Budget 2020 Fails To Cheer Markets; Sensex, Nifty Drop Most Since November 2016
Investors Lose Nearly 3.6-Lakh Crore On Budget Day As Sensex, Nifty Drop The Most Since November 2016
Indian equity investors lost around Rs 3.6 lakh crore of wealth on Budget day, according to data available with Bombay Stock Exchange.
That came after Indian indices dropped the most since November 2016 after the Finance Minister Nirmala Sitharaman’s Union Budget failed to impress investors. The S&P BSE Sensex fell 2.43 percent or 988 points to 39,735 and the NSE Nifty 50 fell 2.5 percent to 11,661. The broader markets represented by the NSE Nifty 500 Index fell 2.6 percent.
The market breadth was tilted in favour of sellers. About 1,372 stocks declined and 404 shares advanced on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Realty Index’s 7.9 percent fall. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 0.86 percent.
ITC Falls Nearly 9%; Godfrey Phillips Drops Nearly 10%
Shares of ITC fell as much as 9 percent while shares of Godfrey Phillips fell as much as 9.3 percent to Rs 1,100.
The cigarette makers extended declines after the government in its Union Budget proposed to raise excise duty on tobacco and cigarettes.
Realty Shares Slump; DLF Drops Over 12%
Shares of the real estate developers declined, led by the fall in DLF Ltd., Prestige Estates Projects Ltd. and Godrej Properties Ltd.
Markets Live: Sensex Drops 1,000 Points; Nifty Below 11,600
Indian stocks extended declines to trade at day’s low.
The S&P BSE Sensex fell 2.4 percent points to trade below 40,000-mark and the NSE Nifty 50 fell 2.47 percent to trade below 11,700. The broader markets represented by the NSE Nifty 500 Index fell 2.5 percent.
The market breadth was tilted in favour of sellers. About 1,293 stocks declined and 443 shares declined on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Realty Index’s 7 percent fall. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 0.7 percent.
Road Makers Decline; Government Plans To Accelerate Development Of Highways
Shares of the road makers declined in today’s trade.
“The government plans to accelerate the development of highways. This will include development of 2,500 km access control highways, 9,000 Km of economic corridors, 2,000 km of coastal and land port roads and 2000 km of strategic highways,” FM said in her Budget speech.
“Delhi-Mumbai Expressway and two other packages would be completed by 2023. Chennai-Bengaluru Expressway would also be started,” she added.