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Union Budget 2019 fails to enthuse markets, Sensex tanks 395 points

The Sensex had reclaimed the 40,000 mark and the NSE Nifty inched closer to the 12,000 level in morning trade ahead of the Budget presentation.

Union Budget 2019 fails to enthuse markets, Sensex tanks 395 points

New Delhi: Markets failed to give thumbs up to Finance Minister Nirmala Sitharaman's maiden Union Budget 2019-20 as with Sensex falling 0.99 percent and Nifty falling 1.14 percent.

The BSE Sensex fell 394.67 points or 0.99 percent to close at 39,513.39 while the NSE Nifty settled at 11,811.15, down 135.60 points or 1.14 percent

The Sensex had reclaimed the 40,000 mark and the NSE Nifty inched closer to the 12,000 level in morning trade ahead of the Budget presentation.

On one hand, while government announced to extend the lower rate of 25 percent Corporate Tax to all companies with annual turnover up to Rs 400 crore, it raised import tariffs on items such as gold and imposed additional duty on petrol and diesel which could fuel inflation. While super-rich will have to pay more as per the Budget announcement, the Finance Minister kept income tax slabs unchanged in Union Budget 2019.

Intra-day Sensex touched a high of 40,032.41 and a low of 39,441.38 while Nifty shuttled between high and low of 11,981.75 and 11,797.90.

Major losers in the Sensex pack were Yes Bank, NTPC, M&M, Vedanta, Sun Pharma, TCS, Heromoto Corp, ONGC, Tata Steel, Tata Motors, Tech Mahindra and Maruti, shedding upto 8.36 points. On the other hand, shares of IndusInd Bank, Kotak Bank, SBI, ITC, Airtel and ICICI Bank rose upto 2.56 percent.