Sensex gives up gains, falls over 150 pts
The BSE Sensex surrendered early gains to fall over 150 points Friday, dragged by losses in oil and gas, metal and power stocks, as Finance Minster Nirmala Sitharaman presented her maiden Union Budget.
Mumbai: The BSE Sensex surrendered early gains to fall over 150 points Friday, dragged by losses in oil and gas, metal and power stocks, as Finance Minster Nirmala Sitharaman presented her maiden Union Budget.
The 30-share index was trading 171.82 points, or 0.43 per cent, lower at 39,736.24 at 1150 hours. Similarly, the 50-share NSE Nifty declined 55.70 or 0.47 per cent, to 11,891.05.
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.
Top losers in the Sensex pack included Yes Bank, ONGC, NTPC, Vedanta, Sun Pharma, Tata Motors, M&M, Tata Steel, Hero MotoCorp and TCS, falling up to 5 per cent.
HUL, Asian Paints and Kotak Bank were the only gainers in the index, rising up to 0.81 per cent.
Presenting the full Union Budget for 2019-20, Sitharaman said India needs to make structural reforms to achieve the target of USD 5 trillion economy in the next few years.
She said it was the right time to consider increasing minimum public shareholding from 25 per cent to 35 per cent.
The Budget also proposed rationalisation and streamlining of KYC norms for Foreign Portfolio Investors to make them investor-friendly.
Sitharaman said the government proposes to initiate steps for electronic fund raising programme for listing of social enterprises and voluntary organisations.
Interoperability of RBI depositories and SEBI depositories is necessary for seamless transfer of treasury bills, she said, adding the government will take necessary measures for the same.
The rupee, meanwhile, depreciated 24 paise to 68.74 against the US dollar.