Stock Market shows thumbs down to Budget 2009

Indian stock market has clearly shown thumbs down to financial budget 2009 which was presented today by Finance Minister. Indian stock market BSE index closed down with 869 points decrease 2 Lakh 50 thousand rupees worth of value in a single day. This is a clear indication from stock market and investors that they have not liked budget.

Earlier, Stock market and Indian investors have lots of hopes from budget that it will bring more momentum in Indian slowing economy, however, Indian government choose path of popular approach while undermining important needs for reforms. Today’s budget has failed in providing any relief or incentives to major industries in India expect FMGC.

Banking sectors especially public sector banks are worst hit from this crisis because government has extended the farmer loan wavier for next six months. Though, government has announced some soaps for infrastructure and oil mining industry especially Reliance, however, expectation were much more from budget.

In next few days also stock market can loss more money because there is no good news for any industry. Foreign stock markets are also showing negative trend which can further push Indian stock market into negative.

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