The stock market plunged deeper into the red with an intra-day loss of about 250 points in the benchmark Sensex on concerns about rising fiscal deficit levels.
In the interim budget for FY'10, Finance Minister Pranab Mukherjee said that the fiscal deficit in the current fiscal (FY'09) was projected at 4.4 per cent, well above the budgeted estimate (2.5 per cent). Besides, the fiscal deficit in the next fiscal was forecast to grow even further to six per cent.
The Sensex dipped to its lowest level of the day at 9,327.16, down 307.58 points from its previous close.
Banking, energy and metal stocks witnessed heavy selling, but realty and auto stocks saw some buying on expectations for sops for these crisis-hit sectors in the interim budget.
source: rediff.com
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