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Markets slip further on budget gloom

February 17, 2009

INDIA-STOCKS/The budget disappointment continued to weigh on investor sentiments, sending the Sensex down 2.9 percent to close a little above the 9,000 mark. Indian markets also took cues from the weakness in global bourses.

Index heavyweights dragged the benchmark lower, with top listed firm Reliance Industries slipping nearly 4 percent. ICICI Bank ended down 5.6 percent, while Infosys was lower by 3.5 percent in trade.

Like yesterday, none of the sectoral indices ended in the green. Realty stocks were the worst hit with the index shedding 4.8 percent. The bankex ended 4.4 percent lower.

Shares in Satyam ended 1.5 percent higher even as the firm announced that the outsourcer is looking to trim the number of its senior managers. The stock was the top traded counter on BSE and NSE with volumes of over 68 million shares.

The lack of stimulus for industry in Monday’s interim budget has certainly spoiled the mood of market participants. Do you think the Sensex will continue its down trend in the coming months and re-test the lows of October 2008?

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