Stock market at odds with Union Budget 2020; SENSEX slips over 700 pts, NIFTY at 11,741

According to data available at 1:30 PM on Saturday, market benchmark SENSEX dropped 708 points to 40,015 in the afternoon trade; while NIFTY fell 220 pts to 11,741. This comes after the Union Budget 2020-21 was presented by Finance Minister Nirmala Sitharaman today. The government announced the removal of dividend distribution tax (DDT) at the dividend distributing company but retained tax at the hands of the dividend receiver.

Larsen & Toubro, Tata Motors, Bajaj Finserv, Zee Entertainment, and Bharat Petroleum were among the top laggards, shedding up to more than 3%.On the other hand, Hindustan Unilever, HCL Technologies, Cipla, TCS, and Infosys were trading with marginal gains.

Earlier, in the opening benchmark, SENSEX had slumped over 200 points ahead of the release of Budget 2020-21.

In the previous session, Sensex settled 190.33 points, or 0.47%, lower at 40,723.49, after the Economic Survey suggested relaxing fiscal deficit target to boost growth from a decade low.

Negative cues from global markets amid concerns over China’s coronavirus outbreak continued to weigh on investor sentiment here, traders said.

Benchmarks on Wall Street ended with sharp losses on Friday.

Courtesy : DNA

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