 "Budget 2016 announcements depress equity markets")
Union Budget announcements, combined with negative Asian cues, and a dip in the rupee value depressed the Indian equity markets during the afternoon trade session on Monday.
Consequently, the barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) plunged by over 151 points.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) traded in the red. It was lower by 62 points or 0.88% to 6,968.15 points.
The Sensex, which opened at 23,238.50 points, traded at 23,002.77 points (at 12.00 p.m.) -- down 151.53 points or 0.65 percent from the previous day's close at 23,154.30 points.
During the intra-day trade so far, the Sensex touched a high of 23,293.80 points and a low of 22,956.80 points.
Vaibhav Agarwal, vice president and research head at Angel Broking, elaborated that markets traded on a negative note, led by mixed Asian cues and cautiousness prevailing around the budget.
"Expectations continue to remain low with markets not having witnessed any pre-budget rally this year."
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Nitasha Shankar, senior vice president for research with YES Securities said: "Markets eagerly watch out for an increased spending in the infrastructure space, road map to bank recapitalisation and a rural thrust."
"Along with this it will be crucial for the finance minister to strike a right balance between growth and fiscal consolidation," she said.