Live Market Updates: Market shrugs off Railway Budget, Sensex falls 200 pts

The market remained under pressure post Railway freight rate hike. The Sensex plunged 244.59 points or 0.84 percent to 28763.40 and the Nifty slipped 74.40 points or 0.85 percent to 8692.85, dragged by capital goods, technology, auto, banks and pharma stocks.



About 919 shares have advanced, 1737 shares declined, and 188 shares are unchanged on the Bombay Stock Exchange.



Railway Minister Suresh Prabhu has raised freight rate for several sectors like cement, coal & iron & steel, oil etc. He raised freight rate by 3.1 percent for scrap & pig iron, 2.7 percent for slag, 0.8 percent for kerosene and 0.8 percent for LPG.



Freight rate is also hiked for cement by 2.7 percent, 0.8 percent for iron & steel, 10 percent for urea and 6.3 percent for coal. However, Freight rate is lowered by 1 percent for high-speed diesel (HSD).



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Posted in: Indian Market Tips