- Budget 2020: It lacks the punch to kick-start economic growth
- Pump stocks rally on budgetary sops; Shakti, Roto Pumps zoom 20%
- Insurance stocks tumble as government proposes LIC IPO; ICICI Pru tanks 11%
- Budget proposals are not really a stimulant amid lack of big-bang steps
- IDBI Bank rallies 17% as FM Sitharaman proposes to sell entire govt stake
- Chola to raise Rs 900 crore through QIP; Singapore govt among investors
- IRCTC up for seventh straight session; zooms 106% against listing price
- Divi's Lab hits new high as Chippada unit gets zero USFDA observations
- Tech Mahindra declines over 3% post Q3 numbers, pares losses later
- HUL gains over 2% as Q3 volume growth beats Street expectations; ITC flat
MARKET WRAP: Sensex tumbles almost 1,000 pts as Budget disappoints D-St
All that happened in the markets today
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 downside, ITC, HDFC, L&T and SBI settled the day as top laggards. Heavyweights like HDFC twins, ITC, ICICI Bank, Reliance Industries, L&T, and SBI slumped up to 7 per cent, dragging the markets lower.
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.