Budget fails to enthuse markets, Sensex falls below 14K

The Sensex nosedived by over 800 points and fell below 14,000 level in the late afternoon trade after the Union Budget presentation by Finance Minister Pranab Mukherjee in Parliament.

The Sensex nosedives by over 800 points and falls below 14,000 level after the Union Budget presentation by Finance Minister Pranab Mukherjee in Parliament.

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Market participants said Mukherjee pegging fiscal deficit at a high of 6.8 per cent of GDP for 2009-10 is a cause of concern, triggering hectic sell-off. Fiscal deficit in the previous fiscal was 6.2 per cent of GDP.

They further said markets fell drastically even though the Fringe Benefit Tax, seen as an irritant of corporate, has been abolished.