Indian Markets slump on Thursday to end at 3-month lows - LuvKush Finserve

Indian shares slumped on Thursday to end at three-month lows after the Union Budget 2013-14 present by the FM P. Chidambaram failed to cheer investor sentiment. Market sentiment dampened after higher-than-expected borrowing programme and expenditure for 2013-14 raised worries over high inflation and growth.

The Sensex ended down 291 points at 18,861. Nifty shed 104 points at 5,693. The FM announced higher-than-expected borrowing at 6.29 lakh crore in 2013-14 against Rs 5.58 lakh crore in the current fiscal. The total Budget expenditure will hit Rs 16.65 lakh crore in the fiscal that begins on April 1, Chidambaram said that despite expectations for cuts from current year levels, which are on track to hit Rs 14.3 lakh crore, or 96% of the Budget target.

BSE Consumer durables index surged 0.8% at 7,172. However, weakness was seen in capital goods, metal and banking shares. BSE power index slipped 4.2% at 1,744. Oil & Gas index shed almost 1.6% after the FM promised that oil and gas exploration policy will be reviewed and moved from profit sharing to revenue sharing.

Source : Equity Bulls

Keywords