MUMBAI: Indian stock markets were witnessing unwinding of long positions on Monday as traders were disappointed after the stand-in finance minister Pranab Mukherjee presented the interim budget for FY 09-10.

The budget lacked any positive triggers for the industry as no stimulus package was announced. However, the FM indicated that once the elections are over the government will announce slew of measures to tackle the current economic slowdown.

At 12:20 pm, National Stock Exchange’s Nifty fell to intra-day low of 2861.05. The index was down 87.3 points or 2.94 per cent. The index touched an intra-day high of 2953.20.

Bombay Stock Exchange’s Sensex was at 9389.92, down 244.82 points or 2.54 per cent. The index touched a low of 9386.07 and a high of 9637.04.

BSE Midcap Index was down 1.31 per cent and BSE Smallcap Index slipped 0.48 per cent.

Losses in Reliance Infrastructure (-5.52%), Reliance Communications (-5.48%), ICICI Bank (-4.75%), Reliance Industries (-4.17%), Mahindra & Mahindra (-4%) and Sterlite Industries (-3.96%) pulled the indices lower.

Grasim Industries, up 0.51 per cent, was the lone gainer in the 30-share index.

All the sectoral indices were in the red. BSE Oil&gas Index down 3.16 per cent and BSE Bankex down 3.12 per cent were the worst performers.

Market breadth on BSE showed 1263 declines against 789 advances.

source: Economictimes

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