Expectations of muted expenditure on railway infrastructure and the assumption that there would be no further fare hikes may have contributed to the fall, according to analysts.
The railway minister said the target of 700 km of new lines in the current year (2012-13) had to be scaled down to 470 km due to inadequate resources.
Shares of engineering and wagon manufacturing firms surged by up to 4 per cent on the Bombay Stock Exchange in early trade on Friday ahead of the Railway Budget 2009-10. KK Birla Group company Texmaco, which is in the business of wagon manufacturing, gained 2.53 per cent to hit a high of Rs 123.50 within minutes of opening trade. Kalindee Rail Nirman rose by 2.80 per cent to Rs 229.30.
Railways Minister Sadananda Gowda will present his maiden Rail Budget on July 8 in Parliament.
.jpg)
Most of the railway-related stocks, which had seen smart gains in the past few days ahead of the Rail Budget, saw profit-booking as Railway Minister Sadananda Gowda presented the Budget.
Sensex was up 184 points at 25,580 and the Nifty added 71 points to end the day at 7,654
The 30-share barometer started higher, but lost its way soon after the railway budget.
There is a lot of optimism as regards the defence, railway and manufacturing sectors.
State owned banks SBI and PNB were the top Nifty gainers along with ICICI Bank and auto shares.
The redevelopment of stations is good news for construction companies.
The 30-share Sensex ended higher by 30 points.
Stocks might hit new highs even before B-Day.
TCS, ICICI Bank, Sun Pharma,Tata Motors and HDFC among the top losers for the day
RBI's fifth bi-monthly monetary policy meet due tomorrow also kept the investors on their toes.
The broader markets also ended lower in line with the benchmark indices
For the seven months since February 2014, the benchmark index surged nearly 27%.
Benchmark share indices ended at record closing highs, amid a volatile trading session on Monday, with IT majors leading the gains.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances