Indian shares plunged around 2 percent on Tuesday - the Budget presentation day by Railway Minister Sadananda Gowda. BSE and NSE indices recorded their biggest single day fall in over 10 months.
According to Reuters, the broader NSE index fell 2.11 percent and the benchmark BSE lost 1.98 percent, which is biggest single-day fall since 3 September 2013.
The Sensex on Tuesday closed at 25582.11 points, with a loss of 517.97 points, and Nifty fell by 163.95 to settle at 7623.20 points. 10 other Indian stock indices also depreciated.
The BJP government proposed foreign direct investment (FDI) for improving rail infrastructure. But Indian stock market member Jagdish Malkani contradicted the idea of FDI in railways.
"I am sorry to be a party pooper, but this 100% FDI seems like a real stretch. The Prime Minister downwards is very interested in bringing the railways up to speed - there were statements pertaining to making them like airports. But, for that to happen, FDI has to play a key role," The Economic Times quoted Malkani.
"But these are large leaps. I am not sure if 100% is credible. They will clearly lay out some road map; so let's have a look at that first," he added.
Majority of rail stocks slumped during trading on Tuesday, amid rail budget presentation by the Narendra Modi-led government.
Here is the list of a few railway sector-related stocks, which depreciated on the memorable day of budget presentation:
|Name||Symbol||Last traded price in ₹||Change in ₹||52 week High in ₹||52 week Low in ₹|
|Voltamp Transformers Ltd||VOLT||691.50||+7.90||740||301.25|
|Hind Rectifiers Ltd||HRCT||59.20||+2.80||66.75||28.30|
|Texmaco Rail & Engineering Ltd||TEXA||116.80||-28.95||150||26|
|Nitin Fire Protection Industries Ltd||NIFP||70.50||-4.95||79.80||49.10|
|Kalindee Rail Nirman Engineers Ltd||KALL||128.55||-6.75||141||50.80|
|Titagarh Wagons Ltd||TITW||314.45||-16.55||338.90||69.25|
|ARSS Infrastructure Projects Ltd||ARSS||67.30||-2.25||71.20||14.50|
|Kernex Microsystems Ltd||KMIL||69.85||-3.65||80||29|
|Stone India Ltd||STON||45.55||-2.35||50||14|
|Bartronics India Ltd||BARI||14.15||-0.45||15.60||4.90|
|Container Corp of India||CCRI||1265.90||-77.90||1410||634|
|Reliance Industries Infrastructure Ltd||REII||580.80||-47.05||658.40||278.15|
|Hindustan Construction Company ltd||HCNS||44.65||-2.35||49.05||7.70|
|Larsen and Turbo||LART||1672.45||-76.90||1776.60||677.15|
|Timken India Ltd||TIMK||282.20||-21.85||332||148|
|Gateway Distriparks Ltd||GATE||240.60||-4.70||253||98.15|
|All Cargo Logistics||ACLL||247.25||-13||271.80||59.45|
|Hind Rectifiers Ltd||HRCT||56.25||-2.95||66.75||28.30|
|MIC Electronics Ltd||MELC||6.35||-0.05||8.10||1.75|
At 11am on Tuesday, FMCG, Capital Goods and Healthcare stocks appeared surging but by the end of the trading day, even they fell. Hence, all Indian stock indices declined on rail budget day.
However, top gainers from BSE were Polychem, Lakshmi Precision Screws, Maan Aluminium, GG Dandekar Machine Works and Super Crop Safe Ltd, whereas, top losers were Texmaco Rail & Engineering, Texmo Infracstructure, Precision Wires India, Kolte Patil Developers and Jindal Stainless Limiited.
Most world markets indices too slumped on Tuesday. At 5:30pm, Asian stock index Nikkei and Hang Seng fell by 65.03 points and 9.05 points. In the meantime, US-based stocks DOW, S&P 500, NASDAQ and TR US Index also plunged by 44.05 points, 7.79 points, 34.40 points and 0.93 points respectively.
Among European markets, FTSE 100, DAX, CAC 40 and TR Europe depreciated by 39.06 points, 53.19 points, 22.63 points and 1.02 points respectively.