Budget Impact: Sensex sheds near 840 points, Nifty at 10,760

Budget, live market update, share market tipsA heavy shock has been witnessed in the Indian stock markets after the Finance Minister presented the Union Budget-2018 on Thursday, wherein he brought Long Term Capital Gain under the tax net and fixed a higher fiscal deficit target for the fiscal 2019 which got highly disappointed investors’ sentiment. Market sentiment suffered one more setback after Fitch Ratings today said high debt-burden of the govt constrains India’s rating upgrade.

The Sensex nosedived 839.91 points or 2.34% to a low of 35,066.75 as its biggest one-day fall in 2½ years duration, with all the sectoral indices trading in the negative zone, while the NSE Nifty slumped 256.30 points, or 2.33% to 10,760.60 points at closing hours on Friday.

All the BSE sectoral indices ended lesser with utilities, power and realty sector leading the losses, while Bajaj Auto Ltd, Bharti Airtel, Axis Bank, Maruti Suzuki and Reliance were among the top losers.

Banking stocks led by Yes Bank, State Bank of India, ICICI Bank, Kotak Mahindra Bank, HDFC LTD and IndusInd Bank suffered losses to a tune of 3.80% percent.

Other losers that dragged the key indices from their significant levels were ONGC, Tata Steel, Mahindra & Mahindra, Maruti Suzuki, Hero Motocop, Power Grid, Asian Paints, Coal India and Reliance Industries.

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