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Investors lose Rs one trillion on budget day

This article was posted on Feb 16, 2009 and is filed under Market News

MUMBAI: Investors lost close to Rs one lakh crore today 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 today nosedived over 300 points to 9,305.45 points, with metals and realty stocks witnessing huge sell-offs.

Combined market capitalisation of all listed companies plunged to Rs 29,79,509.44 crore at the end of trading today from Rs 30,71,114.61 crore on Friday last week, losing over Rs 91,000 crore.

Analysts believe that the market would continue on its downward spiral from here as the interim budget dashed investors’ hopes, which triggered a major sell off on the two bourses.

“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 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.

source: Economictimes

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