Budget fails to cheer market, Sensex down over 1,000 pts; Nifty down 300 pts

The Nifty50 on the National Stock Exchange was trading at 11,881.35, lower by 80.75 points or 0.68 per cent from its previous close.
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Mumbai, Feb 1 : The Union Budget for financial year 2020-21 has so far been unable to bring cheer to the market and the equity indices slumped with the BSE Sensex falling over 1000 points.

Around 1.30 p.m, the Sensex touched an intra-day low of 40,015.37, 708.12 points lower than the previous close of 40,723.49 points.

However, it has recovered from the low and at 1.39 p.m. it was trading at 40,188.53, lower by 534.96 points or 1.31 per cent from the previous close of 40,723.49

It had opened at 40,753.18, and has so far touched an intra-day high of 40,905.78 and a low of 40,015.37 points.

The gainers on the Sensex so far were Hindustan Unilever, TCS, ITC, Infosys and HCL Technologies. The major losers were Larsen and Toubro, HDFC, ICICI Bank, Bajaj Finance and Kotak Mahindra Bank.

The Nifty50 on the National Stock Exchange was trading at 11,799.85, lower by 162.25 points, or 1.36 per cent from the previous close.

The indices were largely flat during the early hours of trade and started to decline significantly around 1 p.m.

The budget comes at a crucial time as the economy is going through a severe slowdown and consumer sentiment is significantly low.

The only gainers on the Sensex were Hindustan Unilever, Infosys, TCS and Nestle. The major losers were Larsen and Toubro, ONGC, Tata Steel, Hero MotoCorp and Power Grid.

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