Budget presentation fails to cheer markets as sensex, Nifty fall sharply

NEW DELHI: Equity indices plunged sharply after the Union Budget presentation with the benchmark BSE sensex down 907.63 points or 2.23% at 39,815.86 and the broader NSE Nifty trading 276.85 points or 2.31 per cent lower at 11,685.25, in late afternoon trade.
Top losers in the sensex pack include HDFC, L&T, Sun Pharma, Bajaj Finance, ONGC and Kotak Mahindra Bank with their shares sliding as much as 4.40 per cent.On NSE, sub-indices Nifty Realty and Financial Services tanked as much as 5.63 per cent.
In the previous session, sensex settled 190.33 points, or 0.47 per cent, lower at 40,723.49, after the Economic Survey suggested relaxing fiscal deficit target to boost growth from a decade low. Nifty shed 73.70 points, or 0.61 per cent, to finish at 11,962.10.
On a net basis, foreign institutional investors sold equities worth Rs 4,179.12 crore, while domestic institutional investors purchased shares worth Rs 3,816.44 crore on Friday, data available with stock exchanges showed.
According to analysts, investors are cautious ahead of the Union Budget 2020 as all eyes will be on how centre is going to bring growth as any increase in spending would result in widening of fiscal deficit.
Negative cues from global markets amid concerns over China's coronavirus outbreak continued to weigh on investor sentiment here, traders said.
(With PTI inputs)