News Update as at 17.00 hrs (IST) Markets
Markets react as Budget keeps out tax cuts MUMBAI: Equities closed sharply lower on Tuesday after the Finance Minister, Mr Jaswant Singh's interim budget did not offer any of the major tax concessions which were expected by the market. Investors failed to be enthused by Mr Singh revising upward this fiscal year's gross domestic product target, and were cautious in buying shares ahead of the general elections in April. The BSE Sensex, fell 74.69 points or 1.3 pc to 5620.98. This was the fourth consecutive day it fell, with the Sensex down 6.2% from its close of 5993.06 on January 27, 2004. On the NSE, the S&P; CNX Nifty fell 40.75 points, or 2.3%, to 1769.00. The interim budget proposals failed to enthuse market players. Stocks fell for the fourth successive day with the sentiment turned negative as the budget did not carry any big sops. There is nothing positive to look forward to in the current market and if there is anything, it is only negative, said a dealer. The reason for the decline is the slowdown in foreign fund inflows due to elections. The turnover on the BSE was Rs 2,775 crore, lower than the average daily turnover of Rs 3,000 crore over the past month. The market is looking for more, and obviously has not got it. and the fall is very short term. The fundamentals of the economy are strong and expects the market to strengthen after the forthcoming large equity issues and the general elections, a dealer said. Dr. Reddy's Laboratories dropped by 9 pc after it reported a lower-than- expected third-quarter profit. Dr. Reddy's dropped Rs 128.40 or 9 per cent, to Rs 1,271 after its profit during the quarter ended December 31 declined to Rs 59.20 crore from Rs 66.10 crore made a year ago. ONGC fell after its said that its third-quarter profit declined 34 per cent because it absorbed some cooking-fuels subsidy costs borne by oil refiners. Tech heavyweight Infosys sheds 0.30 pc at Rs 5197. Satyam declined 8 pc at Rs 291, Wipro was down 2 pc at Rs 1,525. HCL Tech was down 1 pc at Rs 300. NIIT was down 10 pc at Rs 194. Old economy heavyweight Reliance quoted lower by 1.20 pc at Rs 553. SBI down 5 pc at Rs 567. FMCG giant HLL was firm by 1 pc at Rs 190. Tata Steel was down 5 pc at Rs 385. GAIL was down 9 pc at Rs 200, Tata Motors down 2 pc at Rs 509. SAIL was down 7 pc at Rs 41.40. GAIL was up 4.40 pc at Rs 225. Tata Power lost 5 pc at Rs 355. However, Cigarette major ITC lost 1.35 pc at Rs 1010. Among cement majors, ACC was down 5.25 pc at Rs 241, L&T; was down 1 pc at Rs 496 and Gujarat Ambuja Cement was down 4.20 pc at Rs 277. Among auto stocks, M&M; was up 0.60 pc at Rs 411, Bajaj Auto was up 0.50 pc at Rs 1,003 and Hero Honda declined 3 pc at Rs 438. Among pharma stocks, Dr Reddy's was down 7.75 pc at Rs 1,289, Ranbaxy was down 1 pc at Rs 980 and Cipla was down 5 pc at Rs 1,142. Maruti was down 6 pc at Rs 406.50 partly on absence of further tax cut on cars in the budget proposals. BHEL was up 6.3 pc at Rs 545.00 partly in anticipation of tax benefits. Though there is nothing material in today's speech for the company, the stock is likely to move ahead on strong fundamentals. Bank stocks were down on fears of fall in interest margins after the Finance Minister, Mr Jaswant Singh urges them to lower rates on agri-loans. SBI was down 5.2 pc at Rs 565, Canara Bank was down 8.3 pc at Rs 124.85, Bank of Baroda declined 6.2 pc at Rs 204.50. Prev: E-filing of customs documents extended to 23 formations
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The 30-Stock index of the Bombay Stock Exchange (BSE) of India today closed at a new All-time High of 6,679.20, gaining 76.51 points.

Earlier, the index closed at an All-time high of 6602.69 points at the end of Last-week's trading on Friday.

Also, the Delhi-based National Stock Exchange (NSE) Nifty also breached the 2,100-mark for the first time in its trading history and closed at 2,115, registering a gain of 34.50 points over the last week's close.