Sensex down 185 points; auto stocks tank

Mumbai, Feb 26 (IANS) Investor sentiment was subdued in Thursday’s post-afternoon trade session, even as Railway Minister Suresh Prabhu presented his maiden budget to the Lok Sabha.

The benchmark index of Indian equities markets, the 30-scrip Sensitive Index (Sensex) was trading 185 points or 0.64 percent down.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading in the red. It was down 55.65 points or 0.63 percent at 8,711.60 points.

The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 29,051.90 points, was trading at 28,822.76 points (1.00 p.m.), down 185.23 points or 0.64 percent from the previous day’s close at 29,007.99 points.

The Sensex had touched a high of 29,069.13 points and a low of 28,796.99 points in the intra-day trade so far.

All sector-based indices of the BSE were trading in the red.

Sector-wise stocks of automobile, healthcare, capital goods, information technology (IT), technology, entertainment and media (TECK) and fast moving consumer goods (FMCG) came under heavy selling pressure.

Other sectors like banks and consumer durables also came under selling pressure.

The S&P BSE automobile index decreased by 203.34 points, followed by healthcare index which plunged 174.56 points, capital goods index was lower by 144.76 points, IT index fell by 138.28 points, TECK index declined by 67.73 points and FMCG index was down 67.62 points.

Bank index also declined by 99.90 points and consumer durables index was down 99.72 points.

Railway Minister Prabhu presented his maiden railway budget in the Lok Sabha Thursday afternoon.

The budget proposed various plans to re-energise one of the largest railroad networks in the world, while seeking to improve passenger amenities and safety.

The markets expect the budget to bring in fiscal stability to the railways and fund inflows for modernisation, in line with the government’s proposal for infrastructure development through the public-private partnership (PPP) model.

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