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Budget fails to cheer market, Sensex down over 300 points

Budget fails to cheer market, Sensex down over 300 points

New Delhi: As Finance Minister Nirmala Sitharaman presented the Union Budget for financial year 2020-21 on Saturday, the domestic equity markets responded in a subdued manner with the BSE Sensex trading 347 points lower.

At 1.20 p.m., the Sensex was trading at 40,375.84, lower by 347.65 points or 0.85 per cent from the previous close of 40,723.49 points.

It had opened at 40,753.18 and has so far touched an intra-day high of 40,905.78 and a low of 40,375.84 points.

The Nifty50 on the National Stock Exchange was trading at 11,881.35, lower by 80.75 points or 0.68 per cent from its previous close.

The indices were largely flat during the early hours of trade and started to decline significantly around 1 p.m.

The budget comes at a crucial time as the economy is going through a severe slowdown and consumer sentiment is significantly low.

The only gainers on the Sensex were Hindustan Unilever, Infosys, TCS and Nestle. The major losers were Larsen and Toubro, ONGC, Tata Steel, Hero MotoCorp and Power Grid.


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