IT stocks took a nose dive in the share market. The BSE IT index went down 2.74% at 3236.33 points while CNX IT lost 114.75 points ending at 3430.55 points. In the budget Finance Minister, Pranab Mukherjee focused on “inclusive growth driven by IT.”
Bank, realty, capital good and metal stocks fell sharply in the share market today. The BSE Bankex plummeted 8.2% as the fiscal deficit pushed the bond yield.Shares of IndusInd Bank, ICIC Bank and IDBI, fell more than 9%. The BSE realty index fell 7.3%. The BSE capital goods index fell 7%. Areva T&D, Alstom Projects and Punj Lloyd in the capital goods sector fell more than 9.5%.
The BSE metal index fell 6.5% and BSE Power index fell 6.4%. Out of the 30 stocks of the Sensex, prices of 28 stocks declined. Tata Steel, JP Associates, and HDFC shares lost 9% each. Prices of Reliance Infra shares slipped 12.5% to Rs.1,131.