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Rail Budget fails to gain investor confidence
Railway Minister Suresh Prabhu\'s maiden budget failed to garner investor confidence, as majority of rail stock plunged in Thursday\'s trade session.
Sensex down 261; auto, bank stocks fall
Mumbai: Railway Minister Suresh Prabhu's maiden budget failed to garner investor confidence, as majority of rail stock plunged in Thursday's trade session.
Shares of railway related companies closed on a weak note as the rail budget failed to raise the sentiments of investors. Besides increasing freight rates also hurt the market sentiment, as the commodities prices are lower.
Among the rail stocks, Texmaco Rail closed 2.4 per cent, Cimmco down 4.6 pe cent, Kalindee Rail down 1.6 per cent, however, Zincom up 7 per cent as railways plan to install surveillance cameras in suburban trains to improve women's safety.
Analysts say that the markets disappointed by the absence of major announcement about dedicated freight corridor or capital rising programme by the Railway Minister. Now the focus would be turned to the Union Budget, which is expected to be deficit and reform studded one.
Further, the markets close on lower note following expirty of February F&O contracts and declining pharma and FMCG stock. Also, the Railway Budget failed to boost the investor sentiment on Thursday trading.
Sensex closed down 261 points at 28,747 and Nifty down 83 points at 8,684, below psychological 8,700-mark. Even the performance of broader markets is down with midcap index fell 0.79 per cent and small cap index down 0.81 per cent.
Coming to sectoral indices, IT index and auto index fell 1.43 per cent each and capital goods index was down 1.31 per cent. Coming to other stocks, IT exporters shares lost with the strengthening rupee include: Infosys, TCS and Wipro closed down 0.6 to 2.5 per cent each. While Bank stock also witnessed profit booking with ICICI Bank, HDFC Bank and SBI closed down 0.4 to 2.1 per cent each.
The gainers: NTPC, up 4.90 per cent at Rs 153.15, GAIL, up 1.57 per cent at Rs 411.80, ONGC, up 0.63 per cent at Rs 319.15, Bharti Airtel, up 0.47 per cent at Rs 349.45 and HDFC, up 0.35 per cent at Rs 1,345.70.
The losers: BHEL, down 3.47 per cent at Rs 264.55; Sun Pharma, down 2.85 per cent at Rs 865.95; Infosys, down 2.53 per cent at Rs 2,259.50; Cipla, down 2.51 per cent at Rs 659.25 and Hindalco, down 2.48 per cent at Rs 149.70.
