Stock market collapses from the Budget 2020. Stock Market News.



Stock market collapses from Budget 2020, investors got cleared 4 trillion [lakh crore].


New Delhi: Stock market traded on Saturday on the budget day. The general budget of FY 2020-21 disappointed the market. Because of this, the major indices registered a big decline. This decline wiped out Rs 4 lakh crore of investors' wealth.

The market was awaiting sector-based relief and reform, but none of the sectors was benefited from realty or auto. Market giants are also disappointed with this budget. The government has set a target of disinvestment of Rs 2.1 lakh crore for the next financial year, which is quite high.

A reduction in income tax rates was announced in the budget. However, investors availing it will not get tax exemption under 80C. The new tax system is more complex. There is also disappointment among investors. Also, the government did not make any announcement on LTCG. The market expected to announce this.

On Nifty 50 index, shares of ITC, Tata Motors, HDFC, Larsen & Toubro and Zee Entertainment dived from 6 to 7%. After this, shares of Bajaj Finserv, State Bank of India, ONGC, Coal India and Mahindra & Mahindra registered a major decline. On the other hand, Tata Consultancy Services shares jumped over 4 per cent. Apart from this, only the shares of Hindustan Unilever, Nestle India, Tech Mahindra, Wipro, Infosys and Dr Reddy's Labs were successful in closing the green mark.

Saturday only accelerated in Nifty IT index. The realty index slipped 8 per cent, while the media and public sector banks slipped 4 to 4.5 per cent. The auto, finance service, metal, and private bank index dived three to four per cent.

All stocks on Realty and Auto index disappointed. DLF shares dived 12 per cent. Finance Services, Metals, Private Banks, Media and Government Bank Index gained only one share each. The value of many shares has become more than 10 per cent.

Shares of 36 companies hit their 52-week high during the session on Saturday. It included Aarti Industries, Can-Fin Homes, DLF, DMart, Dabur India, Rana Sugars, Supreme Industries and Westlife Developments.

In contrast, shares of a total of 78 companies, including Agro Fos, Cox & Kings, DQ Entertainment, Amco, Jammu Kashmir Bank, Jain Irrigation Systems, Kridhan Infra, Oil India, Prakash Pipes, Shriram EPC, Skipper and Vigy Finance, were in their 52-week Slipped to a minimum level.

Only seven stocks on the Nifty 50 index went green, while 43 stocks closed with a red mark. The Sensex gained only six stocks and two dozen stocks disappointed. On the BSE, 611 stocks ended the session, and 1,724 stocks ended the session with weakness.

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