Union Budget for 2020-21 turned out to be a big disappointment for the market as a wider fiscal deficit (at 3.8
per cent ) for FY20, absence of any announcement on reduction in Long-Term Capital Gain (LTCG) tax, and a new personal income tax regime (that came with various riders) gave away no clear roadmap of how the government planned to bring the country out of the persisting economic slowdown.
The benchmark S&P BSE Sensex plunged 1,274 points from the day’s high, before settling 987.96 points, or 2.43 per cent, lower at 39,735.53. Only 5 of the 30 constituents, including TCS, HUL, Nestle, and Infosys, settled the day in the green. On the NSE, the Nifty50 closed at 11,643.80, down 392 points, or 3.26 per cent. During the intra-day trade, the index hit a low of 11,633.30 level.Sectorally, Nifty Realty index tanked over 8 per cent at close as the Budget ruled out any sop to help the sector out of the inventory build-up. That apart, Nifty Bank, Private Bank, Metal, Financial Services, Auto, and Public Sector Bank indices settled over 3 per cent lower. In the broader market, the S&P BSE mid and small-cap indices closed over 2 per cent lower each at 15,119.65, and 14,344.70 level, respectively.
Nifty50 closed lower at 11661.85 level, -300.25 points, or -2.51 per cent. Nifty Support : 11590 and 11500 Resistance : 11720 and 11750.
per cent ) for FY20, absence of any announcement on reduction in Long-Term Capital Gain (LTCG) tax, and a new personal income tax regime (that came with various riders) gave away no clear roadmap of how the government planned to bring the country out of the persisting economic slowdown.
The benchmark S&P BSE Sensex plunged 1,274 points from the day’s high, before settling 987.96 points, or 2.43 per cent, lower at 39,735.53. Only 5 of the 30 constituents, including TCS, HUL, Nestle, and Infosys, settled the day in the green. On the NSE, the Nifty50 closed at 11,643.80, down 392 points, or 3.26 per cent. During the intra-day trade, the index hit a low of 11,633.30 level.Sectorally, Nifty Realty index tanked over 8 per cent at close as the Budget ruled out any sop to help the sector out of the inventory build-up. That apart, Nifty Bank, Private Bank, Metal, Financial Services, Auto, and Public Sector Bank indices settled over 3 per cent lower. In the broader market, the S&P BSE mid and small-cap indices closed over 2 per cent lower each at 15,119.65, and 14,344.70 level, respectively.
