A day after budget, Sensex loses 840 points, Nifty nearly 300

IOC ICICI Bank among top stocks buzzing in trade today

Market mood suffered another setback today after Fitch Ratings said the high debt burden of the government constrains India's rating upgrade. Besides, the fiscal deficit target for FY18 was extended to 3.5 per cent of GDP in the Budget, from 3.2 per cent pegged earlier.

On Thursday, the day of budget 2018, hours before Finance Minister Jaitley started his speech, the BSE Sensex rose by 200 points in anticipation of a great news. The Nifty fell 190.40 points, or 1.73% at the day's low of 10,826.50 in mid-morning trade, its lowest intraday level since 19 January 2018.

The NSE Nifty also sank below the 11,000-mark during the Budget presentation. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 572.72 points or 1.60% at 35,333.94.

Global cues also remain weak, with Asian markets trading broadly lower this morning as USA corporate earnings disappointed and investors looked ahead to the U.S.jobs report due later today for clues on the interest rate outlook.

NBA Wrap: Love-less Cavs handle the Heat
Love underwent consultation relating to the non-displaced fracture of his left-hand fifth metacarpal in New York City on Thursday. Once they do that, guys like Dragic, Wayne Ellington, and Josh Richardson should have plenty of open looks from three.

Meanwhile seeking to comfort jittery investors, economic affairs secretary Subhash Chandra Garg said the sharp fall in the stock market is a "short term phenomena" and they need not worry as the growth story is intact.

The BSE market breadth was bearish with 498 declines and 139 advance. "Uncertainties over the execution of spendthrift budget without tampering fiscal deficit target have fuelled the current volatility and may compel the RBI to take a more hawkish stance in the upcoming monetary policy meeting", said Anand James, Chief Market Strategist, Geojit Financial Services.

The volume chart was led by G M R Infrastructure with trades of over 6.90 million shares. Stocks of banking, capital goods, auto, consumer durables, oil and gas, and metals witnessed a huge sell-off. The BSE small-cap index slumped 4.65 per cent while the BSE mid-cap index dropped 4.03 per cent.

Globally, Asian stocks finished on a mixed note as rising bond yields and mixed earnings from top US companies helped induce some caution ahead of the closely-watched USA monthly jobs report for January, due later in the day.

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