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Nifty ends below 7000, Sensex tanks 152pts; banks up on Budget


Moneycontrol Bureau

After a volatile ride, the market has ended with  major loses. The Sensex ended down 152.30 points or 0.7 percent at 23002, and the Nifty slipped 42.70 points or 0.6 percent at 6987.05. About 1090 shares have advanced, 1390 shares declined, and 159 shares were unchanged.

ONGC, BHEL, Maruti, Infosys and L&T were major losers while ICICI Bank, HDFC Bank, Reliance, SBI and Dr Reddy’s Labs were major gainers in the Sensex.

Standard & Poor’s retained its sovereign rating on India despite the government sticking to its fiscal deficit target in Monday’s Budget as it waited for further improvement in public finances.

S&P said it would wait for the government to improve its net debt and fiscal consolidation and does not expect to change India’s BBB- rating with a ‘stable’ outlook until next year.

“The government’s debt burden and subsidy spending continue to significantly constrain its fiscal policy options,” Standard & Poor’s credit analyst Kyran Curry said in a statement.

“Interest payments and subsidies account for almost 40percent of total budgetary expenditure.”

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