Mumbai: The BSE benchmark Sensex ended in negative terrain for the fourth straight week as investors remained unimpressed by the Union Budget proposals which they though were aimed at tax mopping and may add to inflation despite reduction of cash reserve ratio (CRR) by RBI last week.
   
In Friday's Budget for 2012-13, Finance Minister Pranab Mukherjee increased service tax and excise duty to 12 percent from 10 percent, which will make cars, fridges, two- wheelers, ACs and washing machines costly.
   
Besides, a higher fiscal deficit of 5.9 percent for the current fiscal overshadowed several positives, including lower income tax and strong indications of more economic reforms.
   
The hike in the cess created a negative impact on oil explorers like ONGC, Cairn and RIL.
   
Investors also remained unimpressed with the proposal to reduce the Securities Transaction Tax (STT), as they were expecting it to be removed totally. STT, introduced in 2004, is levied on the sale and purchase of equities.
   
CNI Research CMD Kishor P Ostwal said, "STT reduction is no impressive as delivery volumes are not there in market."   

The 30-share Sensex resumed the week higher at 17,772.10 and hovered in a wide range of 18,040.69 and 17,426.58 before ending on Friday at 17,466.20, a net loss of 37.04 points, or 0.21 percent, from its last close. The key index has dropped by 823.15 points, or 4.50 percent, in the last four weeks.
   
The NSE 50-share Nifty also moved down by 15.65 points, or 0.29 percent, to finish at 5,317.90. It has declined by 246.40 points, of 4.42 percent, in the last four weeks.

(Agencies)