The Sensex suffered its biggest fall on any Budget day and in the year by plunging over 869 points on the Bombay Stock Exchange on concerns over the high fiscal deficit set by the Union Budget according to TOI.
Finance minister Pranab Mukherjee said the fiscal deficit may rise to 6.8% of gross domestic product in the year 2009-10, the highest since 1994.
Banking sector stocks suffered the most, losing 8.17% to 7,768.63, as ICICI Bank tumbled by 10% and HDFC Bank by 5.88% among lenders as the Budget did not have measures to open up the industry.
Tags: budget day, Indian Budget, Sensex
July 10th, 2009 at 9:57 am
Seeing the current economy condition of the country, much relief was not expected too. Yes, real estate market was expecting too much and the investors of this market suffered a loss at their expectations. Though Finance minister Pranab Mukherjee is expecting fiscal deficit 6.8% of gross domestic product for 2009-10b but I expect it to be around 8% seeing the monsoon condition.