance Industries remained the most-valued firm in the country with a market capitalisation of Rs 2,98,018 crore, followed by ONGC at Rs 2,28,933.95 crore, NTPC (Rs 1,59,961.92 crore), MMTC (Rs 1,49,686.75 crore) and Bharti Airtel (Rs 1,48,756.27 crore).

source: Economictimes

Tags: 2009 budget benefit stocks, buget stocks, hot stocks, MMTC, nse bse investors, NTPC buy or sell, ONGC buy or sell, share market tips

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