- Due to the budget, the stock market is trading on Saturday.
- However, government announcements have disappointed the market.
At the end of Finance Minister Nirmala Sitharaman’s budget speech, the Sensex fell by 700 points and came down from 40,000 to 39,930.46. The Nifty also lost 200 points and reached 11,741.65. The Sensex was closing at 40,723.49 and the Nifty at 11,962.10 on Friday.
The Sensex was down by 279 points in early trade. It rose by 182 points to 40,905.78. Similarly, the Nifty also saw an increase of 55 points. It reached a high of 12,017.35. Currently, 23 of the 30 Sensex stocks are in losses. Hindustan Unilever, Nestle India, TCS, Infosys, and HCL Technology are the major gainers. At the same time, 38 out of 50 Nifty stocks are trading in losses. Hindustan Unilever, TCS, Infosys, HCL Technology and Cipla are on the green mark in the Nifty.
The trading decision on the appeal of the people associated with the market
It is being told that trading was decided on Saturday on the appeal of the market people. Because the budget announcements bring about a lot of fluctuations in the market. In 2015 too, trading was done on BSE despite the budget being Saturday. The stock market is generally closed on Saturday-Sunday.
Last year, the government increased the surcharge on the super-rich, later reversed the decision
Announcements for sector-specific companies have an impact on the stocks of sector-specific companies. Talking about the last 6 full budgets of the Modi government, the stock market was in a loss 4 times on the budget day. The budget was presented on 5 July last year. The Sensex had lost 1% on that day and the Nifty 1.14%. In the last budget, Finance Minister Nirmala Sitharaman had announced to increase the surcharge on the super-rich. Foreign investors were also considered within its purview. This had led to a decline in the market. However, the government withdrew the surcharge hike a few days later.