Budget 2020: Nifty Logs Worst Budget-Day Performance In 11 Years
The NSE Nifty index fell 2.51 percent today, resulting in the erosion of nearly Rs 3.6 lakh crore in investor wealth.
The NSE Nifty 50 Index clocked its worst Budget-day returns in at least 11 years after the Budget failed to impress investors.
The 50-share gauge fell 2.51 percent today, resulting in the erosion of nearly Rs 3.6 lakh crore in investor wealth. That was also the index’s worst Budget-day performance since July 6, 2009, when the then Finance Minister Pranab Mukherjee presented the Budget after the UPA-2 government returned to power the same year.
The Bombay Stock Exchange and the National Stock Exchange, which are otherwise closed on a Saturday, were open to trading today as Finance Minister Nirmala Sitharaman presented Union Budget 2020-21 in Parliament.
The markets usually recover a day after the budget—but that wasn’t the case during the previous budget. Investors were spooked when the government had then increased taxes on the super-rich, including foreign portfolio investors, and taxed share buybacks. The finance minister on Aug. 23, however, rolled back the enhanced surcharge on overseas investors.
