Mumbai, July 6 (Inditop.com) Investors in Indian equity markets were disappointed with the 2009-10 budget, resulting in a key index plummeting by more than 700 points even as Finance Minister Pranab Mukherjee was presenting the document.
Soon after 2 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,962.12 points, fell 770.69 points or 5.17 percent to 14,196.01 points.
In a televised interview, noted stock broker Rakesh Jhunjhunwala said: “The markets are disappointed because the budget did not say anything on the policy front. Nothing on FDI (foreign direct investment) in retail, no announcement on land reforms.”
“For example, how will businesses acquire land if there is no policy,” added Jhunjhunwala.
Around the same time, the Nifty of the National Stock Exchange (NSE) was also ruling 5.02 percent lower at 4,202.3 points.
Broader market indices were also in the red, with the BSE midcap index down 3.59 percent and the BSE smallcap index trading 2.9 percent lower.
