Arun Jaitley's Budget disappoints, BSE Sensex tanks 348 pts, NSE Nifty inks biggest 16-mth weekly loss

Jul 11 2014, 16:56 IST
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Reliance Industries fell 3.1 percent while Larsen & Toubro lost 4.8 percent. (PTI) Reliance Industries fell 3.1 percent while Larsen & Toubro lost 4.8 percent. (PTI)
SummarySensex plunges 1.37 pct as investors found no reason to cheer Arun Jaitley Budget.

10-year yield hit its highest level since May 21.

The NSE sub-index for banks slumped 2.5 percent. State Bank of India fell 4.7 percent while HDFC Bank lost 1.4 percent.

IDFC, which is seen as one of the biggest beneficiaries from the budget, also fell 2 percent on profit-taking after rising 8.7 percent in the previous session.

However, defensives gained on some churning from high-beta stocks amid heavy falls. ITC rose 1.1 percent while Sun Pharmaceutical Industries gained 2.5 percent. Software stocks gained after Infosys Ltd, India's second-largest software services exporter, posted a 21.6 percent increase in quarterly net profit, beating estimates. Infosys shares gained 1 percent, Tata Consultancy Services rose 1.8 percent, Wipro ended up 1.5 percent, HCL Technologies advanced 2 percent, and Tech Mahindra ended 1.4 percent higher.

FACTORS TO WATCH

* Euro steadies after dip on Portuguese bank nerves

* Oil heads for 3rd weekly loss, Brent stays above $108

* European markets settle after Portugal-led rout

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