<b>Budget 2008: </b> Sensex ends down 246pts

The Sensex opened with a negative gap of 44 points at 17,780 on negative cues from the global markets. The index extended losses to over 100 points, and thereafter exhibited lacklustre movement till Finance Minister P Chidambaram began his seventh Budget speech.

And the first major jolt came in banking stocks after the FM announced debt waiver of farm loans taken up to March 31, 2007 and outstanding as of December 31, 2007.

The index recovered some ground on buying in auto, FMCG and pharma stocks but then came the second round of selling that saw the index slide to a low of 17,258 - the reason: hike in short-term capital gains tax to 15%.

Selective buying at lower levels helped the index trim losses, and finally end at 17,579 - down 246 points.

The NSE Nifty moved in a range of 5,291 to 5,098, before settling with a loss of 62 points at 5,223.