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Budget disappoints, Sensex slips 3.4 pct

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INDIA/The stock markets were disappointed as the government unveiled a lacklustre interim budget for 2009/10.

The budget failed to deliver on investor expectations of a stimulus plan for sectors such as autos and construction, while announcing that spending was likely to increase later in the year. For complete coverage of Interim Budget 2009/10, click here.

The BSE Sensex dropped 3.4 percent to close at 9305, while the Nifty index closed 3.3 pct lower.

Index heavyweights Reliance Industries and ICICI Bank, which ended lower by over 5 percent, dragged the benchmark lower.

Sensex climbs ahead of interim budget

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Hope and optimism ahead of Monday’s interim budget saw the Sensex end the last trading day of the week 1.8 percent higher.

The coalition government, which faces general elections by May, is likely to focus on measures to shore up the flagging economy and stem job losses in the interim budget.

Interim Budget: What do you want?

The Congress-led government presents the Interim Budget for 2009/10 on February 16.

Will there be tax cuts? Will you have more money in your pocket? Can the government stem the loss of jobs?

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