The Budget And The Markets

From Hindustan Times:

The stock markets gave a virtual thumbs down to the Union Budget and the benchmark BSE crashed 541 points to end below the 13,000-point mark on Wednesday in highly volatile trading on selling by funds and investors.

Right. China's markets crashed by 8% yesterday. Following that, the Dow lost 5%. And following that, all world indices are awash with red today, except Norway's. And the budget caused the crash?

Update: et tu The Telegraph?

Palaniappan Chidambaram had looked good at the nets yesterday when he came to the pitch with the India Shining story in the Economic Survey. But today he dropped a sitter.

The stock market howled, driving the sensex down by 540 points after the budget.

The story was mostly correctly told like here and surprisingly here, but a little surprisingly again not here.