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Sunday, Aug 25, 2019

Sensex in red, slips by over 450 points after Nirmala Sitharaman’s Budget speech

The 30-share index was trading 171.82 points, or 0.43 per cent, lower at 39,736.24 at 1150 hours. Similarly, the 50-share NSE Nifty declined 55.70 or 0.47 per cent, to 11,891.05.

india Updated: Jul 05, 2019 13:56 IST
HT Correspondent
HT Correspondent
Mumbai
The Sensex had reclaimed the 40,000 mark and the NSE Nifty inched closer to the 12,000 level in morning trade ahead of the Budget presentation.
The Sensex had reclaimed the 40,000 mark and the NSE Nifty inched closer to the 12,000 level in morning trade ahead of the Budget presentation.(REUTERS FILE)
         

The BSE Sensex dropped by over 450 points on Friday minutes after Nirmala Sitharaman presented the first budget of Modi government 2.0. The Sensex had reclaimed the 40,000 mark in early morning trade but those early gains were short-lived.

The 30-share index was trading 462.52 points lower at 39,456. 34 at 1:30 pm. Similarly, the 50-share NSE Nifty declined 137.2 to 11,809.55.

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Top losers in the Sensex pack included Yes Bank, ONGC, NTPC, Vedanta, Sun Pharma, Tata Motors, M&M, Tata Steel, Hero MotoCorp and TCS. HUL, Asian Paints and Kotak Bank were the only gainers in the index.

ALSO WATCH: Budget 2019 | ‘Rs 350 cr allocated for GST-registered MSMEs on loans’: FM

Presenting the full Union Budget for 2019-20, Sitharaman said India needs to make structural reforms to achieve the target of USD 5 trillion economy in the next few years.

She said it was the right time to consider increasing minimum public shareholding from 25 per cent to 35 per cent.

The Budget also proposed rationalisation and streamlining of KYC norms for Foreign Portfolio Investors to make them investor-friendly.

Sitharaman said the government proposes to initiate steps for electronic fund raising programme for listing of social enterprises and voluntary organisations.

Interoperability of RBI depositories and SEBI depositories is necessary for seamless transfer of treasury bills, she said, adding the government will take necessary measures for the same.

The rupee, meanwhile, depreciated 24 paise to 68.74 against the US dollar.

First Published: Jul 05, 2019 12:33 IST

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