The Sensex ended 504 points, or 1.3 per cent, lower at 38,594, while the Nifty declined 148 points, or 1.3 per cent, to close at 11,440
While they acknowledge a possible rise in the fiscal deficit as a result of this measure, they do suggest investors who with a long-term investment horizon use the opportunity to buy
The brokerage expects the Sensex to climb to 45,000 - 15% upside from current levels - by June next year
The stock market rallied 5 per cent on Friday - its biggest single-day stride in over a decade
Rupee weakens against dollar; 10-yr bond yield inches up
Kant said the Automobile space was at a disruptive stage and a steep correction in stock prices might see some value buying in this segment
The signal from the market to the government after the first 100 days is - 'The going is getting tough'
The Sensex rise was driven by metal, banking, telecom and IT stocks amid some positive news coming from Hong Kong
Dollex shows more pain for foreign funds amid depreciating currency
Sensex posts best figures in 3 months; rupee weakens as FPIs keep pulling out
However, this will be tested with the economy clearly in slowdown mode
Most investors were expecting the government to increase spending to shore up economic growth
In the broader market, S&P BSE mid-cap closed at 13,518 levels, up 27 points, or 0.20 per cent. The S&P BSE small-cap index settled 64 points higher, or 0.51 per cent, at 12,649 levels.
Negative returns reflect sombre mood, especially slump in mid-cap and small-cap stocks
Market players said the government needed to announce market-friendly measures to revive investor sentiment
At the BSE, 1,652 stocks declined, while 861 advanced and 148 remained unchanged
Sensex gains 637 points, most in a day since January 31
The Nifty 50 index dropped 93 points, or 0.9 percent, to close at 10,856
Heavy selling was witnessed across-the-board with India VIX, the volatility gauge, jumping nearly 14 per cent to hit a one-month high of 17.64.
After dropping about 400 points intra-day, Sensex ends with 100-point gain on reports that Centre is examining FPI concerns