Sensex Plunges 400 Points After Modi 2.0 Budget

After the announcement of the maiden Budget speech by Nirmala Sitharaman, stock indices came under pressure, with both Nifty and Sensex trading lower. Sensex was dragged lower by 394.67 points or 0.99% and ended at 39513.39, while Nifty also lost 135.6 or 1.14% to close at the session at 11811.15.

Oil Marketing Companies or OMCs including HPCL, BPCL and IOC fell 5-6% after government in its Budget speech increased excise duty on petrol and diesel. The govt. will levy special additional excise duty of Rs 1/ litre and road cess of Rs 1 per litre on petrol and diesel.

SBI was seen trading at its record high after Budget 2019 announced a recapitalisation booster of Rs. 70,000 crore for PSU Banks.

Yes Bank on the other hand tumbled a huge 8% after the company acquired over 9% shares of battery maker Eveready by invoking pledged shares following loan default by a group company.

Jewellery stocks fell 2-7% in the intraday trade after the government in Budget 2019 increased import duty on gold and precious metals to 12.5% from the current 10%. Tribhovandas Bhimji Zaveri traded lower by as much as 6.4%, Goldiam International fell 6.7%, Titan stock also was dragged down as much as 3.1%.

The top gainers from the NSE pack include IndusInd Bank, Indiabulls Housing Finance, Bharti Infratel, Kotak Mahindra Bank and Bharti Airtel while the top losers are YES Bank, NTPC, Vedanta, TCS and Hindalco Industries.

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