Indian markets plunged further due to aggressive selling activity seen in index heavyweights amid huge volatility after the Union Budget.
RBI credit policy dampened the market sentiment. Realty, banking and consumer durables stock were badly hit.
At 2.46 p.m., the Sensex was trading down 209.11 points or 1.18% at 17,466.74 with 24 components falling. Meanwhile, the Nifty was trading lower by 56.35 points or 1.05% at 5,324.15 with 40 components falling.
Sectors in Limelight
The Oil & Gas index was at 8,235.20, down by 288.35 points or by 3.38%. The major losers were Oil & Natural Gas Corporation (5.74%), Cairn India (4.91%), Oil India (4.54%), G A I L (India) (2.24%) and Gujarat State Petronet (1.83%).
The PSU index was at 7,475.51, down by 208.5 points or by 2.71%. The major losers were Bank Of Baroda(3.02%), Bank Of India (2.99%), Allahabad Bank (2.84%), Andhra Bank (1.71%) and Bank Of Maharashtra (0.77%).
The Power index was at 2,201.55, down by 57.21 points or by 2.53%. The major losers were Crompton Greaves (3.9%), Bharat Heavy Electricals (3.47%), Adani Power (3.11%), A B B (2.35%) and Reliance Infrastructure (0.27%).
On the other hand, the FMCG index was at 4,272.47, up by 65.83 points or by 1.56%. The major gainers were I T C (3.24%) and United Spirits (0.81%).
BSE Healthcare index decline by 130 points to 6354 points after Budget presentation
The Union Budget for the year 2012-13 has turned out to be a big disappointment to the pharmaceutical sector in the country today and of the BSE Healthcare, leading 19 companies declined to 6354.34 points as against previous closing of 6485.22 points. The HC index opened at 6495.35 points and went up to intra-day high at 6546.98 points, but failed to sustain upward trend on account of Budget provisions. Out of 19 index based companies, the share price of 15 companies declined and closed lower as compare to previous closing. BSE Sensex of 30 companies also dwindled by over 209 points to 17466.20 after budget announcements.
The shares of major companies like Sun Pharmaceutical, Strides Arcolab, Cadila Healthcare, Cipla, Divi's Laboratories, Lupin, Biocon, Apollo Hospitals, Fortis Healthcare closed lower today. Sun Pharma shares declined by over 7.1 per cent to Rs.545.05, Strides by 5 per cent to Rs.571.70 and Cadila by 5.3 per cent to Rs.711.95. GlaxoSmithKline Pharma registered growth of Rs.22.45 and closed at Rs.2,140.20. IPCA Laboratories, Piramal Healthcare and Opto Circuits also recorded small gains at the close.
The pharmaceutical industry was expecting incentives on expenditure on Research and Development which is crucial for its future growth. Considering the competition in the international market and stringent approvals system in highly regulated market, the incentives on R&D expenditure is key factor for the growth.
RBI credit policy dampened the market sentiment. Realty, banking and consumer durables stock were badly hit.
At 2.46 p.m., the Sensex was trading down 209.11 points or 1.18% at 17,466.74 with 24 components falling. Meanwhile, the Nifty was trading lower by 56.35 points or 1.05% at 5,324.15 with 40 components falling.
Sectors in Limelight
The Oil & Gas index was at 8,235.20, down by 288.35 points or by 3.38%. The major losers were Oil & Natural Gas Corporation (5.74%), Cairn India (4.91%), Oil India (4.54%), G A I L (India) (2.24%) and Gujarat State Petronet (1.83%).
The PSU index was at 7,475.51, down by 208.5 points or by 2.71%. The major losers were Bank Of Baroda(3.02%), Bank Of India (2.99%), Allahabad Bank (2.84%), Andhra Bank (1.71%) and Bank Of Maharashtra (0.77%).
The Power index was at 2,201.55, down by 57.21 points or by 2.53%. The major losers were Crompton Greaves (3.9%), Bharat Heavy Electricals (3.47%), Adani Power (3.11%), A B B (2.35%) and Reliance Infrastructure (0.27%).
On the other hand, the FMCG index was at 4,272.47, up by 65.83 points or by 1.56%. The major gainers were I T C (3.24%) and United Spirits (0.81%).
BSE Healthcare index decline by 130 points to 6354 points after Budget presentation
The Union Budget for the year 2012-13 has turned out to be a big disappointment to the pharmaceutical sector in the country today and of the BSE Healthcare, leading 19 companies declined to 6354.34 points as against previous closing of 6485.22 points. The HC index opened at 6495.35 points and went up to intra-day high at 6546.98 points, but failed to sustain upward trend on account of Budget provisions. Out of 19 index based companies, the share price of 15 companies declined and closed lower as compare to previous closing. BSE Sensex of 30 companies also dwindled by over 209 points to 17466.20 after budget announcements.
The shares of major companies like Sun Pharmaceutical, Strides Arcolab, Cadila Healthcare, Cipla, Divi's Laboratories, Lupin, Biocon, Apollo Hospitals, Fortis Healthcare closed lower today. Sun Pharma shares declined by over 7.1 per cent to Rs.545.05, Strides by 5 per cent to Rs.571.70 and Cadila by 5.3 per cent to Rs.711.95. GlaxoSmithKline Pharma registered growth of Rs.22.45 and closed at Rs.2,140.20. IPCA Laboratories, Piramal Healthcare and Opto Circuits also recorded small gains at the close.
The pharmaceutical industry was expecting incentives on expenditure on Research and Development which is crucial for its future growth. Considering the competition in the international market and stringent approvals system in highly regulated market, the incentives on R&D expenditure is key factor for the growth.
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