India's budget turns investors bearish

Specialists are sanguine about India's budget announcement yesterday, but investors hammer stocks, causing the Sensex to lose 6% intra-day.

The Indian budget for the fiscal year to March 2010 was announced yesterday to a cautiously optimistic reception from specialists, but a resounding thumbs-down from the stockmarket. The euphoria prevailing in Indian stockmarkets since the Congress-led UPA government won a majority on May 18 was quelled as markets lost 6% during the course of the day's trading.
 
The finance budget for the fiscal year followed the railway budget which was announced on Friday. The railway budget seemed designed for...

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