Budget 2016 fails to boost Indian market sentiment
The BSE Sensex and the NSE Nifty, which opened on a positive note on Monday began to sputter and slide as the Budget was being presented.
For a while the market recouped some losses but finally closed the day on a negative note
At the close of day, Sensex slipped 152.30 points to 23002, and the Nifty fell 42.70 points to 6987.05.
Weak global cues and a dip in the rupee were also partly responsible for the market downfall, according to media reports.
Selling was noted in IT, capital goods, oil & gas and auto stocks.
ONGC, BHEL, Maruti, Infosys, L&T Cairn India, and Power Grid were among the major losers on Monday.
Bank stocks, along with metal and realty stocks fared well.
ICICI Bank, HDFC Bank, Reliance, SBI and Dr Reddy's Labs were among the major gainers.
Image: Wikimedia Commons
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
