Reliance Industries (RIL), the largest company in terms of market value, led the bear rout and fell 6.24 per cent. The BSE Mid-Cap index was down 4.11 per cent while the BSE Small-Cap was down 4.05 per cent. Both these indices outperformed the Sensex.
The BSE Bankex fell 6.7 per cent. “The interest cost provision in market stabilisation bond used by the RBI to sterilise rupee has also been doubled in the Budget, leading to speculation of the government’s intention to keep high interest rates, which is perceived to be negative for the banking sector and the economy,” said a fund manager.
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